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Car Insurance and Your Credit Score West Bend 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
2022 S Main St
West Bend, WI
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Staver- Richard G - State Farm Insurance Agent
(262) 334-2898
2395 West Washington Street
West Bend, WI
 
American Family Insurance
(262) 644-7828
730 East Washington Street
Slinger, WI
 
Koehler Insurance Agency
(262) 377-2000
W62n582 Washington Ave
Cedarburg, WI
 
Allstate Insurance - Jeffrey Blau
(262) 377-1800
W61 N488A Washington Avenue
Cedarburg, WI
 
Thomas- Harley H - State Farm Insurance Agent
(262) 334-1100
1717 West Paradise Drive
West Bend, WI
 
American Family Insurance
(262) 626-4050
1224 Fond Du Lac Avenue
Kewaskum, WI
 
Jordan- Alan M - State Farm Insurance Agent
(262) 644-6586
101 Kettle Moraine Drive
Slinger, WI
 
Brandenburg Ins Agency Inc - State Farm Insurance Agent
(262) 377-0670
4703 Columbia Road
Cedarburg, WI
 
State Farm Insurance
(262) 377-6565
585 Wash Avenue
Cedarburg, 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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