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Car Insurance and Your Credit Score Joplin MO

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.

Sitton- Jerry
(417) 781-0562
1921 E 20th St
Joplin, MO
 
Hickam- J Kyle - State Farm Insurance Agent
(417) 624-8443
2606 East 32nd Street
Joplin, MO
 
Brooke Corporation
(417) 624-2643
1030 Murphy Blvd P.O. Box 412008
Kansas City, MO
 
Morgan Sandra Insurance
(417) 627-0526
116 North Range Line Road Suite 101
Joplin, MO
 
Freund- Edgar B - State Farm Insurance Agent
(417) 781-0845
1209 West 7th Street
Joplin, MO
 
Karen L Rutledge Ins Agcy Inc - State Farm Insurance Agent
(417) 624-2661
616 East 32nd Street
Joplin, MO
 
Allstate Insurance CO
(417) 624-7355
1531 East 32nd Street
Joplin, MO
 
Brown- Sandra K - State Farm Insurance Agent
(417) 627-0505
116 North Range Line Road Ste 101
Joplin, MO
 
Kelly- Robert D - State Farm Insurance Agent
(417) 623-7245
1824 East 7th Street
Joplin, MO
 
Montgomery- Jeffrey E
(417) 673-3356
1715 S Madison St
Webb City, MO
 

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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