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Car Insurance and Your Credit Score Terre Haute IN

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
2227 Blaine Ave
Terre Haute, IN
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Clay Ladd Inc
(812) 235-6171
819 Ohio Street
Terre Haute, IN
 
Frazier- Lester E - State Farm Insurance Agent
(812) 232-2071
120 Cherry Street
Terre Haute, IN
 
Roberts- Thomas O - State Farm Insurance Agent
(812) 234-4500
1725 North 3rd Street
Terre Haute, IN
 
Burris- Stephen E
(812) 234-0705
3137 Wabash Ave
Terre Haute, IN
 
Allstate - Ted Paris
(812) 214-5036
213 E. National Ave.
Brazil, IN
Description
Safe Drivers Save 45% or More. Call Your Local Allstate Agent Today. Quick and Easy!

Sutton Insurance Agency
(812) 232-1727
1088 Ohio St
Terre Haute, IN
 
Boaz Sam Real Estate & Insurance
(812) 234-1119
517 South 7th Street
Terre Haute, IN
 
American Family Insurance
(812) 466-1999
1352 Lafayette Avenue
Terre Haute, IN
 
Andrews Dennis D Insurance
(812) 234-4230
2501 College Avenue
Terre Haute, IN
 

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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