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Car Insurance and Your Credit Score Farmington NM

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
216 N 1st St
Farmington, NM
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Jack- Nathan LeGrand - State Farm Insurance Agent
(505) 327-7771
623 West Broadway
Farmington, NM
 
New York Life Insurance Company - Guffey Lyle
(505) 326-5064
3001 Northridge Drive Suite C
Farmington, NM
 
Wilson- Kent D - State Farm Insurance Agent
(505) 327-6117
4251 East Main Street Ste G
Farmington, NM
 
Allstate Insurance-Ramos Agency
(505) 327-9667
2400 E 20th St
Farmington, NM
 
Allstate Auto Insurance
(888) 355-7971
216 N 1St St
Bloomfield, NM
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Sheppeck- Shelley Lynn
(505) 327-0447
800 E 30th St Ste G
Farmington, NM
 
New York Life Insurance CO
(505) 325-0060
1607 East 20th Street Suite A
Farmington, NM
 
Cross Ii- Richard R
(505) 327-6016
2017A E 20th St
Farmington, NM
 
Sebastian- Christopher Mark
(505) 326-6200
2600 Farmington Ave
Farmington, NM
 

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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