Most people only think of their credit score when they are looking into buying a home or trying to get approved for a credit card. However, your credit score can also have a large impact on your insurance rates.
Insurance companies do not use your actual credit score when figuring out your insurance premiums. Instead, they use your insurance score, which is based off of your actual credit score. Insurance companies are interested in your credit score because there is a strong correlation between a person’s credit score and the likelihood that they will file a claim. People with a high credit score are less likely to file a claim, which means their insurance premiums will typically be lower. People with low credit scores typically have higher premiums since they are more likely to file a claim.
For all of your insurance coverage needs at the right price to fit your budget, contact the insurance professionals at Insurance and Mortgage Services in Batavia, Illinois.