Has your Insurance Premium recently INCREASED for no apparent reason? It could be the CREDIT FORMULA used by your insurance provider!

Credit scoring has become a very important part of our day to day lives. A good credit score allows many advantages in receiving the best rates on home loans, car loans, credit card rates and what you pay for your insurance premium.

All insurance companies use some sort of credit based classification to determine who gets what rate. What they use is sometimes very difficult to gauge since they don't always come out the same with one insurance company versus another on the same person.

Unlike a home or car loan, there is no way to explain anything to offset a poor score and change it. As a matter of fact, the companies normally will not even discuss someone's credit score with an agent. Insurance companies normally do not offer anyway for an insured to correct a problem other than refer the customer to a credit rating bureau that they use as part of their scoring formula.

It is very important to work with an agency like ABI Insurance Agency that represents many different insurance companies. Just because one insurance companies formula rates someone with a less than favorable credit score does not mean they all will since each company uses several different factors and no two are the same. Some companies surcharge more than others for credit related rating factors. Next to your loss history, credit scores are one of the largest variables for receiving the best value for your insurance dollar. We have often ran quotes with 4 or 5 different insurance companies and have the same customer qualify for the top tier with one company and be very high-risk with another. It is not unusual to see rates fluctuate as much as 25% to 50% because of the insurance credit score from one company to the next for no apparent reason. You may be currently paying too much for your insurance because you do not meet the insurance companies profile as to who qualifies for their top tier credit rating guideline but qualify for another companies discount and have no way of knowing it.

Working with an independent agency like ABI Insurance Agency allows you to compare several different insurance options with just one phone call. Unlike shopping for a car or home loan, running your insurance credit for insurance purposes will not adversely affect your credit rating, so you have nothing to lose. ABI will shop the insurance market for you and find the right fit for you and your insurance needs.

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