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Car Insurance and Your Credit Score Idaho Falls ID

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 - Cade Rindfleisch
(866) 604-0578
1775 E 17Th St Ste D
Idaho Falls, ID
Description
Safe Drivers Save 45% or More. Call Your Local Allstate Agent Today. Quick and Easy!

Farmers Insurance - Harrigfeld Agency
(208) 529-1503
1650 S Woodruff Ave
Idaho Falls, ID
 
New York Life Insurance CO
(208) 522-3434
1196 Ashland Drive
Ammon, ID
 
Bruce E Lind
(208) 522-0076
244 W Broadway St
Idaho Falls, ID
 
Allstate Insurance-Bruce E Lind
(208) 522-0076
244 W Broadway St
Idaho Falls, ID
 
Allstate Insurance Companies
(208) 523-7310
2539 Channing Way
Idaho Falls, ID
 
Farmers Insurance Agent Harold Jones
(208) 522-8881
1325 South Holmes Avenue
Idaho Falls, ID
 
Homestead Insurance
(208) 529-5959
258 North Water Avenue Suite 1
Idaho Falls, ID
 
Hafen- Bryant C - State Farm Insurance Agent
(208) 525-2001
1510 West Broadway Street
Idaho Falls, ID
 
Stokes- Doyle W - State Farm Insurance Agent
(208) 524-0287
1830 West Broadway Street
Idaho Falls, ID
 

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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