For many companies, credit score is now a driving force when determining auto insurance rates. Insurance carriers are seeing more and more of a direct correlation between credit score and claim frequency.
Individuals with higher credit scores are also perceived to have better retention due and fewer instances of non-payment.
There are still a few companies that do not credit score, but they are becoming fewer. This is just another factor that a qualified broker will keep in mind while trying to determine which insurance carrier is the best fit for you and your family.
Agent, Rural Mutual Insurance Co., Union Grove, WI
Yes, I believe that almost all carriers use credit score as a part of the rating process for auto and homeowners insurance coverage. Please remember credit score is only a portion of the factors that used in determining your rates. Other factors are geographic area, marital status, driving record, age of drivers, and many other factors.
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Individuals with higher credit scores are also perceived to have better retention due and fewer instances of non-payment.
There are still a few companies that do not credit score, but they are becoming fewer. This is just another factor that a qualified broker will keep in mind while trying to determine which insurance carrier is the best fit for you and your family.