DYK? Your Credit Score Affects Your Insurance Premium

Posted March 22nd, 2009 by Brett | Filed under: Did You Know?, Saving Money | No comments

This is the first in our “Did You Know” series. These will cover quick items that… if you knew… might make your life a little better.

Insurance companies use credit score as one of the main factors when determining how much you are going to pay in premium. I used to work for an insurance company and it came as a shock to me. Other factors can include (and vary by insurance company):

• The make and model of your car
• Your gender
• Your age
• Your driving history
• The zip code where you live
• How much you drive per day and per year
• What you use your car for
• Whether or not you park your car in a garage at night