Insurance Tip of the month and one I've never heard before

Real Estate Broker/Owner with Jay Kaiser (Exit Mountain Realty)

Morrow insurance a Brevard NC local agent was kind enough to send me this month's tip. Interesting that they check your credit score and interesting the finidings.

Tip of the month for November 2009:  I recently read that you should never go beyond 30% of your credit card's limit each month, even if you pay it off each month, it hurts your credit score. Check and see what your credit card limit is and make sure you don't go over the 30%. If the card has a low limit, you can request that they increase it for this reason.

I sometimes get comments from customers who question their insurance score (which is based on one's credit and affects their insurance premium), even though they pay off their cards every month and are never late, etc. This may be one reason their insurance score is not as high as it should be.

As I have mentioned before, an insurance score is not the same as a credit score that a bank uses. An insurance score is not as in depth and does not show as a hit on a person's credit account. Some other factors that influence an insurance credit score are: bankruptcies, number of credit cards and/or credit card applications made (don't apply for the credit card in the store just to receive the discount off your purchase), net worth, and liquid assets available.

Thank you,   Priscilla Tinsley, CISR

Morrow Insurance Agency, Inc


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Jeremy K. Frost
Keller Williams Realty - Dripping Springs, TX
Associate Broker, CNE, CRS, ePro, PSA

I love to read a great post like this one. Thanks for maing it RAIN!!!

Oct 28, 2009 06:35 AM #1
Bob Jakowinicz
National Realty Centers Livonia--Bob Jakowinicz - Livonia, MI
Michigan Real Estate Agent-- MI RE Adventures

Very interesting, never heard this one before. 

Oct 28, 2009 06:35 AM #2
Tammie White, Broker
Franklin Homes Realty LLC - Franklin, TN
Franklin TN Homes for Sale

This is good info to pass along to my database.  Thanks.

Oct 28, 2009 06:38 AM #3
Terry L. Bursky
CENTURY 21 Award - Chula Vista, CA

Thank you for sharing that important tip and it is good to pass it along to our database. All this time I thought it was mainly the driving record that they based the cost of insurance on. So many tips, great ideas and people to share our experiences with walking in the Rain.

Oct 28, 2009 06:48 AM #4
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