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By Remar Sutton, Consumer Spokesperson
Many major auto insurance companies may base the price of your premiums more on your credit score than your driving record. This is the finding of a major study performed by Consumer Reports over 2 years (2013-2015).
The study analyzed over 2 billion auto insurance quotes from every zip code in the U.S. and from the more than 700 insurance companies with the greatest share of customers in those areas. Only three states (California, Hawaii, and Massachusetts) have laws that don’t allow insurers to use credit scores in setting auto insurance premium rates. Finally, most insurers don’t use the standard FICO score but draw from selected data on credit reports to create their own proprietary scoring logarithms.
Although the process that insurers use to arrive at premium prices for individuals is complex and hidden from consumers, you can still take steps to fight for the best rate for you and your family.
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