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Car Insurance and Your Credit Score Rio Rancho NM

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.

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(888) 355-7971
3211 N Main
Albuquerque, NM
Description
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Phone Hours
SUN - SAT 12:00AM - 12:00AM

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(888) 355-7971
325 Candelaria Rd NE
Albuquerque, NM
Description
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Phone Hours
SUN - SAT 12:00AM - 12:00AM

Allstate Auto Insurance
(888) 355-7971
405 Montano Rd NW
Albuquerque, NM
Description
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Phone Hours
SUN - SAT 12:00AM - 12:00AM

Allstate Auto Insurance
(888) 355-7971
6100 Uptown Blvd NE
Albuquerque, NM
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Phone Hours
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Allstate Auto Insurance
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11005 Spain Rd NE
Albuquerque, NM
Description
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Phone Hours
SUN - SAT 12:00AM - 12:00AM

Allstate - Joe Keller
(505) 226-0557
6321 Riverside Plaza Lane NW
Albuquerque, NM
Description
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Allstate Auto Insurance
(888) 355-7971
4004 Carlisle Blvd NE
Albuquerque, NM
Description
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Phone Hours
SUN - SAT 12:00AM - 12:00AM

Allstate Auto Insurance
(888) 355-7971
407 Rio Grande Blvd NW
Albuquerque, NM
Description
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Phone Hours
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Allstate Auto Insurance
(888) 355-7971
3636 Menaul Blvd NE
Albuquerque, NM
Description
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Phone Hours
SUN - SAT 12:00AM - 12:00AM

Allstate Auto Insurance
(888) 355-7971
6565 Americas Pkwy NE
Albuquerque, NM
Description
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Phone Hours
SUN - SAT 12:00AM - 12:00AM

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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