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Posted in Auto Insurance
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Question By
zjg67

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what kind of insurance rates should i expect to get with my credit score
I have two cars , and would consider getting full coverage

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Your credit score can have an effect on your car insurance depending on the company you go with.  Not all insurers will use credit history, but many have started to.  This does lead to some confusion though, as their scoring systems are nothing like any of the FICO or Vantage systems typically talked about.  I have not seen any in-depth reports on exactly what they have found correlations for the different aspects of credit to risk of making a claim, but studies have found some from what I have read. So since it is hard enough to know what lenders do with data they get from the reporting agencies for typical loans and credit lines, the insurance use of credit data is even more of an unknown at this time.  Just know that everything you do to put in good items into your history it does help with all credit pulls.

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Reply by
Nomadre

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According to consumer reports 

"Cherry-picking about 30 of almost 130 elements in a credit report, each insurer creates a proprietary score that’s very different from the FICO score you might be familiar with, so that one can’t be used to guess the other reliably."

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The factors considered for insurance are the type oif vehicle, your age and driving record and where you live.  Your credit score has nothing to do with it.

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