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Car Insurance and Your Credit Score Lebanon 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.

State Farm Insurance
(417) 588-1555
629 West Elm Street
Lebanon, MO
 
Chase- W Scott - State Farm Insurance Agent
(417) 588-1555
PO Box 1178
Lebanon, MO
 
Allstar Independent Insurance Agency - Lebanon
(417) 532-5800
2011 South Jefferson Avenue
Lebanon, MO
 
Parrish John Insurance Agent
(573) 765-5521
116 West Camden Avenue
Richland, MO
 
Allstate Auto Insurance
(888) 355-7971
5714 S Lindbergh Blvd
Saint Louis, MO
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Hynes- Fredrick J
(417) 588-2777
533 N Jefferson Ave
Lebanon, MO
 
Shelter Insurance
(417) 532-6595
2 Park Plaza
Lebanon, MO
 
Farmers Insurance Group
(573) 765-4192
302 West Washington Avenue
Richland, MO
 
Allstate Auto Insurance
(888) 355-7971
16141 Swingley Ridge Rd
Chesterfield, MO
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Allstate Auto Insurance
(888) 355-7971
133 Bluffview Dr
Troy, MO
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

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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