credit score and insurance?

Question by David G: credit score and insurance?
does it really effect your car insurance? im 18 years old and i pay a lot i think…1700 this year. but i read that they check your credit to determine your rates i checked my credit report i had nothing from the insurance company on there. is it because i had no credit when my policy renewed? would i be able to get a lower rate next year because of my good credit history or is it just because im still a young driver and it wont matter? thank you

Best answer:

Answer by mbrcatz
Yes, it really DOES affect your insurance rates, but most companies don’t run the credit score on people under 21. Most people under 21, haven’t used credit long enough to ESTABLISH credible credit information which is predictive of future losses.

What do you think? Answer below!

Tags: Credit, Insurance, Score