Insurance Cost after Chapter 7

[mcwjjm]

What is the name of your state? Ohio. Not sure if this is the correct forum, but what affect will filing chapter 7 have on my auto insurance rates?

 

[moburkes]

Well, the majority of insurance companies in Ohio use credit as one of the many factors used to determine your premium. So, your premium at renewal will probably increase because of the BK, simply because the BK affected your credit scores. Many people are able to reestablish good scores within a few years of being discharged, so if you can work on that, then it won't affect your premium so much.

 

[Betty]

Shop around - your ins. credit score can vary from co. to co. Also, many car ins. companies will re-evaluate your score at each yearly renewal.

 

[tammy8]

You may want to stay where you are since a lot of companies will grandfather you in with your old rate.