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Car Insurance and Your Credit Score Boaz AL

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 - Michael Higdon
(866) 609-3059
6515 Us Highway 431
Albertville, AL
Description
Safe Drivers Save 45% or More. Call Your Local Allstate Agent Today. Quick and Easy!

Allstate - Michael Higdon
(866) 604-0992
1024 Blount Ave
Guntersville, AL
Description
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Allstate Auto Insurance
(888) 355-7971
100 Marina Ln
Guntersville, AL
Description
Safe Drivers Save up to 20% on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Allstate Auto Insurance
(888) 355-7971
1788 Lakeshore DR
Langston, AL
Description
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Phone Hours
SUN - SAT 12:00AM - 12:00AM

Reedy Morris Insurance Inc
(256) 593-4251
167 USHighway 431
Boaz, AL
 
Allstate Auto Insurance
(888) 355-7971
2413 Waid Cir N
Gadsden, AL
Description
Safe Drivers Save up to 20% on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Allstate Auto Insurance
(888) 355-7971
1727 Convict Camp Rd
Guntersville, AL
Description
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Phone Hours
SUN - SAT 12:00AM - 12:00AM

Allstate Auto Insurance
(888) 355-7971
101 Rescia Ave
Rainbow City, AL
Description
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Phone Hours
SUN - SAT 12:00AM - 12:00AM

Alfa Insurance - Boaz
(256) 593-4615
808 USHighway 431
Boaz, AL
 
Tony G. King Agency
(256) 593-8968
9981 Al Highway 168
Boaz, AL
 

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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