Washington DC Acura Explains: How Your Credit Score Relates to Your Car Insurance Rates
Washington DC Acura Explains: How Your Credit Score Relates to Your Car Insurance Rates
You may be paying higher car insurance rates because of a low credit score. It's estimated that more than 50% of car owners are paying higher car insurance premiums because of a less-than-perfect credit score (but this also means about half of car owners save money on car insurance because of their good credit score, too). Washington DC Acura offers the following tips for understanding how your credit score relates to what you pay in car insurance:
Car Insurance and Credit Scores
Car insurance companies look at policyholder credit scores to assess their level of risk in providing insurance. Car insurance companies believe the higher your credit score is, the better your driving is and the lower their risk of insuring you will be. Higher credit scores receive lower car insurance premiums.
This is backed with some financial statistics from the Insurance Information Institute such as individuals with a below average credit score has a 53% higher insurance claim cost than individuals with above average credit scores.
Improve Credit Score for Lower Car Insurance Rates
In addition to getting better interest rates when you borrow money, improving your credit score will also help lower your car insurance rates. If you have below average credit, you can try shopping around for insurance to see if you can get a better rate from a different insurance provider or make the effort to improve your credit score by making all of your payments on time and avoiding taking on too much debt. If a new car from our Acura dealership in Washington DC is in your future, start improving your credit score now for the best car loan financing rates and lowest car insurance premiums.
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