Get car insurance good credit discounts
Good credit discounts
How's your credit score? The vast majority of insurance companies take credit scores into account these days, and a high one could help cut your car insurance bills by as much as half, says insurance agent Sierra Knight, owner of KMI Solutions in Richmond, Va.
These discounts often are not promoted as clearly as others. Most insurance companies won't reveal the formula they use to come up with what's known as a "financial stability discount," but Knight says it's safe to say that someone with a score above 700 will be considered a better risk -- and eligible for lower payments -- than someone in the 500s. Credit scores generally range from 300 to 850.
Often, car insurance good credit discounts will extend to all the policies you have with a particular insurer. Note that California and a few other states have barred the use of credit scores in setting car insurance premiums.