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Car Insurance and Your Credit Score Minot ND

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
415 20th Ave SW
Minot, ND
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Wilkes- Larry D
(701) 839-3317
1809 S Broadway
Minot, ND
 
Michael E Braun Ins Agency INC - State Farm Insurance Agent
(701) 838-0713
816 31st Avenue Southwest Ste A
Minot, ND
 
Thorman Kellie Insurance
(701) 839-4999
515 20th Avenue Southeast Suite 3
Minot, ND
 
Braun- Michael E
(701) 838-0713
816 31st Ave SW
Minot, ND
 
Allstate Auto Insurance
(888) 355-7971
1317 S Broadway
Minot, ND
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Allstate Insurance Companies - Sales Office-Minot
(701) 852-3284
1317 South Broadway
Minot, ND
 
Allstate Insurance-Bearman Insurance Agency
(800) 477-2467
7552 Navarre Pkwy Ste 53
Navarre, ND
 
Findlay- Dennis L - State Farm Insurance Agent
(701) 839-3436
103 14th Avenue Southwest
Minot, ND
 
Hovde- Darrel V - State Farm Insurance Agent
(701) 852-2757
111 11th Avenue Southwest
Minot, ND
 

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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