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Car Insurance and Your Credit Score Portland ME

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
1085 Brighton Ave
Portland, ME
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
75 John Roberts RD Bldg A
South Portland, ME
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Allstate Insurance - Amy Alward
(207) 767-3334
95 Ocean St
Portland, ME
 
Daniel T Haley Jr Agency
(207) 774-2617
21 1/2 Eastern Promenade
Portland, ME
 
Hylan T Maclean
(207) 773-0433
477 Congress St Ste 500
Portland, ME
 
Allstate - Amy Alward
(207) 209-2161
95 Ocean St.
Portland, ME
Description
Safe Drivers Save 45% or More. Call Your Local Allstate Agent Today. Quick and Easy!

Allstate Auto Insurance
(888) 355-7971
31 Lewiston Rd
Gray, ME
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Dawn L McIntosh Ins Agcy Inc - State Farm Insurance Agent
(207) 761-1511
449 Forest Avenue Ste 11
Portland, ME
 
Flaherty John Insurance Agency
(207) 774-3565
897 Brighton Avenue
Portland, ME
 
Diane Newman Ins Agcy Inc
(207) 773-2080
1041 Brighton Ave
Portland, ME
 

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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