Auto Leasing Guide
Go to LeaseGuide.com now !

Car Insurance and Your Credit Score Princeton 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.

Allstate Auto Insurance
(888) 355-7971
3213 E Cumberland Rd
Bluefield, WV
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
217 Temple St
Hinton, WV
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Mercer Insurance Associates Inc
(304) 425-8000
319A Oakvale Road
Princeton, WV
 
Jackson- Jackie D - State Farm Insurance Agent
(304) 425-4191
465 Courthouse Road
Princeton, WV
 
The Lewis Agency
(304) 487-5218
463 Old Bluefield Road
Princeton, WV
 
Allstate Auto Insurance
(888) 355-7971
2348 Virginia Ave
Bluefield, VA
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Nationwide Insurance
(304) 431-7283
127 Brick Street
Princeton, WV
 
Frazier- Donald W - State Farm Insurance Agent
(304) 425-6664
221 South Walker Street
Princeton, WV
 
State Farm Insurance
(304) 487-5454
1033 Stafford Drive
Princeton, WV
 
Shumate Insurance Agency Inc
(304) 425-6768
1207 Stafford Drive
Princeton, 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 ...

Click here to read the rest of this article from Lease Guide