IMPORTANT UPDATE
New Mandated Credit Scoring Rule
UPDATE: On November 23rd, Washington Insurance Commissioner Mike Kreidler held yet another public hearing on a temporary ban on insurers using credit scoring to set auto and homeowner insurance premium prices. If enacted, his “temporary” ban would be three years.
Judge Mary Sue Wilson of the Thurston County Superior Court ruled against Kreidler and his emergency ban was banned.
An estimated 1 million Washingtonians have experienced a large rate hike on their auto and homeowners insurance after Kreidler’s original order, including clients of Basin Pacific. In spite of that, he continues to move forward. A few of the concerns we are already hearing from clients:
- Client: “This new rule upsets me.”
BP: “Basin Pacific does not believe it is necessary, nor do we believe it to be in the best interest of Washington consumers and our clients. We encourage you to express your concern to the Public Affairs Team of the WA Office of Insurance Commissioner. Alternatively, you can contact Mike Kreidler directly. - Client: “This new quote is higher than last year.”
BP: BP has at least 15 personal lines carriers and we’ll help you find the best solution.
We are again calling on the Washington Insurance Commissioner to not adopt this rule. Check out our initial update for more info.
We Are Your Advocate
While we don’t feel this action is in the best interest of the consumer, carriers are required to comply with the new rule as of July 2021. We want you to know, we will be reviewing your policies and working closely with you to mitigate any negative results of this decision. We are fortunate to be contracted with at least 15 personal lines carriers, which will help us find the best solution for you.
We would be happy to schedule a time to discuss any concerns or how this may impact your rates. Give us a call at 888-303-3230. As your insurance partner, we are committed to act as an advocate to protect what’s in your best interest. Thank you for choosing Basin Pacific Insurance.
Should you have any questions regarding your current coverage or want further information on these points, Basin Pacific Insurance is here for you. Contact us today at [email protected] and your agent will be in touch shortly.
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