Report: #585082

Complaint Review: Co-op Insurance - Guelph Ontario

  • Submitted:
  • Updated:
  • Reported By: Irene M. — Thornhill Ontario Canada
  • Co-op Insurance 130 Macdonell Street Guelph, Ontario United States of America

Co-op Insurance The Co-operators, Co-operators Insurance, Co-op Insurance Rate Increases Due to Credit Score? Thought It Was Not Allowed? Why Are They Using Credit Scores? Is it Legal? Guelph, Ontario

*Consumer Comment: Credit Scoring Is Legal But Threatens Privacy

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My neighbor and myself use the same insurance company for our house insurance.  Her agent is here in Thornhill and mine is in the Ottawa area where we moved from many years ago.

Her insurance renewed in December and they went to a broker because the rates went up quite a bit.  They found a better deal through a local Thornhill broker and mentioned it to me. 

Our insurance renews in April and last year my husband had asked me to check rates because the house insurance seemed a bit higher than the previous years.  We ran out of time and did not look elsewhere but I called our agent to ask about our rates.

The rates have gone up because of our credit score!  We pay our bills and have good credit. We have a mortgage which we have never missed a payment on and we have never had a claim.  How can our credit score be used to almost double our rates?

I believe my credit score would be good and I havent made any claims with them.

Still, I believe all the traditional factors are enough and the fact I dont make claims should be the ultimate test. I feel they are going too far with this new rating system.

This report was posted on Ripoff Report on 03/24/2010 03:09 PM and is a permanent record located here: https://www.ripoffreport.com/reports/co-op-insurance/guelph-ontario-n1h-6p8/co-op-insurance-the-co-operators-co-operators-insurance-co-op-insurance-rate-increases-d-585082. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

Credit Scoring Is Legal But Threatens Privacy

AUTHOR: Redwood - (Canada)

POSTED: Saturday, March 27, 2010

My insurance with this same company The Co-operators Insurance Company renews in early May.  Last year the rates on our house insurance went up as well and when I called in April to talk to our Co-op agent about it, the agent was away on a big trip to Switzerland. We renewed too but will definitely be moving our insurance this year to another company.

A fellow from Calgary who blogs about insurance commented on credit scoring and Co-op Insurance when it was introduced.  It is legal but he made a good point because it threatens our privacy. This is, more or less, what he said in his blog.

The Co-operators Insurance Company will be check credit scores and use the information to determine what rates they will charge for home insurance. If you refuse to let them have access to your credit rating, Co-op will assume the lowest possible score which will result in a higher premium. The insurance company sees a relation between bad credit habits and bad home upkeep which supposedly makes you a higher risk for home insurance.

CTV in Calgary also did a story on this concern.

The Co-operators Insurance Company will be checking the credit rating of its clients and will even use the information to help set rates for home insurance.

The company recently sent out letters informing customers of the change in policy. The letter warns anyone thinking of refusing that "if we do not have a credit score, we must assume the lowest possible score which may result in a higher premium."

The move is not in violation of the privacy act because customers are being asked to give permission to the company before it accesses the information.

I guess we have to live with it or go elsewhere? 

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