Insurance FAQ
 

How Do I Cancel The "credit Insurance Plan Coverage" On My Bank Of America Credit Card?

I'm tired of getting put into a voice automated vicious cycle. I tried calling but I get no where. I'm sick of paying for this stupid coverage that I'll never use because I have homeowner insurance that will cover this for no charge. Please help!


Answer: Call the number on the back of the card and press 0 until you reach a live person.
 
 

Do Insurance Coverage Levels Affect Credit Score?

I was recently told (by an insurance agent of course) that having low amounts of auto coverage – bodily injury, for instance – can negatively affect my credit score.

I've researched it and it seems to me to be utter nonsense.

Any thoughts from someone in the credit business?


Answer: I work as a Credit Analyst for a bank and I can honestly tell you that insurance coverage does not play a role in your credit score. If it did, it would be reported on the Credit Bureau Report (CBR). The following website tells exactly what banks (and other creditors) look at and what exactly goes into the score.

http://www.creditreport.com/info/credit- scores/affect-credit-score.asp

I agree with the other poster, you should get away from that insurance agent. You really don't need anyone feeding you a line of BS just so he can get a little bit more money.

- Corey

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Does Exersizing Gap Insurance Coverage Reflect Negative With Regard To Credit History Or Ratings?

i had an accident a few years ago and came to find out that i didnt have the proper insurance on the car. the damage would not be covered but it was/is on lien and have continued to pay since. i recently found out that i can exersize the gap insurance optioned for when accepting the auto loan but am afraid to degrade my credit rating since im looking to buy a home in the very near future. advice?


Answer: No, it doesn't affect your credit history or claims history.

Keep in mind, though, that gap only pays the DIFFERENCE between the actual cash value of your car, and the loan balance. So it doesn't pay from dollar zero, if you weren't carrying collision insurance.

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Do I Get Any Life Insurance (ADB) Coverage When I Get A Credit Card?

Do I get any Life Insurance (ADB) coverage like Accidental Death Benefit as part of the credit card.


Answer: I would not sign up for any insurance as part of having a credit card.

In general, any credit card insurance -- whether life, health or disability -- is very expensive coverage for the benefit that they provide to you. In fact, it's generally sold to you as a "no cost" item as long as you don't have a balance. However, as soon as you do have a balance, you will pay both insurance premium and interest on your card. And, you'll pay interest on the insurance premium if you don't pay that in full!

If you need life, health or disability insurance, get that coverage elsewhere. It will cost you less and you'll likely get a much better policy.

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Doesn't McCain Realize That He Could Not Get Health Insurance Coverage Under His Stupid 5,000 Credit Plan?

He has so many pre existing conditions that no insurance company would cover him. How does he expect us to fall for such a dumb idea?


Answer: You are so right. I gave you a star. It takes people like us (the little guys) to understand how important health care issues are because those big guys (the fat cats) don't have to worry about health care since they've always had the best insurance policies anyone can have.

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