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Car Insurance and Your Credit Score Roanoke Rapids NC

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.

Atkinson- Joseph Fred - State Farm Insurance Agent
(252) 537-2060
100 Becker Drive
Roanoke Rapids, NC
 
Maddrey Insurance Agency Inc
(252) 535-3525
155 Old Farm Road
Roanoke Rapids, NC
 
Bb&t - Proctor Owen Ins
(252) 537-1151
935 Park Ave
Roanoke Rapids, NC
 
Powell Agency
(434) 848-4535
9766 Governor Harrisn Prk
Lawrenceville, VA
 
A M Newsom Agency Inc
(252) 586-4111
132 East South Main Street
Littleton, NC
 
Ezzell Insurance Agency
(252) 537-3761
310 Roanoke Avenue
Roanoke Rapids, NC
 
Little's Insurance
(252) 537-4605
736 Roanoke Avenue
Roanoke Rapids, NC
 
Allstate Insurance-Jet Thomas
(252) 533-0500
411 Becker Dr # A
Roanoke Rapids, NC
 
Citizens Insurance Agency
(434) 848-2715
102 East Hicks Street
Lawrenceville, VA
 
J. I. W. Inc.
(434) 634-3286
429 S Main St
Emporia, VA
 

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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