Insurance Quotations

[RyanRED]

Hey Guy's

My wife bought a new car recently, so I went through the tedious process of getting insurance quotes and such.
While on the phone with Standard Bank insurance, the broker started her disclaimer and mentioned something I had not heard before. She asked me if I was aware that by getting a quotation they would need to obtain itc clearance and by doing so this, it would negatively affect my wife's itc rating. Apparently, the more itc requests a profile receives, the higher the risk of that person...?

This strikes me as completely unfair. Simply calling around for quotes and trying to get the best deal on your insurance would result in a reduced credit rating. So the more I shop around for insurance the worse my credit rating gets.. Talk about a vicious circle...

 

[Pitbull]

Hey Guy's

My wife bought a new car recently, so I went through the tedious process of getting insurance quotes and such.
While on the phone with Standard Bank insurance, the broker started her disclaimer and mentioned something I had not heard before. She asked me if I was aware that by getting a quotation they would need to obtain itc clearance and by doing so this, it would negatively affect my wife's itc rating. Apparently, the more itc requests a profile receives, the higher the risk of that person...?

This strikes me as completely unfair. Simply calling around for quotes and trying to get the best deal on your insurance would result in a reduced credit rating. So the more I shop around for insurance the worse my credit rating gets.. Talk about a vicious circle...

Some insurance companies to it as part of their risk management.

I assume it has something to do with people with a bad credit record being more inclined to commit fraud? Not all insurance companies do it but some do.

 

[dj_jyno]

Give Standard Bank insurance a skip - phone Santam.

 

[oober]

Yea you lose something like 10/20 points per check I think.

 

[furpile]

I heard the same when buying my house. Every bond application they do a credit check, and having multiple credit checks in a short space of time is a bad indicator for them, even though it is for the same credit. So if you use a bond originator and they apply at 8 places it could also negatively affect the offers they give you.

 

[Former member 61586]

The whole ITC/credit bereau system is crap and corrupt.

If having very little or no debt means you have a bad credit score, then the system and its logic is crap.

Designed to keep you in debt and the people who lend money very very rich.