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As days go on, the more I’m finding the Bankruptcy popping its ugly head out, to remind us of our failures. This time it was for auto insurance.

In an effort to try and save us some money, especially since I had opened my 5th consecutive increase from Geico. I thought maybe shopping around for a new insurance company might be in order. Don’t get me wrong here, we’re both good drivers with no accidents since or tickets. Our monthly payment for both cars is $150. I know compared to other people that is a low number but thinking back to when we signed on with Geico (with the same cars we have now) it was only $103.98 per month.

I called our broker that handles our home owners insurance. Figured I’d complain to him too Hey, why not? He said he could easily get me into another company (Hanover Insurance) and is positive he could do better than Geico. So I gave him the information he asked for and waited patiently for his return call.

About 3 hours went past before he called back. I don’t know if he actually ran our credit or if the explanation just came back with poor credit score. But his best offer to us would have resulted in an increase of $104 per month, from what we’re currently paying. He said our credit was 100% the reason and had suggested that we try again in a few months. I’m thinking he was just being nice, but then again I had mentioned we’re trying to get a mortgage modification… so maybe he’s thinking they’re running my our credit report a lot? I don’t know, but it was embarrassing, to say the least.

Needless to say we’re staying with Geico. Under his suggestion (and explanation) I had increased our limits on Personal Injury Protection (PIP) and a few other coverage items. By the end of the day we still stayed with Geico but wound up paying $173 per month. He said the coverage we had was one that teenagers with no homes or assets have. He explained that (God forbid) I were to hit someone, we could have lost our house because of how “under insured” we were. That’s the last thing we need.

So to answer the question Can Bankruptcy hurt my insurance rates the answer is YES!

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