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Car Insurance and Your Credit Score Murrells Inlet 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
5915 N Kings Hwy
Myrtle Beach, 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
1313 3rd Ave
Conway, 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
607 Briarwood Dr
Myrtle Beach, SC
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Preferred Markets Inc
(843) 651-3271
1300 Indian Wells Ct
Murrells Inlet, SC
 
Nationwide Insurance & Financial Services
(843) 650-6844
1564 Glenns Bay Road
Surfside Beach, SC
 
Allstate - Maurice C Stephens
(843) 410-3954
4763 Highway 17 Byp S
Myrtle Beach, SC
Description
Safe Drivers Save 45% or More. Call Your Local Allstate Agent Today. Quick and Easy!

Allstate - Tony Jordan
(843) 491-6035
1307 Highmarket St
Georgetown, SC
Description
Safe Drivers Save 45% or More. Call Your Local Allstate Agent Today. Quick and Easy!

Leonard Ins Agcy Inc - State Farm Insurance Agent
(843) 357-7100
11899 Plaza Drive
Murrells Inlet, SC
 
Moore & Associates Insurance of Surfside Inc
(843) 238-1416
818 Surfside Drive
Surfside Beach, SC
 
Bailey- Carolyn S
(843) 293-4404
4535 Socastee Blvd # 4
Myrtle Beach, 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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