Your insurance Plainville CT and your credit score are more related than you might think.
Have you ever wondered why your insurance costs what it does? If so, you’re not alone. Sure, you know that a bigger house will mean more homeowners insurance costs, while an accident will up your auto insurance premiums. Do you know all the details that go into pricing your coverage, though? At North American Underwriters, we believe you should.
That’s why we want to highlight that your credit score actually plays a decently sized role in the premiums you’ll pay for your insurance in Plainville, CT. A credit-based insurance score is something your insurer assigns to you based on the likelihood you’ll file an insurance claim. Statistically, people with higher credit-based insurance scores have fewer insurance claims. What’s more, the claims they do have are usually for smaller losses than those with lower scores. As a result, insurers feel confident assigning you lower premiums if you have a high credit-based insurance score.
How do insurers determine this score? You’ve probably already guessed it; they look at your personal credit history. Since your credit score will affect your credit-based insurance score and, consequently, your insurance bill, it’s important to regularly review your credit report and remedy any errors.
Taking the time to stay on top of your credit score won’t just benefit you when you need to buy a car or open a credit card; it will help you each time you have to pay your insurance premiums!
Since you’ll be paying for your Plainville, CT insurance, we believe you deserve to know why it costs what it does. To not only get the policies you need but also dedicated service to go with them, contact North American Underwriters. We provide policies in Bristol, Farmington, Plainville, and the surrounding Connecticut area paired with a commitment to our clients that can’t be beat. Don’t renew until you call NAU!