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Car Insurance and Your Credit Score Grand Junction 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
599 Redwing Ln
Grand Junction, CO
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Williams- Harry E - State Farm Insurance Agent
(970) 242-9951
640 Rood Avenue
Grand Junction, CO
 
Dirst- Martin J - State Farm Insurance Agent
(970) 242-3202
1204 North 7th Street
Grand Junction, CO
 
Stephen J Tyler Ins Agcy Inc - State Farm Insurance Agent
(970) 243-1000
2107 North 12th Street
Grand Junction, CO
 
Chandler- Jeffrey G - State Farm Insurance Agent
(970) 257-1300
203 Grand Avenue
Grand Junction, CO
 
Allstate Auto Insurance
(888) 355-7971
1950 Barcelona Way Unit F104
Grand Junction, CO
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Gorsuch- Lavonne D
(970) 256-7313
203 Grand Ave
Grand Junction, CO
 
Farmers Insurance Bennett Agency
(970) 245-7746
1208 Orchard Avenue
Grand Junction, CO
 
New York Life
(970) 683-5060
205 North 4th Street
Grand Junction, CO
 
Farmers Insurance Group
(970) 241-4229
1354 East Sherwood Drive
Grand Junction, 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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