What Is The Difference Between Credit Score and Insurance Score?

Here is a question that many people get stumped on because, although Insurance Scoring and Credit Scoring are different, they essentially utilize the same thing, your credit score.

Insurance carriers have statistical models that may show if you have poor credit that you are more likely to file an insurance claim. Just like when you apply for a home loan or a car loan, finance instituions use your credit to determine the propbability if you will default on that loan.

The higher your FICO score is, the less likely you will be to file a claim, lowering your risk factor.

There are many risk factors that insurance carriers include when utilizing their Insurance Scoring, but typically the higher your FICO score is, the less likely you will be to file a claim, lowering your risk factor. Our advice is to keep up your credit so you can get the lowest possible rates on your Insurance Premiums.

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