An insurance score is based on your credit history, and it is used by insurance companies to predict the potential for future losses. The company uses your insurance score, along with a number of other factors, to determine your rate. Generally speaking, customers who have high good) insurance scores qualify for lower rates.
An insurance score includes:
- Payment History
- Bankruptcy, foreclosures and collection activity
- Lenghth of credit history
- Amount of outstanding debt in relation to credit limits
- Types of credit in use (IE: mortgages, installment loans)
- Number of new applications for credit
If you would like to see if you can lower your insurance premium with the use of your score call us (845) 883-4280.