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Car Insurance and Your Credit Score Wetumpka AL

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
215 Winton M Blount Loop
Montgomery, AL
Description
Safe Drivers Save up to 20% on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Allstate Auto Insurance
(888) 355-7971
1294 E Main St
Prattville, AL
Description
Safe Drivers Save up to 20% on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Macon-Frederick Insurance Agency
(334) 567-5201
215 Hill Street
Wetumpka, AL
 
Cotton States Insurance by Ross Insurance Agency
(334) 514-4820
2241 USHighway 231
Wetumpka, AL
 
Cousins Insurance Agency
(334) 567-8493
234 Hill Street
Wetumpka, AL
 
Allstate Auto Insurance
(888) 355-7971
4722 Woodmere Blvd
Montgomery, AL
Description
Safe Drivers Save up to 20% on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Allstate Auto Insurance
(888) 355-7971
2265 Cobbs Ford Rd
Prattville, AL
Description
Safe Drivers Save up to 20% on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Elmore County Farmers Federation
(334) 567-5156
503 South Main Street
Wetumpka, AL
 
Owen- Kenneth R - State Farm Insurance Agent
(334) 567-2235
5665 US Highway 231
Wetumpka, AL
 
Allstate Insurance-The Mark Shaw Agency- Inc.
(334) 567-2246
4029 Us Highway 231
Wetumpka, AL
 

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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