Credit scoring is an exact science which is designed to increase your insurance premium, one example. We will use a 24 year old driver, with no tickets, no accidents and a low credit score due to little usage of credit.
This driver will be purchasing their first vehicle, say a 2012 model midsize vehicle, while using a standard independent insurance Agents rater and rating 5 or more companies at once, their rates were very good, without credit scoring.
Using the same companies with credit scoring the down payment increased 63.56% on average and the monthly payment increased by 65.1% on average. Rating this driver with standard companies they were declined or the rates were ballooned out of a payable range.
Please keep in mind that this driver had no tickets, no accidents, or other violations.
At Eastern Insurance Inc. We offer affordable Insurance rates with no credit scoring.
By Joe Chapman 6/22/2013