Many factors, including your insurance score, are involved in setting the cost of insurance premiums. Things like driving experience and violations, claims history, gender and where you live all have an impact and are used in predicting the likelihood of a person being involved in future claims.
Many people know about their credit score, but have never heard of their insurance score. Here’s the difference:
Credit score — an indicator of your ability to repay amounts you have borrowed
Insurance score — predictor of future accidents or insurance claims based on information of policyholders with similar credit characteristics
History has shown a connection between credit history and insurance risk and found that these scores can help predict insurance losses. A possible reason for this connection is that people who are financially responsible tend to be responsible in other areas of their lives, which may lead to fewer accidents.
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