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Car Insurance and Your Credit Score Wausau WI

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
1901 N Mountain Rd
Wausau, WI
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Beaton- James J
(715) 675-3324
1427 Merrill Ave
Wausau, WI
 
New York Life
(715) 845-5575
505 South 24th Avenue Suite 304
Wausau, WI
 
Insurance Services Of Wausau
(715) 675-5422
1488 Merrill Ave
Wausau, WI
 
American Family Insurance Jim Nick Agency
(715) 359-5055
5209 Rib Mountain Drive
Wausau, WI
 
Allstate Auto Insurance
(888) 355-7971
521 N 4th Ave
Wausau, WI
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Jehn- Shirley A - State Farm Insurance Agent
(715) 845-0995
1503 Wren Lane North Of WAL-MART On Highway North
Wausau, WI
 
Andrasek- Kevin D
(715) 848-6243
605 S 24th Ave Ste 22
Wausau, WI
 
Liberty Mutual Group - Litigation Management
(715) 849-5884
2100 Stewart Avenue
Wausau, WI
 
American Family Insurance
(715) 842-5262
115 West Bridge Street
Wausau, WI
 

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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