What’s an Insurance Score?

Most insurance companies are now using insurance scores as a factor in determining rates for auto and sometimes home insurance.  The formulas, which vary by company, use information from your credit history to establish an insurance score for you.  Based on this score, you are assigned to a tier or rating group.

Insurance scores are different than credit scores.  Insurance scores use only those factors from your credit history that show a direct correlation to future claim potential.  Insurance scores generally do not consider income, assets, or total debt.

Related: Improving your insurance Score

For more information, drop by our website at www.albionagencies.com, or get in touch with me.

The information in this post is general in nature, and geared toward insurance conditions in Western New York.  As always, you should speak with an insurance adviser to determine your specific insurance needs.

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