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Car Insurance and Your Credit Score West Des Moines IA

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
4505 SW 9th St
Des Moines, IA
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Hinkle Kim
(515) 224-9498
4800 Mills Civic Pkwy
West Des Moines, IA
 
New York Life Insurance
(515) 225-1205
4900 University Avenue
West Des Moines, IA
 
American Family Insurance
(515) 440-2646
5500 Westown Parkway Suite 180
West Des Moines, IA
 
Galassi- Kathryn A - State Farm Insurance Agent
(515) 225-2660
5927 Ashworth Road
West Des Moines, IA
 
Freeman- Charles E
(515) 225-0040
5000 Ep True Pkwy
West Des Moines, IA
 
State Farm Insurance
(515) 225-9663
5208 Boulder Drive
West Des Moines, IA
 
Allstate Insurance - Betty Bebout
(515) 225-6401
3636 Westown Parkway Suite 204
West Des Moines, IA
 
Joynes- Robert P - State Farm Insurance Agent
(515) 224-6062
4150 Westown Parkway Ste 305
West Des Moines, IA
 
Barnes- Richard A
(515) 226-9956
13435 University Ave
Clive, IA
 

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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