Soaring Insurance Rates?
Say NO to Credit Scoring on Personal Property Insurance
A growing number of insurers are using a person’s credit score to measure their insured risk on personal property insurance. This has led to an increase in insurance premiums or a denial of insurance outright to many Ontario citizens.
The use of credit scoring impacts consumers who can least afford it. Most affected are newcomers to Canada, the unemployed, single income families and small business owners utilizing lines of credit. The use of credit scoring is not in the public interest.
Ontario does not allow this practice in auto insurance and it should not be allowed for home or other personal lines.
New Brunswick and Newfoundland have announced they are banning the practice entirely and the Insurance Brokers Association of Ontario (IBAO) is asking the Ontario Government to do the same.
We are asking you to reach out to your local Member of Provincial Parliament (MPP). You will find all of the necessary points of reference below which will properly prepare you for this outreach.
Have you recently noticed that your insurance premiums have increased? It might be because of your credit score. Check with your insurance company to see if they measure your rate by including your credit score as a major factor.
We also suggest contacting your local MPP. Your MPP may be surprised to hear, as are many Canadians, that this practice is taking place. We’ve included some key points below, which you can refer to during your meeting.
Write to your MPP and request a meeting. This issue rests in the hands of Ontario’s key decision makers and we need to bring awareness to the situation. Your involvement will show Ontario’s decision makers the severity of this issue and illustrate just how many Canadian families are being affected by this practice.
I am asking that you put an end to this unfair practice and ban the use of credit scoring to determine the price I pay for my property insurance.
Contact your MPP
Visit: www.elections.on.ca to find your electoral district and MPP contact information.
Your initial step should be to write to your MPP to request a meeting. Stress that you would like meet with them to discuss this important issue in the next few weeks.
Check out this website for further information, on this link you can find a form letter to send to your MPP to contact them as was mentioned above:
http://myinsuranceshopper.ca/SoaringInsuranceRates.aspx
