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Car Insurance and Your Credit Score Davenport 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
516 W 35th St
Davenport, IA
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

James-Scheff- Madge M - State Farm Insurance Agent
(563) 388-8135
2720 West Locust Street Ste B3
Davenport, IA
 
Rathburn- Rickey L - State Farm Insurance Agent
(563) 386-7740
4546 North Brady Street
Davenport, IA
 
Kelly Jr- A Jim - State Farm Insurance Agent
(563) 386-8281
3718 North Division Street
Davenport, IA
 
Hammes- Wynn G - State Farm Insurance Agent
(563) 322-7143
1227 Jersey Ridge Road
Davenport, IA
 
Allstate Auto Insurance
(888) 355-7971
163 Avenue of The Cities
East Moline, IL
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Trissel Graham Toole Inc
(319) 322-3521
220 Emerson Pl
Davenport, IA
 
Lensch- Steven M - State Farm Insurance Agent
(563) 386-7740
4546 North Brady Street
Davenport, IA
 
Allstate Insurance Companies
(563) 323-3580
1706 Brady Street
Davenport, IA
 
Hayes Matthew
(563) 355-3163
2185 E 53rd St
Davenport, 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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