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Jerry Data & Research
Do car insurance companies look at your credit score or credit-based insurance score?
I've heard both terms used. Which is more common?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“When a
car insurance company
refers to a credit score, they mean a credit-based insurance score. While car insurance companies use your personal information to determine a rate, they can’t pull that information from your credit file.Due to this, your credit-based insurance score doesn’t include personal information. In most cases, a credit-based insurance score is determined by these factors:
- Payment history
- Outstanding debt
- Credit history length
- Pursuit of new credit
- Credit mix
FICO normally complies a score based on these factors. Car insurance companies then use that number to determine your rate. If you have a lower credit-based insurance score, you’re likely to pay more for insurance.
However, having a lower score doesn’t mean you’ll always have a higher insurance rate. Car insurance companies look at many different factors when determining a rate. If you have a
clean driving record
, you may end up with a lower rate than someone who has bad credit and tickets or violations.The only way to see what your car insurance rate you may get is by using the
Jerry
app. Jerry is an online insurance broker that allows you to compare quotes from over 40 insurers to provide you with the best options for your car insurance coverage.”View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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