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Car Insurance and Your Credit Score Missoula MT

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
1410 S Reserve
Missoula, MT
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Steve Koski Ins Agency Inc - State Farm Insurance Agent
(406) 542-8666
1020 South Reserve Street
Missoula, MT
 
Larson Jr- Thomas J
(406) 542-2101
1230 W Kent Ave
Missoula, MT
 
Peters- Robert S
(406) 728-1697
2104 Dixon Ave
Missoula, MT
 
Larson- Thomas L
(406) 728-9561
1230 W Kent Ave
Missoula, MT
 
Farmers Insurance
(406) 541-2151
2432 Kemp Street
Missoula, MT
 
Farmers Insurance Group - Agents
(406) 728-8817
2100 Oxford Street
Missoula, MT
 
State Farm Insurance Companies
(406) 523-2201
3111 South Grant Street
Missoula, MT
 
Langley- Wes - State Farm Insurance Agent
(406) 721-5050
1501 South Russell Street
Missoula, MT
 
State Farm Insurance - Riley McGiboney Agent
(406) 541-3621
3075 N Reserve St Ste I
Missoula, MT
 

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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