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Car Insurance and Your Credit Score Los Lunas 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
2424 Main St NE
Los Lunas, NM
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Jaramillo- Jerry R - State Farm Insurance Agent
(505) 865-4681
3459 Highway 47
Los Lunas, NM
 
Dolores J Reese Insurance
(505) 864-1422
415 W Reinken Avenue
Belen, NM
 
New York Life Insurance CO Gloria Perea-Agent
(505) 861-5590
101 South Main Street
Belen, NM
 
Ron Pino Ins Agcy Inc - State Farm Insurance Agent
(505) 877-1391
3211 Coors Boulevard Southwest Ste 12
Albuquerque, NM
 
Allstate Insurance Companies
(505) 865-3638
2424 Main Street Northeast
Los Lunas, NM
 
SAIZ Gerard Insurance Agency
(505) 865-6422
400 Main Street Northwest
Los Lunas, NM
 
BACA Motors
(505) 864-4409
Po Box 1149
Belen, NM
 
Carbajal- Richard A - State Farm Insurance Agent
(505) 864-7474
614 Becker Avenue
Belen, NM
 
Allstate Insurance - Dean Chaney
(505) 836-2964
6001 Central Ave Nw
Albuquerque, NM
 

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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