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Best Car Insurance for Below Average Credit


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My husband and I are in the market for new car insurance. We recently got married, and need to compile our insurance together. We have two cars, a beater (94 accord) and a 2003 chrysler sebring. We want full coverage on the newer car, and just collision on the older car. Currently, we have esurance but I don't think they are the most competitive rates in town. We live in Florida, are both over 25, both have bachelor's degrees and have had our licenses since 16 (these seem to be the major questions they ask for an online quote?)... I have a clean driving record, my husband has one ticket.

 

How much does credit affect our rates? Neither one of us has great credit... is it like a $10/monthly difference or is it likely to double our rates?? Thanks for your help!

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This is not my forte', but generally the insurance companies now believe that an applicant's score is derictly tied into the risk of carrying that person on an insurance policy. It sucks, but that is how the ins co's view things now. So low scores do generally hurt you when pricing auto insurance. The agents don't get to see your score, but they can pretty much determine your credit profile (good, avg, poor) as based upon the premium quoted and premium class granted (notwithstanding the driving record).

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I have found through personal experience that the cheapest auto insurance for people in the state of Florida with bad credit can be found through Direct General Insurance. When I first moved down here to Florida they quoted less than half what Allstate wanted. Geico was $100 more. State farm was $200 higher. Progressive was $300 higher. The price differences are crazy for identical insurance.

 

In our area, it's sold by Cash Register insurance. There is an office finder on their website.

 

Now that I've got my credit sorted out, I moved to State Farm at a better rate.

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I just got done shopping. I was told by an agent that sells ins. for several companies that Progressive was the best for low scores. That's from the group that she sells though and I do't know her entire list.

 

Here's what I was quoted for 6 months, two cars:

 

$840 Allstate

$1140 Farmers

$684 Progressive

 

 

I'm going to check AIG and Geico soon.

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In your particular situation, I second the recommendation to try Geico. Reason? AFAIK, Geico also scores/rates educational attainment and job/profession. Since both of you have bachelor's degrees, that might well help offset your lower scores. (I was asked this information when I applied to Geico, and after asking if these factors affected rates, the CSR said "yes." That was 4 years ago). I also live in Florida.

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Great, thanks for all of the advice! I got a quote from Geico and it was about 2/3 what we were paying for esurance. I'm going to check out the others as well... Seems like from the experiences on here that everyone has had better luck with different carriers so I had better shop for a few ;) Thanks again!

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I tried switching to Geico a little more than a year ago. Rep told me Geico doesn't do 'household' policies. We have four cars, one of which is not under my name, but we're all in the same household. I was told that the car not under my name would have to have its own policy. I don't know if this rep was misinformed, but Progressive quoted me a really good price, so I didn't bother looking into the Geico matter any further.

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Holy crap!!!

 

From about 10 companies that I've been calling, they all wanted $125 to $190 a month. I just got off the phone with Geico and purchasing their insurance for $67 a month!!!

 

 

I just saved myself $75 a month by switching to Geico!!! :D

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Holy crap!!!

 

From about 10 companies that I've been calling, they all wanted $125 to $190 a month. I just got off the phone with Geico and purchasing their insurance for $67 a month!!!

 

 

I just saved myself $75 a month by switching to Geico!!! :P

 

lol. Geico was always like hundreds more everytime I called.

 

 

It's more about companies and what city you live in than credit scores. Try calling around and NOT giving your ss# so they can't do a credit check.. and get the lowest possible price that way. Then let them do a credit check.

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Progressive.

 

As long as they get a financial responsibility hit, aka proof of idenity, they really dont care about fico/fako/credit score.

 

FYI, insurance companies DO NOT need a SS to get pull your credit. All that is needed is a name and birthdate.

 

Dang, that is a cute bebe in post #17......bosoxfan...

Edited by jst300z
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Progressive.

 

As long as they get a financial responsibility hit, aka proof of idenity, they really dont care about fico/fako/credit score.

 

FYI, insurance companies DO NOT need a SS to get pull your credit. All that is needed is a name and birthdate.

 

Dang, that is a cute bebe in post #17......bosoxfan...

 

Thank you!

 

I know they don't need your SS, but they do need your permission. Either way, they never pulled mine.

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Progressive.

 

As long as they get a financial responsibility hit, aka proof of idenity, they really dont care about fico/fako/credit score.

 

FYI, insurance companies DO NOT need a SS to get pull your credit. All that is needed is a name and birthdate.

 

Dang, that is a cute bebe in post #17......bosoxfan...

 

Thank you!

 

I know they don't need your SS, but they do need your permission. Either way, they never pulled mine.

 

They pulled it (Progressive) for sure. When quoting, there is a disclosure that is to be read to the customer, "By giving this info.....we pull credit, mvr and clue reports....etc...."

 

You can verify this by checking your soft pulls. They will DEFINATELY be on there.

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Progressive.

 

As long as they get a financial responsibility hit, aka proof of idenity, they really dont care about fico/fako/credit score.

 

FYI, insurance companies DO NOT need a SS to get pull your credit. All that is needed is a name and birthdate.

 

Dang, that is a cute bebe in post #17......bosoxfan...

 

 

Clue me in, what is a financial responsibility hit?

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After having State Farm for years and getting a letter from them about increasing our rates because we moved (30 miles!) and actually closer to work, we switched to Geico and, indeed, saved a ton of money! We pay about 212 dollars for 3 vehicles (2 with full coverage and 1 liability). Definitely recommend getting a quote.

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We recently switched to Geico after our Allstate rates went up about $300 for 6 months (no claims). We filed BK 13 last May. Geico was about $300 less than what we were currently paying Allstate, and they did not do a credit check, though they did find an accident on my driving record that was over 4 years old and had been forgiven by Allstate. Even with that though, the rate was still a heck of alot lower than what we were paying with Allstate.

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