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Car Insurance and Your Credit Score Yankton SD

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.

Wilcox- Roy D - State Farm Insurance Agent
(605) 665-7140
400 Pine Street
Yankton, SD
 
Joe Janssen Insurance
(402) 388-4772
1201 W 2nd St
Crofton, NE
 
Allstate Auto Insurance
(888) 355-7971
822 Main St
Rapid City, SD
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Allstate Auto Insurance
(888) 355-7971
1451 B 6th St
Brookings, SD
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Farm Bureau Insurance
(605) 996-6271
2410 N Main Street
Mitchell, SD
 
Abild Ins Agency Inc - State Farm Insurance Agent
(605) 665-4718
1023 West 9th Street
Yankton, SD
 
Yates- Willard R - State Farm Insurance Agent
(402) 254-3507
102 South Broadway Avenue
Hartington, NE
 
Allstate Auto Insurance
(888) 355-7971
824 E 41st St
Sioux Falls, SD
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Allstate Auto Insurance
(888) 355-7971
6009 W 41st St
Sioux Falls, SD
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Ahrendt Insurance Agency
(605) 339-2990
1200 East 57th Street Suite 4
Sioux Falls, SD
 

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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