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Want Cheaper Car Insurance? Boost Your Credit Score By Floyd Arthur (PPT)
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Transcript of Want Cheaper Car Insurance? Boost Your Credit Score By Floyd Arthur (PPT)
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Want Cheaper Car Insurance? Boost Your Credit Score By Floyd Arthur
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Few people who are shopping for cheaper car insurance think about how their credit
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score may impact their rates. However, in most parts of the United States*, insurance
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companies use your credit score to help them determine how much to charge. Other
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factors, such as claims history, driving record, the type of car insured and age are
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factored in as well.
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What is A Credit Score?
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A credit score is a number between 300 and 850 that is used by consumer lending
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companies to measure a person’s financial fitness and ability to repay debts. The most
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commonly used measure is known as a FICO score, which was originally developed by
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Fair, Issac and Company in 1956. It is based on a number of factors, including length of
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credit history, income-to-debt-ratio and payment history.
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A high credit score shows lenders that you are likely to repay loans on time. Thus, it is
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easier to get loans and low interest rates if you have a good credit score. In general,
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FICO scores correlate with the following ratings scale:
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* 750 and up -- Excellent
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* 700-749 -- Good
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* 650-699 -- Fair
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* 600-649 -- Poor
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* Below 600 -- Very poor
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A higher credit score may also earn you cheaper car insurance rates.
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Why A Good Credit Score Can Mean Cheaper Car Insurance
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When an insurance company issues you a car insurance policy, it determines your
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premiums based on its degree of risk: that is, how likely you are to make a claim. In
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general, customers who pose a low risk to the company get cheaper car insurance.
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Historically, insurers used factors such as how long a person had been driving, his age,
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his driving record and his claims history to determine risk. But over the last decade,
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credit scores have been added to the mix.
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Here’s why.
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In 2003, researchers at the University of Texas McCombs School of Business did
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a study comparing the amount consumers cost insurers to their credit scores. They
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looked at about 175,000 policies and determined that the average “loss per policy” (the
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amount each customer cost an insurer) was $695.
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But for customers with the lowest credit scores (the bottom 10 percent) that amount was
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$918. By contrast, those with the highest credit scores cost insurers a mere $558.
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Although credit scores were considered by insurance companies prior to the University
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of Texas study, they have taken on greater importance in the years since. In fact, many
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insurance companies have developed their own credit scoring systems, which are
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presumably more predictive than FICO scores.
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A Path to Cheaper Car Insurance?
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Although there is little you can do to quickly repair broken credit or boost a low credit
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score, dealing responsibly with existing debt can help. Some suggestions from experts include:
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* Get a copy of your credit report. Every consumer can request a free copy of his credit
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report every 12 months by visiting Annual Credit Report.com
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* Review your credit report for errors and report any discrepancies or disputes immediately
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* Reduce the amount you owe.
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* Pay bills on time. Whenever possible, set up automatic payments through your bank or through the lender.
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* Use credit cards wisely. Pay down balances rather than transferring them between cards,
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and limit the number of cards you have.
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* Be aware that paying off a delinquent debt will not remove it from your credit report. It
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will stay there for seven years. However, it’s impact on your score will diminish if you pay
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your existing debts on time.
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Having good credit is important to your financial health, and can be a big help when it
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comes to finding cheaper car insurance rates. But it’s also important to have an
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insurance agent you can trust. We at Carmoon offer you a wide array of options at prices
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you can afford, and we work with you to find the best solution to fit your needs.
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Give us a call today at 516-292-3780 to set up an appointment for your insurance
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review. We’re here every weekday from 9 a.m. to 6 p.m. Or if you prefer, request a free
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consultation online now, and we’ll get back to you as soon as we can.
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*Critics claim that this practice unfairly discriminates against the poor and ethnic
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minorities. For this reason, the practice is illegal in California, Hawaii and Massachusetts.