How Your Credit Score Affects Your Infiniti Car Insurance Rates
How Your Credit Score Affects Your Infiniti Car Insurance Rates
As more individuals find themselves with decreasing credit scores, they may also be surprised to find that their car insurance premiums increasing. Your credit score affects the car insurance rates you pay, meaning about 50% of car owners are now paying higher insurance premiums due to below average credit scores. Washington Infiniti gives you the following tips for understanding how your credit score affects your car insurance rates:
Credit Score Used to Indicate Your Risk
The Insurance Information Institute has tracked financial statistics that show that individuals having lower credit scores will have a 53% higher insurance claim cost than someone with an above average credit score. This supports the car insurance company's belief that a lower credit score indicates higher risk for them to provide insurance and therefore, the lower your credit score is, the higher your car insurance premium will be in most cases.
Get Better Car Insurance Rates with Higher Credit Scores
Taking appropriate steps to improve your credit score will not only give you lower car insurance premiums for your Infiniti, but if you should decide to come into our Washington DC Infiniti dealership and need financing for your Infiniti purchase a higher credit score will ensure you get approved for a car loan and at the best interest rates possible.
You can improve your credit score by making all of your debt repayments on time, and through managing your debt levels carefully. Try to keep your debt less than 30% of your available credit for the best score.