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Car Insurance and Your Credit Score Manitowoc WI

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
33 E Waldo B L
Manitowoc, WI
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Litwiller- Honor M - State Farm Insurance Agent
(920) 682-1811
804 Jay Street
Manitowoc, WI
 
American Family Insurance
(920) 682-8484
801 York Street
Manitowoc, WI
 
Allstate Insurance-Sue Christman Agency LLC
(920) 684-6529
33 E Waldo Blvd
Manitowoc, WI
 
Jeffrey Lester Ins Agency Inc - State Farm Insurance Agent
(920) 794-8521
1522 16th Street
Two Rivers, WI
 
Allstate Insurance Companies
(920) 682-1202
33 East Waldo Boulevard
Manitowoc, WI
 
Wojta-Krey-Hansen-Harrington Insurance Agency
(920) 682-8858
3618 Calumet Ave
Manitowoc, WI
 
Ford- Steven - State Farm Insurance Agent
(920) 682-2997
939 South 21st Street
Manitowoc, WI
 
DeRoche Jr- Robert J - State Farm Insurance Agent
(920) 682-2161
1415 Washington Street
Manitowoc, WI
 
American Family Insurance
(920) 793-2264
1507 16th Street
Two Rivers, WI
 

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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