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Low Rate Car Insurance - Your Credit Score Matters

We’re continually asked about the many things that affect car insurance policy rates and one variable that many don’t know about is the policy owner’s credit history. So we’re re-posting information from a past entry because we feel it’s important for you to know.

The fact is your credit history can affect what you pay for car insurance and it may even cause a denial of coverage.

But how can a low credit score make a premium rise, even when a driving record has stayed clean? Aren’t things like a driving record, age of the driver, type of car you drive, and amount you drive the only things really taken into consideration? The answer is no. Bottom line, a poor credit history means a person may not be responsible so most car insurance companies factor in credit when calculating the premium.

Car insurance companies believe that the better your credit history, the more likely you are to pay your insurance premiums, and pay them on time. There is also a trend that indicates if you have a better credit score, you’re less likely to file a claim. Higher credit rating equates to being more responsible, and in this case, a more responsible driver is a lower risk for the insurance company.

So…what to do? If you’ve noticed your premium rising without any clear reason as to why, order a credit report then contact your agent and find out if indeed, this is the culprit. If so, clean up your credit as soon as you can. It will obviously help with your insurance premium but will inevitably help in other areas of your life as well.

Practical things you can do include paying your bills on time, paying off high interest credit cards, and don’t live beyond your financial means. Sometimes, it’s your lack of credit history that is doing the most damage. If you don’t have much, establish some. Over time, you will become less of a risk to insurance companies and you will have more flexibility with how much you pay.

  • Posted in Low Rate Car Insurance | No Comments »

    Low Rate Car Insurance - Car Insurance Rates to Drop in Canada

    With inflation, each year prices continue to rise in all segments of life including car insurance rates. Recently though, according to a recent press release in The Daily News (hfxnews.ca), some people in Nova Scotia, Canada could be seeing a drop in their car insurance rates.

    According to the release, five insurance companies have applied to lower their passenger vehicle insurance rates. Reduction in rates are expected to be between one and nine percent. The decision on whether to approve the reductions is expected by the end of the year.

    The companies applying for the reduction in car insurance rates include
    Allstate, Aviva, Axa, Pembridge, and Traders General.

    According to Don Forgeron, Atlantic vice-president of the Insurance Bureau of Canada, “The government reforms instituted back in 2003 have worked very well. These filings are simply a continuation of a trend that started back then.”

    Mr. Forgeron states that “…the recent history indicates that the reforms have worked and we hope they will continue to work.”

    The Auto Insurance Review Board is also reviewing a new application for a entrance into the market: The Insurance Company of Prince Edward Island.

    This is great news for drivers living in Nova Scotia. If you’re cars are insured by any of these companies (Allstate, Aviva, Axa, Pembridge or Traders General) and you reside in the Nova Scotia area, give your agent a call and ask how these changes, if at all, might affect your current rates should they pass.

  • Posted in Low Rate Car Insurance | No Comments »