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What is the credit scoring ban?

In March 2021, the insurance commissioner for Washington state issued an emergency ban on the use of credit scoring in determining insurance rates. In response, all insurance carriers in Washington state have filed new rates, without credit scoring, that will be effective on June 20, 2021 for new business and effective in August for renewals.

What does the change mean for you?

Most of our clients will see a change in their insurance rates, though it's too soon to know what those changes will look like. Clients with good credit may see an increase in their rates as the discount is removed. Others may see a decrease in their rates.

All of the companies we represent will file new rates over the next several months to help minimize the impact of the change on their customers. It may take a year or more for those rates to stabilize.

What should you do?

Fortunately, your McClain Insurance team is on your side! Our team deals with rate changes every year and we are here to help you. Every client's situation will be different and we will work with you to make sure you have the best possible rates and the coverage you need.

For most of our clients, the best option for now will be to stay with their current insurance provider. Companies will likely weigh other factors more heavily, including your longevity as a customer. While it may be tempting to make a change, our goal is to make sure you're in the best possible position for the long-term. We'd hate to see you give up accident-free discounts and tenure for short-term rate savings only to see a negative impact as rating factors get realigned.

We do recommend taking advantage of all discounts that are available to you, such as low-mileage or driver safety discounts. You can fill out the pre-renewal questionnaire below to see whether you may qualify for additional discounts.

Pre-Renewal Questionnaire

Before your policy renewal date, we'll send you our pre-renewal questionnaire. Taking a few minutes to fill out the form helps us ensure you get the most accurate rates and all discounts available to you.

Get a head start! You can fill out the questionnaire at any time. If we see changes that need immediate attention, we'll reach out right away. Otherwise, we'll contact you at your renewal.

Fill out the Pre-Renewal Questionnaire

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