370 – Should Car Insurance Rates Be Based on Your Credit Score?

What if your car insurance rate was decided by your credit score? Well, this is the case in New Brunswick and may one day become a reality in Ontario. But is it fair? Are credit scores a good determinant of our driving habits? On today's roundtable podcast, guests Scott Terrio, Maureen Parent, and host Doug Hoyes discuss the potential pitfalls to using credit scores to decide car insurance rates. They also discuss privacy issues and why this policy is particularly unfair to certain segments of the population (seniors, renters, newcomers). Tune in for a lively discussion!

Links:

Free Credit Repair Course: https://courses.hoyes.com/courses/rebuild-credit

Auto Insurers' Interests in N.B. Credit Scores is Bad News for Many – CBC: https://www.cbc.ca/news/canada/new-brunswick/auto-insurers-credit-scores-new-brunswick-1.6172978

New Brunswick Insurance Board November 24, 2020 Decision: http://www.nbib-canb.org/assets/files/pdf/decisions/2020/2020_11_24%20TDHA%20PPV%20RFG-1%20Decision%20E.pdf