Highway Safety Statistics; This link provides you with up to date information on safety issues as well as information about vehicle safety ratings, research statistics, laws and regulations, news releases and current news reports. more info...
Auto Recalls; At this link you’ll find information from the National Highway Traffic Safety Administration’s available Database Files. Each search engine displays a brief description of what it does. more info...
Statewide Insurance requirements; At this link you will find lemon laws, drivers license, registration, title information and insurance requirements. more info...
Insurance Company Ratings: This link provides the consumer with insurance information as well as access to current auto news, events, auto ratings and analysis, news research as well as products and services. more info...
Insurance Information; Links to information about Auto Insurance as well as Life, Home Business, Travel, Health, Disability and Long Term Care Insurance. more info...
Standard & Poors; This site provides the consumer with access to information about the financial strength ratings of insurance companies, plus detailed financial Insurer Profiles on nearly 4,000 companies. more info...
Insurance News Network; Links to a key provider of insurance industry information, with a goal of keeping insurance professionals current on critical, need-to-know industry news. Helping industry professionals to make better, faster and more informed decisions. more info...
Auto Insurance - Car & Truck Insurance Coverage
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InsPolicy.com provides car insurance quotes in all states throughout the U.S. Getting an insurance quote is FAST and FREE! Receive multiple quotes from the carriers you select. In addition, you can even be reminded of important dates, such as your policy renewals. In addition to free auto insurance quotes, search our site for informative insurance information.
What factors effect my insurance premium pricing?
You probably know that lenders use information in your credit report to determine if they'll give you credit. But did you know that in some states, insurance companies also consider your credit history? Good or bad, your credit history could affect your ability to purchase homeowners or auto insurance coverage as well as the cost of your premium.
For example, consider these scenarios:
Several years ago, you were unemployed for a few months. You fell behind on several credit card payments. Now your auto insurance rates are going up, even though you've never filed a claim against your policy.
You've always paid your bills on time. You have never applied for credit and always paid cash. How could this be a problem? The problem is you lack a credit history, which makes you an unknown quantity - that is there is no history of monthly credit card payments.
Many people mistakenly believe that only there driving record is important, however that is simply not the case. The majority of auto insurance companies consider credit to be a very important rating variable.
What's the score here?
Insurers have always used various criteria to determine who to insure and at what rates. For example, if you're applying for auto insurance, your insurer might consider your age, driving record, make and model of your car, and how many insurance claims you've filed in the past. However within the last 10 years or so insurance companies have also begun using credit information as an additional factor in predicting which persons pose more risk. Insurers believe that the healthier your credit history, the less likely you are to file a claim against your auto or homeowners insurance policy. Thus, the more likely you are to pay your insurance premium payments.
If your credit history (as well as other factors considered) suggests that you are likely to be a responsible driver, you may be offered a lower premium. But if your credit history is tarnished, or if you have little or no credit history, you may pay higher premiums for the coverage you're offered. You could even be denied coverage altogether.
How you can improve the score
If you're denied insurance coverage because of your credit history, the federal Fair Credit Reporting Act allows you to obtain a free copy of your credit report annually**. If you feel the information provided to the credit bureau is incorrect, you can dispute it.
Here are a few things you can do to improve your credit rating:
Clean up your credit immediately. Pay your bills on time every month, get rid of the high interest credit cards, and don't spend beyond your means.
If you don't have any credit, get some. However you don't want to run up excessive debt. You want to show that you can use credit responsibly. Use your credit regularly, and always make your monthly payments in a timely fashion.
Once a year, get copies of your credit report from all three major credit bureaus. Make sure the information on them all is correct. Dispute any errors with both the creditors and the credit bureaus involved.
For now, the use of credit reports is an industry standard. Make your credit work for you by watching it closely. In most cases, you may be rewarded with lower premiums as well as lower interest rates on auto loans.
**The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies - Equifax, Experian, and TransUnion - to provide you with a free copy of your credit report, at your request, once every 12 months. The FCRA promotes the accuracy and privacy of information in the files of the nation's consumer reporting companies. The Federal Trade Commission (FTC), the nation's consumer protection agency, enforces the FCRA with respect to consumer reporting companies.
