According to the Federal Trade Commission, based on the numerous studies that have been done on the issue of credit score and insurance premiums, there is a direct relationship between credit score and an individuals propensity to get into severe car accidents as well as cancel for non-payment.
This has lead 46 out of the 50 states in the US to allow insurance companies to use credit score when determining auto insurance and home insurance premiums.
For you the insurance consumer this means that it is important to have a good handle on your credit score and try to keep it as high as possible because a low credit score is going to mean higher insurance premiums in most states.
Every insurance carrier uses credit score to different degree so talk to your insurance professional about the best carrier for you.
Watch this video “How does my credit score effect my insurance premiums?” for more details:
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This is video #26 of a one hundred insurance video series that The Murray Group is producing to provide insurance consumers with quick, valuable answers to their everyday insurance questions.
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created by Ryan Hanley