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Car Insurance and Your Credit Score Moundsville WV

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.

Rhodes- Rosalyn E - State Farm Insurance Agent
(304) 845-4200
300 Jefferson Avenue
Moundsville, WV
 
State Farm Insurance Co's
(304) 845-5560
900 Lafayette Avenue
Moundsville, WV
 
DeGenova- Raymond C - State Farm Insurance Agent
(740) 676-1631
3871 Central Avenue
Shadyside, OH
 
Smith- Linda P - State Farm Insurance Agent
(304) 242-2390
2192 National Road
Wheeling, WV
 
Nationwide Insurance
(304) 232-5880
2500 Eoff Street
Wheeling, WV
 
McCoy- Mike - State Farm Insurance Agent
(304) 845-7660
900 Lafayette Avenue
Moundsville, WV
 
John L. Harler Agency
(304) 845-6606
903 Wheeling Ave
Glen Dale, WV
 
Davis- Kevin S - State Farm Insurance Agent
(740) 676-7799
232 32nd Street
Bellaire, OH
 
Tennant- Angela - State Farm Insurance Agent
(304) 277-2000
1601 Warwood Avenue
Wheeling, WV
 
Bissett Jr- Paul D - State Farm Insurance Agent
(304) 233-1330
1111 Main Street
Wheeling, WV
 

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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