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Car Insurance and Your Credit Score Marion NC

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
211 N Green St
Morganton, NC
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

McDaniel Insurance Agency LLC
(828) 652-6567
531 Lady Marion Plaza
Marion, NC
 
New York Life Insurance CO
(828) 652-8559
2530 U S 221 Bus North
Marion, NC
 
Old Fort Insurance Agency Inc
(828) 668-4226
238 East Main Street
Old Fort, NC
 
Freedom Insurance Agencies
(828) 432-0001
302 Burkemont Avenue
Morganton, NC
 
Bagwell Insurance Agency Inc
(828) 659-2545
500 North Main Street
Marion, NC
 
Tate's Insurance & Financial Services Inc
(828) 652-7414
945 N Main St
Marion, NC
 
McDowell Insurance Agency Inc
(828) 652-6212
246 S Main
Marion, NC
 
Lewis- Syna H
(828) 765-0102
11899 S 226 Hwy
Spruce Pine, NC
 
Fox & Associates Insurance Services
(828) 437-5034
331 Sanford Drive
Morganton, NC
 

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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