What is an Insurance Score?

What is an Insurance Score?

Insurance companies have become very sophisticated in how they gauge the risk of their customers, using tens and sometimes hundreds of different rating factors to determine the final premium you pay. One of the leading factors they use is your credit scores. Did you know that there is a credit score specifically used for calculating your insurance rates called your Insurance Score?

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The Secret of Credit Scores and Insurance

The Secret of Credit Scores and Insurance

Credit scores affect a lot of things in our life, and it reaches as far as determining our insurance rates! It has been statistically proven that people with higher credit scores will have fewer claims, so almost all insurers use your credit score in determining your rates. However, increasing your credit score isn't as straight-forward as you might think. That’s why we've listed a few tips on less-known ways your credit score is affected, and strategies you can use to increase your score! 

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IRMI Tip of the Month: Credit Rating and Insurance Underwriting

IRMI Tip of the Month: Credit Rating and Insurance Underwriting

A big factor in determining the premium of a personal auto policy has nothing to do with a person’s driving record—it’s his or her credit record. According to Conning and Company, more than 90 percent of insurers use an applicant’s credit history—his or her insurance risk score—to slot him or her into a certain program.

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