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Car Insurance and Your Credit Score South Burlington VT

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
205 Dorset St Ste 200
South Burlington, VT
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
372 Hurricane Ln
Williston, VT
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Hackett Valine & Macdonald Inc
(802) 658-1100
140 Kennedy Dr
South Burlington, VT
 
Means David - State Farm Insurance Agent
(802) 657-3500
100 Dorset Street Ste 17
South Burlington, VT
 
Raymond B LeBlanc Ins Agcy Inc - State Farm Insurance Agent
(802) 862-0865
55 White Street
South Burlington, VT
 
Allstate Auto Insurance
(888) 355-7971
205 Dorset St
South Burlington, VT
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
11 Pearl St
Essex Junction, VT
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Michael P. Parolin
(802) 862-8620
205 Dorset St
South Burlington, VT
 
Collins- Joan M
(802) 657-3500
150 Dorset St
South Burlington, VT
 
Winooski Insurance Agency
(802) 655-9000
476 Main Street
Winooski, VT
 

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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