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Car Insurance and Your Credit Score Albemarle NC

Your credit score is used by car insurance companies to determine what you pay. It's important to know your score before you shop for insurance. It's easily possible that someone who has never had an accident and never filed a claim could pay up to three times as much for insurance as another similar customer with an identical vehicle โ€” because of differences in credit scores.

Allstate Auto Insurance
(888) 355-7971
613 US Highway 52 N
Albemarle, NC
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Allstate Auto Insurance
(888) 355-7971
217 Main St W
Locust, NC
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

DRYE Insurance Agency Inc
(704) 983-1131
202 South 1st Street
Albemarle, NC
 
Mabry Insurance
(704) 982-2149
303 North 1st Street
Albemarle, NC
 
Bear Insurance Service
(704) 982-1156
173 North 2nd Street
Albemarle, NC
 
Allstate Auto Insurance
(888) 355-7971
2218 E Main St
Albemarle, NC
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

North Carolina Farm Bureau Insurance Company
(704) 982-0113
1211 West Nc 24-27 Bypass
Albemarle, NC
 
Allstate Insurance Companies-Stanly
(704) 888-0174
Main Street
Albemarle, NC
 
Joe Speight Ins Agcy Inc - State Farm Insurance Agent
(704) 983-6940
186 North 1st Street
Albemarle, NC
 
Nationwide Insurance CO - Agent
(704) 983-3216
320 North 2nd Street
Albemarle, NC
 

Car Insurance and Your Credit Score

Many car insurance companies now use your credit score to determine what you pay. Why? Because they say studies show that customers with poor credit histories are more likely to be in accidents and file claims. They claim that customers with bad scores are higher risks and it's only fair that those customers pay more for their policies.

Insurance regulations in many states now allow this practice, although regulatory administrators admit they don't understand the connection between credit scores and car accident claims.

It's easily possible that someone who has never had an accident and never filed a claim could pay up to three times as much for insurance as another similar customer with an identical vehicle โ€” because of differences in credit scores.

How does it work?
Insurance companies use a secret formula to calculate a customer's "insurance score" that is not quite the same as the more familiar FICO score from credit reporting agencies such as , Transunion, and Experian. Although the score itself may be different, the end result will nearly always be the same. If a customer has a poor FICO score, he'll almost certainly have a poor insurance score.

Companies such as Allstate charge poor-credit customers as much as three times the rate for customers with excellent credit. In fact, credit history is becoming one of the major factors, if not the major factor, in determining insurance rates.

Insurance companies want ...

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