Why Do Insurers Care About My Credit History? Studies have - TopicsExpress



          

Why Do Insurers Care About My Credit History? Studies have shown a direct correlation between a persons credit and the likelihood of him or her filing a claim. Individuals with poor credit history are generally more likely to file car insurance claims, so they will often pay above-average car insurance rates. Similarly, people with excellent credit histories are generally less likely to file car insurance claims and will often be rewarded with lower-than-average rates. In fact, according to the Insurance Information Institute, the average cost of a claim for a person with below-average credit is $918 -- 53% higher than the average claim. Likewise, the cost of an average claim from a person with an above-average credit score is $558 -- 23% below the average claim.
Posted on: Tue, 24 Jun 2014 21:26:58 +0000

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