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Car Insurance and Your Credit Score Beckley WV

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
1455 Robert C Byrd Dr
Crab Orchard, WV
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Erie Insurance Group
(304) 255-4766
206 Hawaii Street
Beckley, WV
 
Straub Jr- William R - State Farm Insurance Agent
(304) 255-0481
1100 North Eisenhower Drive
Beckley, WV
 
Garletts- Herbert R - State Farm Insurance Agent
(304) 255-2101
816 Johnstown Road
Beckley, WV
 
Charles A. Walker Agency
(304) 252-1364
834 Ritter Drive
Beaver, WV
 
Allstate Auto Insurance
(888) 355-7971
217 Temple St
Hinton, WV
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Nationwide Insurance Company - District Claims
(304) 252-7688
190 Temple Street
Beckley, WV
 
Omni Financial & Insurance Services
(304) 255-6191
112 East Main Street
Beckley, WV
 
Smith- Judy M - State Farm Insurance Agent
(304) 253-1520
1910 Robert C Byrd Road
Mac Arthur, WV
 
Pietrantozzi- Susan P - State Farm Insurance Agent
(304) 255-6917
824 Ritter Drive
Beaver, WV
 

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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