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Poor Credit Increases Your Insurance Premiums

Posted on Jun 14, 2007 by Michelle Pastor

Poor credit not only increases the interest rates you’ll pay, but it also increases the insurance premiums you pay.

According to an article on USAToday.com,

A credit report "is a solid predictor of risk," Annotti says. "People can get tickets taken off their record, DUIs get changed into running a stop sign — there are lots of ways to play with your motor vehicle record. It's less likely for a person who is inherently financial irresponsible to, all of a sudden overnight, change their behavior."

The trend is for more and more insurance companies, not just auto insurance companies, but health, life, and homeowners insurance companies, to take into account an individual’s credit history to determine his premiums.