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Car Insurance and Your Credit Score Clinton IA

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
1016 15th Ave
Fulton, IL
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Ken Kroemer Insurance
(563) 242-2464
239 5th Avenue North
Clinton, IA
 
Reed- Jeffrey J - State Farm Insurance Agent
(563) 242-8814
148 5th Avenue South
Clinton, IA
 
Allstate Insurance Companies
(815) 625-1535
205 West 2nd
Morrison, IL
 
O'Neill- Sherlock M - State Farm Insurance Agent
(563) 659-3116
1133 11th Street
De Witt, IA
 
Neblung- Ronald H - State Farm Insurance Agent
(563) 242-3400
1300 South 14th Street
Clinton, IA
 
The A C Root Agency Inc
(563) 242-2454
1127 North 2nd Street Suite A
Clinton, IA
 
Core-Vens & Company
(563) 242-5423
2301 North 2nd Street
Clinton, IA
 
Gundlach- Ruth V - State Farm Insurance Agent
(815) 772-2101
619 East Lincolnway
Morrison, IL
 
Sentry Insurance
(563) 289-4098
1805 Pineo Grove Lane
Princeton, IA
 

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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