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Car Insurance and Your Credit Score Madison AL

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 - Becky L. Gordon
(866) 602-3702
7771 Highway 72 W Ste A
Madison, AL
Description
Safe Drivers Save 45% or More. Call Your Local Allstate Agent Today. Quick and Easy!

Allstate - Michael Higdon
(866) 609-3035
1109 Jordan Ln Nw Ste A
Huntsville, AL
Description
Safe Drivers Save 45% or More. Call Your Local Allstate Agent Today. Quick and Easy!

Allstate - Brad Johnson
(256) 853-0498
26978 Us Highway 72 Ste C
Athens, AL
Description
Safe Drivers Save 45% or More. Call Your Local Allstate Agent Today. Quick and Easy!

Farmers Insurance Group
(256) 864-8181
7250 Highway 72 West
Madison, AL
 
Dallas Davis Insurance Agency
(256) 716-1307
1807 Slaughter Road
Madison, AL
 
Allstate - Carolyn Lankford
(866) 608-0137
7771 Highway 72 W Ste A
Madison, AL
Description
Safe Drivers Save 45% or More. Call Your Local Allstate Agent Today. Quick and Easy!

Allstate Auto Insurance
(888) 355-7971
1207 E Forrest St Ste C
Athens, AL
Description
Safe Drivers Save up to 20% on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Allstate Auto Insurance
(888) 355-7971
115 Ovella Ave
Huntsville, AL
Description
Safe Drivers Save up to 20% on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Alfa Insurance - Madison
(256) 837-9128
7950 Highway 72 West
Madison, AL
 
ROXY Wiley Insurance
(256) 772-2000
8006 Madison Pike Suite 12E
Madison, AL
 

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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