Do credit scores affect premiums?

Answer

Yes, they do.  According to regulatory associations, there is a direct correlation between credit scores and individuals getting into accidents, and cancellation policies due to non-payment.  Therefore, premiums are higher for lower credit scores.

Frequently Asked Questions by Category

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Important Disclosures and Information

INSURANCE PRODUCTS ARE NOT DEPOSITS, NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY, NOT GUARANTEED BY EXTRACO BANKS OR ITS AFFILIATES, AND MAY GO DOWN IN VALUE.