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Car Insurance and Your Credit Score El Reno OK

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
6656 Nw 39Th Exprswy
Bethany, OK
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Allstate Auto Insurance
(888) 355-7971
12235 N Council Rd
Oklahoma City, OK
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Farmers Union Insurance CO
(405) 262-5388
113 North Bickford Avenue
El Reno, OK
 
Farm Bureau Mutual Insurance
(405) 262-1295
2020 Sunset Drive
El Reno, OK
 
David Black Agency
(405) 422-4444
205 South Rock Island Avenue
El Reno, OK
 
Allstate - Mark Muse
(405) 256-2535
6901 NW 23rd St.
Bethany, OK
Description
Safe Drivers Save 45% or More. Call Your Local Allstate Agent Today. Quick and Easy!

State Farm Bank
(405) 262-6600
214 South Rock Island Avenue
El Reno, OK
 
Canadian County Farm Bureau
(405) 262-1295
2020 Sunset Drive
El Reno, OK
 
Baumwart Gary G Insurance Agency Inc
(405) 262-6600
214 South Rock Island Avenue
El Reno, OK
 
Ramirez George Insurance
(405) 262-0035
120 North Bickford Avenue
El Reno, OK
 

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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