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Car Insurance and Your Credit Score Fort Collins CO

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
1296 Main St Unit B
Windsor, CO
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Shelter Insurance
(970) 221-2105
412 South Howes Street Suite A1
Fort Collins, CO
 
Farmers Insurance & Financial Services
(970) 224-4069
125 South Howes Street
Fort Collins, CO
 
Allstate Insurance - Jane Landwehr
(970) 206-4740
1027 W. Horsetooth Rd. Suite 202
Fort Collins, CO
 
Bailey- Barry B
(970) 493-2323
902 W Drake Rd
Fort Collins, CO
 
Farmers Insurance
(970) 229-1592
5225 White Willow Drive
Fort Collins, CO
 
New York Life Insurance Company - Sales Office
(303) 623-0248
215 West Magnolia Street Suite 200
Fort Collins, CO
 
Daryl Alexander Ins Agcy Inc - State Farm Insurance Agent
(970) 493-2196
1124 West Mulberry Street
Fort Collins, CO
 
Herbert Leavitt Insurance Agency Inc
(970) 484-0097
2537 Research Boulevard Suite 101
Fort Collins, CO
 
Liberty Mutual Group
(970) 493-6546
2100 West Drake Road Suite 7
Fort Collins, CO
 

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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