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         Low credit score could mean high insurance premiums

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    Most of us are aware that lenders check our credit and consider our credit score but more and more
    insurance companies are doing it as well. Insurance companies tend to assume that a bad credit
    report may also indicate that you’re a bad driver.

    According to Esurance Over 90% of U.S. Insurance companies, including Esurance, use credit-based
    insurance scores to establish eligibility for payment plans and to help determine insurance rates. (In
    case you’re wondering, credit-based insurance scores predict how likely you’ll pay your bills in the
    future.) Actuaries and research analysts have found that the scores help predict your accident
    potential. If you have a high credit score, you can generally expect lower auto insurance rates than
    someone with a low credit score.

    People with bad credit pay up to 50% more for car insurance! That’s nothing new however, as
    insurance underwriting has been using credit scoring to determine rates for some time. On the flip
    side, people with good credit are going to benefit from lower premiums. That’s great news for the
    percentage that have good credit but considering that almost 70% of credit reports contain errors, even
    those who think they have good credit may not.

    Credit repair and an annual audit could definitely be worth your time . Since three out of four credit
    reports contain errors, you may be paying more than you should, regardless.

    Hiring a credit repair company may be a wise investment. In that instance, it is financially beneficial.

    Credit repair can payoff big and could cut your car insurance rate by up to 50%. That’s a substantial
    savings worth your time By taking a look at your credit reports, you can identify any potential issues that
    may affect your credit history.

    It’s not clear whether the insurance company you are with uses a FICO credit header or a different type
    of score but the bottom line is, they are interested in your credit score and not how much debt you have
    or home loans outstanding. They care about overall credit history and the score gives them that.
    Many people feel that using a credit score to determine car insurance rates is discrimination because
    people with low income or prior credit issues are targeted for the higher premiums. The jury seems to
    still be out on whether the insurance industry will come up with something more fair and balanced for
    all.

    It just goes to show that taking care of your credit is becoming more important and affecting more
    aspects of your overall financial health. It’s a task worthy of undertaking to save some money. If you
    haven’t taken a look at your credit in at least a year, you need to review all three credit reports to make
    sure they are in deed accurate. If you do have bad credit, take  steps now to remedy those issues and
    hopefully lower your car insurance premiums.

    Be sure to get at least three insurance quotes before you settle on one. Ask the insurance company if
    they use your credit to determine what rate you’ll pay. You can also find out more about your state
    insurance laws at http://www.iii.org/media/companies/state_org/insur_departments/
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Featured Insurance Company of the Month


  CHARLIE BROWN  
Client Associate

TWG Insurance

682-334-9085 office phone
866-428-5353 toll free
866-877-6250 fax
801-722-4887 cell

55 Main Street, Suite 290      
Colleyville, Texas 76034    

   
www.twginsurance.com  
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