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Car Insurance and Your Credit Score Los Alamos NM

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
1907 Trinity Dr
Los Alamos, NM
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
1811 N Riverside Dr
Espanola, NM
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Brown- Gloria V
(505) 662-3835
1460 Trinity Dr
Los Alamos, NM
 
Jacquez- Matilda D
(505) 747-7770
1227 N Railroad Ave
Espanola, NM
 
State Farm Insurance
(505) 753-7372
1227 North Railroad Avenue
Espanola, NM
 
Allstate Auto Insurance
(888) 355-7971
1186 17 St
Los Alamos, NM
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Louis Santoro Ins Agcy Inc - State Farm Insurance Agent
(505) 661-0600
110 Central Park Square
Los Alamos, NM
 
Rasmussen- Lloyd D
(505) 662-3491
1362B Trinity Dr
Los Alamos, NM
 
El Valle Insurance Agency
(505) 753-3185
919 North Riverside Drive
Espanola, NM
 
Allstate Auto Insurance
(888) 355-7971
1331 Juan Tabo Blvd NE
Albuquerque, NM
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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