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Car Insurance and Your Credit Score Pueblo CO

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
728 N Elizabeth St
Pueblo, CO
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Seems- Garrett F - State Farm Insurance Agent
(719) 583-2700
503 North Main Street Ste 216
Pueblo, CO
 
Dennis W Krall Insur Agcy Inc - State Farm Insurance Agent
(719) 544-6627
2620 North Elizabeth Street
Pueblo, CO
 
American Family Insurance
(719) 542-2085
1004 Constitution Road
Pueblo, CO
 
Einspahr- Orin L
(719) 544-6404
725 Desert Flower Blvd
Pueblo, CO
 
Pueblo Insurance Service
(719) 545-8133
803 West 4th Street
Pueblo, CO
 
Hendren- R William
(719) 543-4929
2620 N Elizabeth St
Pueblo, CO
 
Western Group- Inc
(719) 543-3604
429 West 10th Street
Pueblo, CO
 
Fitzgerald- Karen H - State Farm Insurance Agent
(719) 545-5497
1422 East US Highway 50 Bypass
Pueblo, CO
 
John Zanotelli DBA American Family Insurance
(719) 543-8744
4019 Jerry Murphy Road
Pueblo, CO
 

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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