Car Insurance And Your Credit Score

hello And Welcome To Your Money To Point Out. I'm Thomas Fox Community Outreach Director Of Cambridge Credit Counseling, If You're Like Me You Find No Pleasure And Shopping Around For Car Insurance The Process Can Be Mind-numbing Confusing Downright Annoying, But It's Something You Have To Deal With That The State You Live In Requires That You Carry An Automobile Policy So, If You Are Going To Put The Time And Energy Into Shopping Around You Might As Well Do.

So, On With The Knowledge That Can Help You Save Some Money We Did A Little Digging And Found Some Interesting Things That Can Affect Your Premiums Some Of Which May Shock You These Days Almost All Insurers Take A Look At Your Credit Report Before Extending Coverage To You Although Some States Are Rules That Prohibit The Practice Many States Allow It Much To The Dismay Of Consumer Advocates What Does Your School Have To Say About Your Driving It's Very Simple Studies Have Shown That People With Lower Scores Are More Likely To File A Claim Because Insurance Companies Are Risk Based Businesses And Would Rather Take In More Money Than They Pay Out This Makes Sense The Credit Score Also Tells You're Unsure A Little Bit About Your Stability Logic Here Is, If That Your Credit Is In Good Shape. So, Your Faculties Producing A Likelihood That You Driving Around Like Burt Reynolds And Smoking Abandoned Insurance Companies Perception Ultimately Is That, If You Pay Your Bills In A Timely Fashion And Have Had The Same Credit Accounts For A Long Time You're Less Risk Than Someone Who Pays Late And Frequently Opens And Closes Accounts The Information In Your Credit Profile Is Used To Create Your Insurance Risk Score Which Is One Fact That. I Can Determine Your Auto Insurance Rate Unfortunately Your Insurance Risk Score Is Not Available To You, But It May Be Similar To Your Credit Score, If Your Credit Score Is Low, But You're A Good Driver You May Find A Better Rate With A Company That Ways Other Factors More Heavily Such As Your Driving Record You Can Find Such A Company By Contacting An Independent Insurance Agent Or Your State's Department Of.

Insurance Now Some Of You May Be Saying Hey. I Don't Make Any Late Payments So. I Should Be Okay Well That May Not Be The Case Credit Score Issues Don't Just Affect People With Payment Problems Even Borrowers With Good Credit Can See Their Scores Drop, If They Have Multiple Credit Inquiries Carry Too Much Debt Have Their Credit Limits Reduced By The Lenders Will Have Errors On The Credit Report Just Like The Experts Say You Should Examine Your Credit Reports At Least Once Each Year To Make Sure The Information Container Is Accurate, If Your Credit Rating Decreases Right Before Your Auto Insurance Renews And Your Insurance Company Takes The New Rating Into Account The Lowest Scores Could Mean A Higher Premium On The Other Hand, If Your Credit Scores Have Improved Since You Purchased An Auto Policy You May Find A Better Rate With The Insurance Company That Considers Credit Scores When Determining Rates You Should Also Be Aware That Your Automobile Model Affects Your Premium According To Msn You Won't Get These Numbers From Your Insurer In Fact You May Not Be Able To Get Them At All, But The Auto Insurers Do Have A Rating System For Every Car Make And Model Most Uses System Devised By The.

Insurance Services Office It Starts With The Cost Of The Vehicle And The Factors In Safety And Theft Data Cars Are Given A Rating From One To Twenty Seven And The Higher The Number The Higher Your Premium Now You May Already Know That Bad Driving Can Raise Your Premiums, But The Amount Of The Potential Increase May Make You Focus On The Road Like Never Before The Industry Standard Increase To Your Premium After Your First Advil Accident Is Forty Percent Of The Insurers Base Rate. So, Viewer Base Rate Is A Thousand Dollars You Can Receive An Increase Of Four Hundred Dollars After Your First Accident Not Every Insurer Has This Policy And Forty Percent Is Just An Average The Bottom Line Is That In The Majority Of Cases Your Rates Will Go Up What Can You Do Beyond Avoiding Accidents When You Shop For A Policy Be On The Lookout For Companies That Have An Accident Forgiveness Policy Not To Qualify For The Coverage. So, Be Sure To Ask About The Requirements Well That's It For This Edition As Always We Welcome Your Feedback And Ask For Your Thoughts And Suggestions By E-mailing Us At Your Money Too At Cambridge Credit Work Thank You For Watching Until Next Time.

I'm Thomas Fox For Cambridge Credit You You.

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