A client of mine sent me an email over the weekend letting me know he’d sold his car and had not replaced it yet. Since he’s engaged, he’s sharing his fiancé’s car until he replaces the sold one in the next couple of weeks. He asked an excellent question I run into from time to time; should he cancel his car insurance until he buys a replacement?
Hopefully after last week’s blog you went online and ordered your credit report through www.annualcreditreport.com. Did you also go to www.myfico.com and order your credit score based on the FICO model? If you’re FICO score is below 650, you’re paying more for personal insurance than someone who with a higher score. How much more? According to an article in the Dallas Morning News on April 1, people with low credit scores are paying as much as 42% more for their home insurance and 15% to 46% more for their car insurance.
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