insurance

Car insurance questions for older drivers

Has your credit score improved?
Has your credit score improved? © Stuart Miles/Shutterstock.com

All manner of factors can influence your credit score, which is a snapshot of an individual's credit worthiness at the current moment. It is a living number that never rests. Life events can impact credit scores for older and younger drivers alike.

Although it may not make any sense to us as consumers, in his book, Goldstein reveals that insurance companies believe a potential client's behavior with their credit translates to their behavior while driving.

Retiring and moving to a fixed income could well affect an older driver's credit worthiness and ability to pay his bills. Older drivers should be keenly aware of changes in their credit score. This isn't something car insurance companies typically check, but other changes, such as an accident or traffic ticket might cause an insurer to investigate more comprehensively. A significant drop in credit score that turns up in such a check could negatively affect an auto policy premium.

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