INSURANCE SCORE USA: Full Details on How to Calculate Your Score

Steve Oke Chapchap Market July 7, 2019 No Comments

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What is an insurance score?

An auto insurance score or home insurance score is a three-digit number, used to predict your odds of filing a claim. It’s mostly calculated from your claims history and your credit score, so it’s also referred to as a “credit insurance score.” Credit information can be very predictive of future accidents and claims which is why Progressive, and most insurers, may consider this information in determining your rate in most states.Get quoteQuote & save today!Zip CodeSelect a product                     AutoAuto + HomeAuto + RentersAuto + CondoBoat/PWCBusinessCar ShoppingClassic CarCommercialCondoElectronic DeviceFloodGolf CartHealthHomeownersHomeshareHome FinancingHome RefinancingHome SecurityHome WarrantyID TheftLife-TermLife-PermanentLife-Final ExpenseMexico AutoMobile HomeMotorcycle/ATVPersonal LoansPetRV/TrailerRentersSegwaySnowmobileTravelWedding & Event                 How do you want to share?FacebookTwitterEmail

Is an insurance score the same as a credit score?

No. An insurance score also reflects your insurance claim history. It tells a part of your story, but it’s not necessarily a disqualifier for insurance. In fact, Progressive won’t deny you an auto policy based on your insurance score.

An insurance score is a combination of your claims history and credit score.

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What factors besides credit determine my insurance score?

In addition to viewing your credit report, insurance companies consider your claims history. Every insurer has their own unique method for calculating your score—they may even look at info gathered from policyholders with similar characteristics to you.

Looking for an exact price for insurance? Just get a car insurance quote online, and see your price in minutes.

Why does my credit affect my rate for car insurance?

Studies have revealed a link between credit history and insurance claims. The data suggest that a person with a lower credit score is more likely to be involved in an accident and file a claim than someone with a higher score. But your good driving history matters too, so you can still get a competitive rate from Progressive if you’ve had credit issues.

Studies have revealed a link between credit history and insurance claims.

What is a good insurance score?

Scores range between a low of 200 and a high of 997. The higher your score, the less of a risk you are to an insurance company and the better your rate will be.PoorGood830

  • Good: 776-997
  • Average: 626-775
  • Below Average: 501-625
  • Poor: Under 500

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How can I improve my insurance score?

Insurance claims history

Drive as safely as you can to avoid accidents and violations. Here are four tips for safer driving:

  1. Park in a garageIf possible, park your car in a garage or covered area to avoid weather-related damage.
  2. Drive the same route every dayData shows that new, unfamiliar roads aren’t as safe.
  3. Avoid driving from midnight – 4 a.m. on weekendsThis can be the most dangerous time on the roads.
  4. Check your tire treadMake sure your tires aren’t worn out because low tread can be dangerous, especially in the snow. To check, try the penny test and insert an upside-down penny in your tread. If you can see all of Lincoln’s head, you need new tires.

While some home insurance claims may be impossible to prevent, here’s how you can reduce the damage from or better avoid certain incidents:

  • Fire: Keep a fire extinguisher on hand and smoke detectors on every floor. Check for frayed wires and electrical cords.
  • Theft: If you don’t have a security system, make burglars think twice by leaving a light on when you’re away to make your home look occupied. Also, make sure all doors and windows are locked, including the garage.
  • Accidents: Keep your property safe for walkers by making sure your driveway, sidewalk, and steps are well maintained and not icy.
  • Wind damage: Patio furniture, tools, and toys should be stored away if you’re at risk for high winds. Debris and loose tree branches should be removed.

Credit history

Even if you have a short credit history, you can raise your score by keeping your bank, credit, and other financial accounts in good standing. Simply make timely payments and maintain low balances on your credit cards in relation to their credit limits. Here are the five common elements of a credit score:

  • Payment history (35% of the total score): This is just paying your bills on time.
  • Credit utilization (30% of the total score): This is the percentage of available credit that has been borrowed. For instance, if your credit limit is $1,000 and your balance is $900, you are 90% utilized. The less utilized you are, the better your score.
  • Length of credit history (15% of the total score): Your credit history begins with the first credit account (secured or unsecured) in your own name. Keep in mind, if you file bankruptcy, or abstain from credit for a long period time, your credit history may only go as far back as when you started using credit again.
  • New credit (10% of the total score): Opening multiple credit lines in a brief time period indicates greater risk, particularly if you have a short credit history.
  • Credit mix (10% of the total score): Borrowers paying on secured loans (home, automobile) and unsecured lines (credit cards) will fare better than a borrower with only credit cards and no secured loans.

Insurance scores are only one piece of a car insurance rate

Remember, a better claims history and credit rating leads to a higher insurance score which means favorable rates on home and auto policies. But, these are not the only factors that play into a car insurance quote. USA

Read about what else impacts your car insurance rate and tips and tricks to get a low rate.Was this article helpful?Explore moreTell me why my insurance rate went upWhat actually impacts your auto insurance priceIf I’m in an accident, will my rate go up?Tell me why my insurance rate went upWhat actually impacts your auto insurance priceIf I’m in an accident, will my rate go up?Tell me why my insurance rate went up

Please note: The above is meant as general information to help you understand the different aspects of insurance. This information is not an insurance policy, does not refer to any specific insurance policy, and does not modify any provisions, limitations, or exclusions expressly stated in any insurance policy. Descriptions of all coverages and other features on this page are necessarily brief; in order to fully understand the coverages and other features of a specific insurance policy, we encourage you to read the applicable policy and/or speak to an insurance representative. Coverages and other features vary between insurers, vary by state, and are not available in all states. Whether an accident or other loss is covered is subject to the terms and conditions of the actual insurance policy or policies involved in the claim. References to average or typical premiums, amounts of losses, deductibles, costs of coverages/repair, etc., are illustrative and may not apply to your situation. We are not responsible for the content of any third-party sites linked from this page. USA

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