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Car Insurance and Your Credit Score Russellville AR

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
119 S Cumberland Ave
Russellville, AR
Description
Safe Drivers Save up to 20% on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Eubanks- Jesse C - State Farm Insurance Agent
(479) 968-7776
2420 West Main Street
Russellville, AR
 
Allstate Insurance Company
(479) 890-5149
909 East Main Street
Russellville, AR
 
Allstate Insurance
(479) 890-0370
2504 West Main Street
Russellville, AR
 
Nationwide Insurance
(479) 967-7065
614 West Main Street
Russellville, AR
 
E-Z Pay Auto Insurance
(479) 968-2633
1611 East Main Street
Russellville, AR
 
Nationwide Insurance CO
(479) 967-1230
2314 West 7th Street
Russellville, AR
 
Farmers Insurance Group
(479) 967-3406
309 East 4th Street
Russellville, AR
 
New York Life Insurance
(479) 968-4040
2621 West Main Street Suite 3
Russellville, AR
 
Sparks Herman L Insurance
(479) 968-4880
606 East Parkway Drive
Russellville, AR
 

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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