Insurance companies using credit ratings not risk to deny coverage

Programs & Series | MPR News Feature | Types | Reports |
January 22, 1999
Elizabeth Stawicki - Reporter
Listen: Insurance companies using credit ratings not risk to deny coverage
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Many consumers recognize their homeowner and auto insurance premiums are based on risk; if you've totaled 10 cars in the past 10 years you can expect to pay higher auto insurance rates. But insurance companies are using another tool to set rates and in some cases, deny coverage: your credit rating. Attorney General Mike Hatch wants the practice stopped and will propose legislation later today prohibiting insurance companies from using credit information.

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