Skip to Secondary Navigation Skip to Main Content

Current Beehive

SacramentoChange

in this section

Sponsored by:

Share

The Basics of Credit and Insurance

How does credit affect your insurance rates?

When you buy auto or home insurance, most insurance companies check your credit record. They also give you an insurance score based on your credit record. Your insurance score helps them decide how much you will pay.
If your credit record is good, you will probably save money. If your credit record is bad, you will probably pay more. Things like unpaid bills, late payments, or bankruptcies will lower your score. If you don’t have a credit record, you might pay more for auto insurance.

Why does credit matter for insurance?

Insurance companies find that people who are careful with their money get in fewer accidents and make fewer claims. That’s why insurance companies usually charge people with good credit histories less.

Can your credit record help you get lower insurance rates?

Yes. If you have a good credit record, you will probably pay less for auto or home insurance than the average person. If you have a bad credit record, you will probably pay more than the average person.

Is your credit score raising your insurance rates

An insurance company must tell you if your credit score affects how much you pay. When you get a quote from an insurance company, ask if you’re getting their best rate. If you aren’t, ask why.

0
No votes yet
Your rating: None

Change your location

Please enter your zip code or city. Or list all Beehives.

User login