Does My Low Credit Rating Affect My Car Insurance Rates?
A lesser known fact is that credit rating does in fact affect your car insurance rates. The exact impact that your credit rating has on your insurance rate depends on your insurance company however, in general, a lower credit rating will increase your car insurance rate. Insurance companies consider individuals with lower credit rating to be prone to riskier behavior and thus try to insulate themselves from this risk. Whether this make sense or not he can have a serious effect on your ability to maintain car insurance for yourself and your family. Something to keep in mind is that some insurance companies pay attention to credit rating more than others. If you have a low credit rating it can make a large difference in your bill by switching to a company that relies less on your credit rating. Getting quotes from outside insurance companies can open up opportunities to reduce your rates dramatically.
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