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Why Credit Score Is An Important Rating Score For Car Insurance Companies


LOS ANGELES, April 4, 2019 /PRNewswire-PRWeb/ -- has released a new blog post that explains why insurance companies use a person's credit score to determine car insurance costs.

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Almost all car insurance companies use the credit score as a rating factor. The only states were insurance companies are prohibited to use credit information to determine policy rates, are California, Massachusetts, and Hawaii.

Insurance companies consider that a person's credit score will provide more info on how risky it is to provide coverage. Drivers with good or excellent credit score, pay significantly lower insurance rates, than those that have a low, or poor credit score

Independent studies have evaluated the impact of credit score over a driver's insurance rates. These studies concluded that:

  • On average, drivers that have poor credit score can expect to pay twice as much for car insurance rates than drivers that have an excellent credit score.
  • Improving the credit score from poor to good, can save 32% on insurance premiums
  • Improving the credit score from good to excellent can save an additional 27% on car insurance rate.

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