Top Tips to Improve Your Insurance Score
If you and a friend call the same insurance company for a quote for the same type of insurance policy and the same amount of coverage, you very likely may receive two very different quotes. This is because insurance quotes take into consideration your insurance score. While similar to a credit score, it is not the same as your credit score and can take into consideration different factors. This is because it is judging your overall risk and not specifically your ability to pay your debts. In order to lower your premiums as much as possible, you should always pay attention to how to improve your insurance score. The following are only some of the ways you can work to improve your insurance score:
Establish credit as soon as possible – The longer you have credit experience reporting – so long as it is positive credit – the higher your score can go. Therefore, establish credit as soon as you can and use your credit responsibly.
Check your credit report – Insurance companies often look at the same factors that creditors do, so you should be aware of the information on your credit report. If there are any errors that may inaccurately lower your score, you should dispute them immediately.
Limit the credit you have – Constantly applying for and opening new accounts can lower your score. In addition, having an unnecessary amount of available credit or having balances that are too high can also lower your score. For this reason, carefully manage the credit lines and balances that are reporting.
Pay your bills and premiums on time – Always ensure to pay your insurance premiums on time, as cancellations for nonpayment can affect your score. Nonpayment of credit accounts can also lower your score. If you have missed payments, talk to your creditors regarding possible payment solutions to avoid having collection accounts on your record.
Contact us today for a quote.
Besides improving your insurance score, the best way to manage your insurance premiums is to have a knowledgeable insurance agent who you know you can trust. At Skeele Agency, Inc., our agents will explore every possible option to ensure you get the best coverage for the lowest price. We can update your coverage based on your life changes and can routinely check to see if we can find you a better policy. Please do not hesitate to call one of our 6 offices or contact us online for a quote today.