Here you will find some frequent questions related to credit history and the way in which it influences your auto insurance premium at the time of determination. For more information, contact The Most Insurance Agency.
Why is The Most Insurance Agency using my credit history to rate my auto insurance?
Studies have shown that there is a relationship between a person's credit history and their probability of experiencing future automobile insurance claims. Today, many insurers are using credit history to help determine prices for auto insurance.
How does my credit history impact my premium?
Your auto insurance premium is calculated by using many different factors. Credit history is just one of the factors used. Some of the other rating factors include driver age, how your vehicle is used, driving history obtained from Motor Vehicle Reports, auto claims, and make / model of your vehicle(s).
What types of history are used to determine my credit history?
Many factors are used to determine your credit history. Some of the more common factors used are:
- Payment history (delinquencies or late payments)
- Length of time of credit history (when was your credit history established?)
- Type of credit (credit cards, finance company installments, etc.)
It is important to remember that your credit history is a combination of many factors (not just those above).
How does The Most Insurance Agency protect the confidentiality and security of my information?
The Most Insurance Agency maintains physical, electronic and procedural safeguards to ensure your personal information is treated responsibly and in accordance with our privacy policy . We also restrict access to your personal information within our organization to those employees who need to know that information to provide products or service to you, or to conduct The Most Insurance Agency business. Employees who have access to customer information may use it only for legitimate business purposes. Additionally, we safeguard customer information in accordance with applicable data security regulations.
Is it appropriate to use credit history in determining my auto insurance premium?
It is appropriate to use credit history in rating auto insurance. In fact, many insurance companies use credit history today to assist in determining premiums and/or which customer to insure.
You can also visit the following Federal Trade Commission (FTC) website which has additional consumer credit information: http://www.ftc.gov/bcp/menu-credit.htm
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