As a MGEU member, you have various group discounts on goods and services available to you. One of those discounts is the preferred group home insurance rates offered by the Co-operators.
Recently, MGEU members who purchased group home insurance from the Co-operators were advised that the company was beginning to introduce credit score as a rating factor for home insurance. As a result, the MGEU has received several calls from members concerned about their premium rates as well as their privacy.
The Co-operators have assured the union that this type of credit inquiry will not affect your credit score and any exchange of information is done through a secure data transmission channel. Your credit score is not visible to the agent quoting your insurance, or anyone else in the Co-operators office, but is incorporated automatically into the rating matrix.
The Co-operators have also advised the MGEU that they expect the majority of our members to be affected positively by the introduction of credit scoring. However, they have also stressed that credit score is not the most influential piece of data in property rating and that many other factors such as location, claims history, age of building, or alarm enhancements are all taken into consideration when calculating property premiums.
If you receive a renewal notice, and have confirmed with the Co-operators that your premium has been adversely affected solely by the introduction of credit scoring, contact our Pension and Benefits Representative, Gillian Covernton. We also encourage members to contact the Co-operators directly at 1-800-387-1963 to voice their concerns.