This is a warning to all who carry casualty insurance on your home or your vehicle.
Are you aware that your credit record has a strong bearing on how much your premium will be?
We found out the hard way when we received our renewal bill for our home insurance.
The premium jumped up almost $300 for one year…from $550 to almost $850. What happened?
It turns out that the credit bureaus reported one late payment on our Chase credit card last June.
We did not receive a statement from Chase that month and it took a phone call to find our balance and it was paid in full immediately.
That little blip on our record has cost us almost $300 so far.
I say “so far” because I am a retired former banker of 43 years experience and I don’t take insults lightly.
So far I have written letters to Chase, the credit bureaus, the insurance company president and to the Missouri Commissioner.
I’ll keep you posted. In the meantime I will be searching for a different insurer like All State or Progressive whose TV commercials tout low premiums.
W. J. Stark, Camdenton
Camdenton, Mo. —
