Types of Business Insurance Every Small Business Owner Should Know
Many people are surprised to
learn that their credit score can impact how much they pay for car insurance.
In fact, in most states, improving your credit can significantly lower premiums
and save you hundreds or even thousands of dollars per year.
Understanding the connection
between your credit and rates will help you take practical steps to improve
your score and reduce your insurance costs.
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1. Driving Record
The vast majority of car
insurance shoppers are not aware that their credit-based insurance score can
impact their premiums as much or more than their driving record. Yet, many
states allow insurers to access a driver’s credit-based insurance score and use
it to determine their rates — in addition to other factors, like past accidents
or violations.
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A clean driving record is a key
factor in determining insurance rates, as it shows that the driver is
responsible and poses a lower risk to the insurer. On the other hand, a driver
with multiple traffic violations or accidents on their record is considered to
be a higher risk and may be charged more in order to offset the potential for
future claims.
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Minor infractions such as
speeding tickets and running red lights are often not reflected in insurance
rates, but accumulating too many of these minor violations can increase your
rates. More severe violations such as reckless driving or DUIs can also have a
major impact on your rates, as they suggest a high level of disregard for
safety and the law. Such offenses are so serious that they may cause an insurer
to deny you coverage or refuse to renew your policy, which can have devastating
consequences.
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Despite the fact that there’s no
way to completely erase a blemish from your record, drivers with
less-than-perfect records can often reduce their rates by taking proactive
measures such as completing defensive driving courses or attending traffic
school. Many insurance providers also offer discounts to drivers with good
records and those who have improved their habits over time.
Keeping an eye on your insurance
score and maintaining a clean driving record are two of the most important
things you can do to keep your rates low, regardless of what type of vehicle
you drive or how old you are. The best way to find out how your specific
credit-based insurance score might affect your rate is to request a free
Experian report and start shopping for competitive quotes! You can also monitor
your credit score with Experian to see how your driving and credit scores are
faring.
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2. Age
While there are many factors that impact car insurance rates, age is one of the most significant. Younger drivers typically pay more than older ones because they lack experience and are more likely to have accidents. However, the cost of car insurance usually decreases with every passing year as a driver gains more experience behind the wheel. The rate of a person’s car insurance can also fluctuate depending on their lifestyle, such as the distance they drive each day and how often they use their vehicle for work or running errands.
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