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Car Insurance and Your Credit Score Bangor ME

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.

Bankers Life & Casualty CO
(207) 947-3448
27 Bangor Mall Boulevard
Bangor, ME
 
Allstate Insurance Companies
(207) 945-3310
1045 Broadway
Bangor, ME
 
R Hogan Ins Agency Inc - State Farm Insurance Agent
(207) 947-4579
792 Stillwater Avenue
Bangor, ME
 
Blue Cross and Blue Shield of Maine
(207) 262-0456
1 Merchants Plaza Suite 403
Bangor, ME
 
St Peter- Jill M
(207) 989-1288
319 Wilson St
Brewer, ME
 
Gardner- Mary Beth
(207) 947-0924
1219 Broadway
Bangor, ME
 
Allstate Insurance - Carol A. Cammack
(207) 990-5008
609 Hammond Street
Bangor, ME
 
Allstate Insurance - Alexandra Beaulieu
(207) 945-3612
849 Stillwater Ave
Bangor, ME
 
Allen- Peter C
(207) 947-6781
585 Hammond St
Bangor, ME
 
Brewer Fcu
(207) 989-7240
77 N Main St
Brewer, ME
 

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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