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Car Insurance and Your Credit Score Moncks Corner SC

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
2810 Ashley Phosphate Rd
North Charleston, SC
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Allstate Auto Insurance
(888) 355-7971
7679 Dorchester Rd
North Charleston, SC
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

J Philip Morgan Agency
(843) 761-8328
130 South Railroad Avenue
Moncks Corner, SC
 
Drake Patricia S Agency
(843) 761-8077
513 East Main Street
Moncks Corner, SC
 
Cooper- Emory Lessor
(843) 761-8134
106 Executive Park Way
Moncks Corner, SC
 
Allstate Auto Insurance
(888) 355-7971
4892 Ashlyphosphte 6
North Charleston, SC
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Berkeley Insurance Agency
(843) 761-7802
314 Rembert Centre Dennis Blv
Moncks Corner, SC
 
Singletary Farrell Insurance Agency Inc
(843) 761-8264
120 Cumbie Plaza
Moncks Corner, SC
 
Lowndes CT and CO
(843) 761-8077
513 East Main Street
Moncks Corner, SC
 
Insurance Services
(843) 899-7833
100 Cumbie Plaza
Moncks Corner, SC
 

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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