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Credit score effect on car insurance?

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Cblough93
Frequent Contributor

Credit score effect on car insurance?

Does anyone have any real life numbers on how their credit score impacted their car insurance? 

I use USAA for car insurance and so far I have not seen any change in my premium even when my score has changed. 

 






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Gunnerboy
Established Contributor

Re: Credit score effect on car insurance?

I do not have any real life numbers.

 

I do know from reading that when carriers find new derogatory remarks in the credit files for their insureds, they will usually notify them of adverse action.



"Not everyone who helps you is a friend, and not everyone who challenges you is an enemy."
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Jeffster1
Valued Contributor

Re: Credit score effect on car insurance?

My datapoints on the effect of derogstories on car insurance are a few years old,  but here goes:

 

In early 2017, I was paying $82 a month for car insurance and renters insurance combined.

 

I filed BK 13 in April 2017. 

After my BK reported, my insurance went up to $100 a month.

 

I got my DC in January 2021. Within a few months, my rates dropped to $78 a month. 
My rates have since gone up due to the general rise in insurance rates, but I'm still below what I was paying while in BK.

 

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FireMedic1
Community Leader
Mega Contributor

Re: Credit score effect on car insurance?

In most states, insurers can use your credit-based insurance score to determine your premiums. Your credit-based insurance score is not the same as your regular credit score. According to FICO, a data and analytics company that measures credit risks, many insurers use credit-based insurance scores in states where it is legally allowed.

https://disb.dc.gov/page/how-insurance-company-can-use-your-credit-score-determine-your-premium 


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