Does Car Insurance Give You Credit?

  1. 12689 POINTS
    Ted Ratliff
    Owner, SFS Associates,
    If you mean does it help your credit rating then I would say no. It does show financial responsibility and any one who drives needs to carry car insurance or a financial responsibility bond, even if you do not own a car. This is a protection for you in the event you are in a law suite and also for the other person who may be injured as well as anyone riding with you.
    Answered on April 15, 2013
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  2. 16470 POINTS
    David Osgood
    Agent, Rural Mutual Insurance Co., Union Grove, WI
    I am assuming that this question is asking if having automobile insurance helps a persons credit score. Based on my education and my experience so far in the industry, I would say no it does help build your credit score. To the best of my knowledge insurance carriers do not directly provide any financial information to the credit agencies.
    Answered on November 5, 2013
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  3. 447 POINTS
    Thad Bynum
    Owner/ Partner, Bynum Insurance Agency, Inc, Clayton, GA
    Having automobile coverage does not help your credit score. It doesn't hurt your credit score either unless you fail to pay a past due balance as requested by your company and then it probably would be reported to the credit bureau when the balance goes into collection.
    Answered on May 31, 2015
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