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Car Insurance and Your Credit Score Kalamazoo MI

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
2929 W Main St
Kalamazoo, MI
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Kibler- Scott Edward - State Farm Insurance Agent
(269) 349-7166
2401 Gull Road
Kalamazoo, MI
 
Any Risk Insured Agency
(269) 349-1953
4215 West Main Street
Kalamazoo, MI
 
Kiesling- David E
(269) 381-2798
4225 W Main St Ste C
Kalamazoo, MI
 
ALF Insurance Agency
(269) 375-9785
3207 Stadium Drive Suite 1
Kalamazoo, MI
 
Allstate Auto Insurance
(888) 355-7971
9037 E D Ave PO 250
Richland, MI
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Carr- Robert W - State Farm Insurance Agent
(269) 388-5758
4613 West Main Street
Kalamazoo, MI
 
DuBois- Richard Leo - State Farm Insurance Agent
(269) 345-0555
3415 West Main Street
Kalamazoo, MI
 
John Hancock Mutual Life Insurance CO - General Agent
(269) 385-0002
4341 South Westnedge Avenue
Kalamazoo, MI
 
Schlukebir- John A - State Farm Insurance Agent
(269) 372-3311
2275 South 11th Street
Kalamazoo, MI
 

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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