We don’t know. We the insurance agent have never been able to actually see your credit score when quoting insurance. We know that credit is a rating factor that can either decrease rates for clients based off credit score discounts or increase rates for clients based on credit score surcharges but we have no way of knowing to what extent each client is impacted. Credit score discounts/surcharges are different for each client and vary greatly amongst insurance carriers. What we do know is that that Washington state law now dictates that all insurance companies remove all credit related discounts/surcharges from their rating model. So if your policy is one that was being surcharged due to your credit score, your insurance premiums will improve. If your policy is one that was being discounted based off your credit score, your insurance premiums will increase. We have no way of knowing the extent of that decrease/increase until your insurance renewal is processed post 6/20/21.
Please rest assured that we are working with all our insurance carriers to determine how to best help our clients navigate this policy change and will be working directly with any adversely impacted clients at the time of their renewal to help them in any way that we are able offset potential cost increases.