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In general, scores below 500 are considered poor and scores above 770 are considered good.Дrivers who wish to know their insurance score may order a report from LexisNexis or contact their insurance carrier. They range from a low of 200 to a high of 997. Like credit scores, insurance scores are three-digit numbers. The latter information can be accessed via one of two databases: the Automated Property Loss Underwriting System (A-PLUS) and the Comprehensive Loss Underwriting Exchange (CLUE). To calculate your insurance score, the insurer uses your: This is why your rate may vary from insurer to insurer. When calculating your car insurance rate, insurers use your credit score to derive something called an insurance score or a credit-based insurance score.Д®ach insurance company has its own formula that determines how much weight is placed on insurance score when calculating rate. What Is the Difference Between a Credit Score and an Auto Insurance Score? Note that the use of credit scores to determine auto insurance rates is prohibited in California, Hawaii, and Massachusetts (Maryland and Hawaii for homeowners insurance).

WWW THEHARTFORD SERVICECENTER DRIVERS

Some speculate that drivers who pay their bills on time are more likely to be responsible in general, and thus, less likely to be involved in an accident. At least two studies have supported this observation: a 2003 study by the Bureau of Business ResearchВ and a 2007 study by the Federal Trade Commission.ДЄlthough this connection exists and is well-known among insurance underwriters, the reason for it isnвЂ™t clear. Those with lower credit scores were more likely to file a claim and those with higher credit scores were less likely to file a claim. They realized that there was a significant relationship between a customerвЂ™s credit score and how likely they were to file a claim. Insurers first started using credit scores to help determine premium rates in the mid-1990s. Why Does Your Credit Score Matters to Your Insurance Score? If you want to understand better what goes into the pricing of your car insurance and how you can lower it, you need to be aware of the relationship between your credit score and your insurance score. Your credit score is one of the factors that can affect your car insuranceВ premium. Your credit information can be very predictive of future accidents or insurance claims, which is why many insurance companies use this information to develop accurate rates. An insurance score is a score calculated from information on your credit report.

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