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Does bad credit history affect car insurance rates

Credit Rating & Auto Insurance Rates

Does bad credit history affect car insurance rates?



For some, during tough times, credit card bills may get paid last or not at all. What many people don't realize is that a poor credit history can actually affect our auto insurance rates. A number of car insurance companies check your credit score or use credit based insurance scores as a factor to determine your insurance premiums. Other factors include your car model and your driving history.

Why do car insurance companies check credit score?



You may be thinking to yourself, “what does my credit history have to do with whether or not I am a good driver? Why should it affect how much I pay for car insurance?”

Motor vehicle insurance agencies take this into consideration because they're looking to determine part of the risk they will take them to insure you. Believe it or not, some studies have even been done which show that individuals with high credit score are less prone to be involved in vehicle accidents.

If you've got no past due accounts or no late payments, long insurance history, accounts that are all in good standing, and a good driving record, you're most likely to pay lower premiums than those who don't.

Rules on checking credit score or credit based insurance score may vary from state to state. Hawaii, California, and Massachusetts have banned auto insurance companies from this practice of checking credit based insurance scores while the rest of the states have legislations that deal with the use of credit information in insurance premiums and funding.


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Can I get cheap car insurance? Can I get cheap car insurance? Can I get cheap car insurance?
Do I need comp and collision? Do I need comp and collision? Do I need comp and collision?
I got in car accident, now what? I got in car accident, now what? I got in car accident, now what?
How long should it take to process car insurance claim? How long should it take to process car insurance claim? How long should it take to process car insurance claim?
Does bad credit history affect car insurance rates? Does bad credit history affect car insurance rates? Does bad credit history affect car insurance rates?
I'm renting a car; do I need to pay for extra insurance? I'm renting a car; do I need to pay for extra insurance? I'm renting a car; do I need to pay for extra insurance?
I have a bad driving record; can I still get auto insurance coverage? I have a bad driving record; can I still get auto insurance coverage? I have a bad driving record; can I still get auto insurance coverage?
What is Gap Insurance? What is Gap Insurance? What is Gap Insurance?