Washington state is imposing a temporary “emergency” ban on giving lower insurance rates to those with good credit. How will this affect you?
If you have personal insurance in Washington State (auto, motorcycle, RV, home, mobile home, condo, renters insurance), THIS IS FOR YOU:
Insurance Commissioner Mike Kreidler recently issued an emergency rule that will ban the use of credit scoring, for all insurance companies.
“The insurance industry’s dependency on the discriminatory practice of credit scoring has always been unfair,” said Kreidler in a statement. “But given that the federal protections from plummeting credit scores could end soon, we need to take action now to protect the public.”
Here’s what you need to know about the Washington Credit Score Rule
- If the cost of your insurance is currently benefiting from a good credit score, you will likely see a rate increase.
- If your rate is higher due to poor credit, you will likely see your insurance cost reduced.
- Starting on June 20, you can expect to see changes with new policies. You will see the impact on YOUR policy as of your renewal date.
- At least 30 days before your renewal, you can expect contact from Megan to review your policy, your renewal impact and options.
- Since this order is temporary, our advice may be to remain with your current insurance until the long-term decision is made. Switching carriers will have some impact on your insurance score/longevity benefits. However, we will review the best options during your renewal review.
- Our website has additional FAQs and we are here to help if any questions or concerns come up in the meantime.
- Please reach out with any questions. Call 509-483-3030 or contact us via our website.