Q: Does my credit score affect my auto insurance premium?

April 19, 2018


    Yes. Most, if not all, insurance companies have been using some sort of credit scoring over the past 15-20 years to establish their rates. The rating tier varies from company to company, so it is very important to monitor your own credit reports to ensure these insurance companies are rating your policy using accurate information.

    The best way to stay on top of your credit score to make sure nothing incorrect is being reported is to obtain a credit report often. Though at every policy renewal you will receive a report from the credit score company, as well. At this time, you should take some time to review it to ensure that all of info listed is correct.

    Don’t forget: Credit scoring is linked with your financials, so be sure to stay on track with payments and bills as best as you can.

    Answered by:

    Agent Aileen Veldt

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    Aileen Veldt

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