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COPYRIGHT 2002 Consumers Union of the United States, Inc.
Auto insurance is not fried chicken, and there's no reason the rate recipe should be such a deep, dark secret. Especially since most states require car owners to buy it.
Recently, while researching the causes behind soaring auto-insurance rates (see "Car Insurance for Less" on page 19), CONSUMER REPORTS found that the most controversial new addition to the rate-setting formula is your credit score.
As banking and insurance commissioner in Vermont in the mid-1970s, where my department had to approve insurance rates, I learned a thing or two about how companies set them....
Read the full article for free courtesy of your local library.
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