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Originally Posted by EdFNJ
Oh geez. LOL. You'll really dig deep to prove your point. Insurance SCORE is partly based on CREDIT RATING. Good credit RATING = higher credit score ergo higher credit score affects insurance rates. You're parsing words to make the same point look different than 3 other people but you're still agreeing.
What Is an Insurance Score?
An insurance score, also known as an insurance credit score, is a rating computed and used by insurance companies that represents the probability of an individual filing an insurance claim while under coverage. The score is based on the individual’s credit rating and will affect the premiums they pay for the coverage. A higher score will result in lower premiums and vice versa. |
As much as I dislike agreeing with Mr. Wilson... An Insurance Credit Score is used in determining your premiums. And an Insurance Credit Score is derived, at least in part, by your Credit Score. But, as was pointed out in the CR article, the insurance companies pick and choose what information they use to make up their proprietary Insurance Credit Scores.
The mistake many are making is assuming that a higher Credit Score will automatically result in a higher Insurance Credit Score, and thusly lower premiums. Depending on what factors from your Credit Score they use, the Insurance Credit Score could be lower, resulting in higher premiums.