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What is an “insurance score”?


An insurance score is a score calculated from information on your credit report. Insurance companies have found that credit information is very useful in predicting the likelihood of future accidents or insurance claims.  Most insurers use this information to help develop more accurate rates.   Companies analyze an individual’s accident and insurance claim history in conjunction with their credit report information to determine their “insurance score”.

Your insurance score is different from your credit score.   A credit score is based on your ability to repay money that you have borrowed. An insurance score predicts the likelihood of you becoming involved in a future accident or insurance claim.  Your insurance score is based on information gathered from policyholders with similar credit characteristics and claim history.

There are several things you can do to improve your insurance score.  Pay your bills on time.  Limit the number of credit accounts you have.  Limit the amount of new debt you take on.  Maintain your account balances at least 75% below your available credit limit.  Review your credit report regularly and take necessary steps to dispute any errors you find.

Avoid “quick” credit fixes.  Good credit is built over time.  Remember, favorable credit information results in lower premiums!




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