Traditional Auto Insurance Rate Factors

  • Age
  • Years of driving experience
  • Type of Vehicle
  • Marital Status
  • Safety features of you vehicle
  • Usage – distance to work
  • Home ownership
  • Education Level Attained
  • Traffic Violations
  • Accidents or Losses
  • Previous insurance company
  • Length of time with previous company

Insurance Score Criteria

The scoring models that help develop the auto rates are gleaned from bits of credit data available on each consumer.  Each company uses a different model or method that will weigh credit report information to help develop a rate for each individual.  We’ve gone from three or four rating tiers to hundreds of rating tiers.  The scoring methods for auto insurance rate factors are considered secret and proprietary.

Insurance companies like for you to have:

  • Two major bank credit cards  (Visa, Master Card, Discover, American Express)
  • A credit card from a major Oil Company
  • Low balances on credit card accounts
  • A history of paying bills on time

Insurance companies don’t like:

  • Department store credit cards
  • Automaker finance companies like GMAC, Honda, etc.
  • Shopping for new loans
  • Incentive based installment loans from appliance, electronic or jewelry stores
  • Not having a major oil company credit card
  • Leaving large balances on credit card accounts
  • Local auto repair, tire or auto parts credit accounts

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