Is an outdated credit rating making you pay more than you should?

By November 1, 2018Auto Insurance
Q: What does my credit rating have to do with my auto insurance?

Bradley Hensley: All major car insurance companies look at your credit score, and your credit score will have a huge factor on how much you pay for insurance. An incorrect or outdated credit score may mean you’re paying more for your car insurance that you need to be?


Q: Does my insurance company know what my current rating is?

BH: Not likely. Credit reports are a bit costly to run so its typical for insurance companies to only run the credit scores of their customers about every 3 years. So if you’ve worked to reduce your rating, to fix an erroneous credit rating, or have had any number of life changes, you could be able to pay less.


Q: What sorts of life-changing events affect my credit score?

BH: Many big life events can make a big impact on your score, either to go up or down.

  • Did you buy a home?
  • Did you get married?
  • Did you start a business?

Any of these situations or others that impact your finances and/or ability to pay bills could mean your score is much different than when you (or your insurance company) last checked.


Q: How do I get this fixed?

BH: You just need to ask. Call me and let me know why you think your credit score may have improved and I can make sure your score is checked again in time for you to start seeing a reduction on your insurance bill.