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Credit One Bank Provides Insight On How Credit Affects Car Insurance Rates

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What's scarier is using technologies like Progressive Snapshot to base it on your driving habits. Firt it will be optional and get you cheaper rates, next it will be mandatory and raise your rates.

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While credit scores correlated with credit scores they can diverge more based on the factors insurance risk scores list as impacting scores negatively. In particular they look at the age of auto loans as well as auto specific accounts like gas cards. If someone lives in a state that allows insurance risk scores (Calif. does not) they should maintain their oldest gas card. Especially if they have no older auto loans. No auto loans or gas cards and you look like a new driver and that drives your insurance risk score down.  Excellent credit elsewhere helps but only a little.

 

I used to be amused back when one of the "free" score providers listed insurance scores. I regularly had very good to excellent credit scores but my insurance score was "poor."  I have no gas cards and haven't taken out an auto loan in 40 years.  I live in Calif. so it didn't matter to me.

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