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Car Insurance and Your Credit Score Cape Girardeau MO

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
2117 Sherwood Dr
Cape Girardeau, MO
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

State Farm Insurance Companies
(573) 339-6351
3105 Independence Street
Cape Girardeau, MO
 
Alliance Blue Cross Blue Shield
(573) 334-7828
471 Siemers Drive
Cape Girardeau, MO
 
State Farm Insurance - Claim Service Office
(573) 471-7140
3105 Independence Street
Cape Girardeau, MO
 
Gilliland- Dale L
(573) 332-0502
1353 N Mount Auburn Rd
Cape Girardeau, MO
 
Allstate Auto Insurance
(888) 355-7971
720 W Jackson Blvd
Jackson, MO
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Bullinger Jr- Andrew P - State Farm Insurance Agent
(573) 334-8601
2524 William West Park Village
Cape Girardeau, MO
 
Shelter Insurance Claims Office
(573) 335-4777
20 South Mount Auburn Road
Cape Girardeau, MO
 
Michael C Jones Ins Agcy Inc - State Farm Insurance Agent
(573) 335-7703
1900 Broadway Street
Cape Girardeau, MO
 
Bo Shantz Ins Agcy Inc - State Farm Insurance Agent
(573) 651-3325
1213 North Kingshighway Street Ste B
Cape Girardeau, MO
 

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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