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In most states, your credit score can be used to calculate your car insurance premium. And insurers are taking advantage of that, with 92% of carriers adding your credit score to their insurance ...
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But while insurance scores based on credit play a major role in how insurance companies set prices, many people aren’t aware of how closely their credit may be tied to their rates.
State. Average Annual Premium (Excellent Credit) Average Annual Premium (Poor Credit) Increase for Drivers with Poor Credit. Michigan. $2,774. $8,759. 216%
Since car insurance is regulated at the state level, there are 50 different pricing structures across the country, according to Consumer Reports. Some states require insurance companies to provide...
While some states — like California, Hawaii, Massachusetts and Michigan — restrict the use of credit scores to determine your premium, many insurers use credit-based insurance scores to set rates.
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