Auto Leasing Guide
Go to LeaseGuide.com now !

Car Insurance and Your Credit Score Haleyville AL

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
42226 Highway 195
Haleyville, AL
Description
Safe Drivers Save up to 20% on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

State Farm Insurance AEL
(205) 486-8816
1123 20th Street
Haleyville, AL
 
Carter Insurance Agency
(205) 486-5555
1500 21st Street
Haleyville, AL
 
Farmers Insurance Group
(205) 486-5555
1500 21st Street
Haleyville, AL
 
Alfa Insurance - Double Springs
(205) 489-2658
14380 Highway 278
Double Springs, AL
 
Thrasher Insurance Agency Inc
(205) 486-5100
2012 9th Ave
Haleyville, AL
 
Barton- Michael T
(205) 486-2776
1123 20th St
Haleyville, AL
 
Alfa Insurance - Haleyville
(205) 486-9531
1302 21st Street
Haleyville, AL
 
State Farm Insurance AEL
(205) 489-2908
25300 Highway 195
Double Springs, AL
 
Carter Jr- Jesse F
(205) 489-2628
Hwy 195 North
Double Springs, AL
 

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 ...

Click here to read the rest of this article from Lease Guide