Find Out Why Credit Score is an Important Rating Factor for Car Insurance Companies

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Find Out Why Credit Score is an Important Rating Factor for Car Insurance Companies

LOS ANGELES, CA / ACCESSWIRE / Aujust 1, 2019 / has released a new blog post that explains why insurance companies use a person's credit score to determine thecar 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 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 a 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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'Insurance companies use the credit score to determine how riskyis to provide coverage to a client,' said Russell Rabichev,Marketing Director of Internet Marketing Company.


SOURCE: Internet Marketing Company

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