In most states, insurers can use your credit-based insurance score to determine your premiums.
However, a regular credit score and your credit-based insurance scores are not the same.
Car insurance companies today routinely pull your credit report and use your credit score and history as one factor in setting premiums.
As we’ve discussed in the past, your credit history affects your finances in many ways, and car insurance premiums are a good example of this. Here’s how Progressive explains the use of credit scores in its underwriting process: Credit has been proven to be a very powerful and independent predictor of future accidents or insurance claims.
esterday we wrote about how to compare auto insurance rates online.
One question that has come up is whether getting an auto insurance quote will lower your credit score.
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