Credit Karma Auto Insurance Score?

[creditdemon]

Does anyone know how useful this is/may be when applying for a loan?  I notice this says auto insurance score, so it is likely very different than the auto score used by lenders, yes?

The definition states that this "is used primarily by auto insurance companies to help assess the likelihood that you'll file an insurance claim."  So if my rating is 870 which is "Good" does this mean there is a good chance I'll file a claim, or I have a good chance of not filing?

Confused...

[lajntx]

As the old saying goes.....

" If it`s free..... It must not be worth anything "

[StartingOver10]

I don't know much about auto insurance scores except that there are all kinds of factors besides just your credit that factor into generating the score. I found a site that had a short explanation of insurance scores - see quote below.  I will look for the site that explains what goes into the auto insurance score and post it when I find it

What is a Good Insurance Score?

There are two providers of insurance scores, Fair Isaac Corporation (who also is the largest provider of credit scores) and ChoicePoint. Each have their own their own scale for scoring.

Fair Isaac Corporation scores range from 300-900. The higher your score, the better. A good score is above 700. A great score is above 800.

ChoicePoint scores range from 300-997. Similar to Fair Isaac Corporation, you want to have as high as score as possible.

Remember though each insurance company has a different view of what a good score is. For some companies, you may qualify for the lowest rate with a score above 750. Other companies may give you a credit based on a score of 700.
Auto Insurance | Score What is a Good Insurance Score?

http://www.weissins.com/blog/entryid/3153/auto-insurance-score-what-is-a-good-insurance-score

[StartingOver10]

Here is another link to a generic explanation of insurance scores. Hopefully someone in the insurance business can contribute more solid info for you here

Apparently the actual algorithm for insurance scores is proprietary (of course)

http://www.insurancescored.com/

[creditdemon]

Thanks so much for your help!

[Goat14]

I wouldnt pay much attention to it because I used to have a high score (870) but its dropped every month since I started with CK. I think its now in the 760 area. I have never filed a claim or anything. I pay a full 6 months in advance etc. To me its just some weird number that keeps dropping. My payment cost per month never changed.

[mtrsprt]

One thing to remember, is that up 50% of your auto insurance premium is based on your credit score.  It's horrible for many people.  For those people who have never ever had a moving violation, made a single auto insurance claim, but got into trouble financially, are paying top premiums based off lower credit scores.

Now, if your credit score is below 700, AND you have violations, you could be paying up to 80% higher premiums per yer than someone with a 750+ score, and a clear driving record.  Same age, same policy coverage, same vehicle being insured........   

Lots of good reading out there on this subject.  Shopping around every 3 years for auto insurance is also a must.  I can't tell you how much money I have saved people by convincing them to shop around.  They ASSUME since they have been with one company for many many years, that they are getting a great rate.  WRONG....

We have coverage on 3 vehicles (two full coverage, one liability only), and pay a mere $1079/year (Geico).  This is on a 2013 vehicle, a 2004 vehicle, and a 1996 vehicle.  With $500.00 deductables, AND rental reimbursement.  About 5 other agencies had quoted us $1300-1900.00 for the same exact coverage.....