Poor Credit, Poor Coverage- How Rating Can Inflate Auto Insurance Quotes
From the time you open your first bank account or accept your first credit card
, the Credit Bureau is keeping an eye on you. You may not sense them. You may not feel that they are there until it is absolutely too late, in fact.Of course, the longer you go without becoming aware of their presence in your life, the better off you likely are. Poor credit often brings the creditors knocking. It also jacks up the price of your auto insurance quotes. Car insurance companies may never be able to agree on who provides the best coverage, but their hands are joined when it comes to credit rating as a factor to your insurance rates.
If you haven't experienced any spikes in monthly premiums...if you pay your bills on time...if you have never been turned over to a collection...and if you carefully manage your credit card debt, you are probably in the clear.
But for the rest of you, it may be time to take stock of where you are. If you are ever going to grab a decent car insurance quote from a reputable company, then it is time to assume command of your financial livelihood.
While you may not think the late payment on that sweater vest was relevant in the recent increase in your car insurance premium, it all ties together, and can make for some pretty unhappy drivers when the auto bill comes due. Here are some things to consider about your credit rating and how it affects your car insurance:
Late payments deter affordable coverage. If you cannot make your payments on time, providers will realize this, and they will be a bit more leery in doling out coverage for your auto needs, especially when that could result in unpaid premiums. That is all out-of-pocket money, and as long as insurance providers are businesses, that is bad news for you. They cannot survive by fronting money they will never see. Yes, they do want your business, but only if there is some assurance they will get it. Higher rates deter you from putting them at risk.
Irresponsible finances mean irresponsible drivers. To insurance providers, if you cannot successfully manage your means, you will not be concerned about managing your car. Poor credit rating does not simply influence auto insurance quotes through dollars and cents. It also indicates on-the-road carelessness, at least as far as policy writers are concerned.
It is a hard fact of life that the people with the most money often times also get the best deals. But try to put yourself in the position of your insurance provider. Would you want to provide a service for which you could potentially owe huge sums of money that you will never get back for an individual that does not exercise financial responsibility? No one could.
Make sure you are taking the right steps to restore your credit, if needed. Your future auto insurance quotes depend on it!
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