Car Insurance Rates on Your Nissan are Based on Your Credit Score
Car Insurance Rates on Your Nissan are Based on Your Credit Score
Did you know that your credit score is used for more than just getting a loan or getting approved for an apartment? Car insurance companies are now relying on credit scores to calculate the car insurance premiums people pay. Massachusetts Nissan gives you the following information for understanding just how much your Nissan car insurance rates are affected by your credit score:
Car Insurance Risks Are Calculated Based On Credit Score
The Insurance Information Institute has found that people who have lower than average credit scores have insurance claims that are 53% higher than people with higher credit scores. This is proof to the car insurance companies that people with lower credit scores are a higher risk to insure and will pay a higher rate than someone with a higher credit score.
Lower Your Car Insurance Premium with a Higher Credit Score
If you think you're paying too much for car insurance, one method of getting a lower car insurance premium would be to improve your credit score. Not only will you benefit from lower car insurance rates, but if a new Nissan is in your future having a higher credit score means you'll get approved for the best car financing we offer at our Boston Nissan dealership.
A credit score can be improved through reducing the amount of debt you have in comparison to the amount of available credit you have. Also, make all of your debt repayments on or before the due date. Over time, both of these measures will result in a higher credit score.