Insurance and Your Credit Score

Here is an excerpt from a new blog post at GreggMarcus.com:

Did you pay all your bills on-time this month? If not, this could cause an increase when your premium is renewed. Most insurers are now basing the cost of your policy on your past credit history. Missing as little as two payments on credit cards or other financial obligations could lead to your insurance premium possibly doubling. In this post, Gregg S. Marcus, a Long Island Insurance Executive  explains how your credit score can affect your insurance rates.

A credit-based insurance score, also known as an insurance score, is a snapshot of a consumer’s insurance risk picture at a particular point in time based on information contained in a consumer’s credit report. Many people wonder “What does my credit score have to do with my insurance policy?” The answer may surprise you! Insurance companies feel that if you are not responsible with your money, then you are more than likely not going to be responsible on the road.

To read this post in it’s entirety, click here to visit the Gregg Marcus official website.

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