How credit influences your auto insurance prices ?


Besides your driving history and kind of car, your credit score might impact what you pay for auto insurance. Here are some answers to typical vehicle insurance prices and credit rating inquiries.

How does Nationwide calculate vehicle insurance rates?

Some of the rating elements that impact your vehicle insurance prices include:

  • Age or driving experience
  • How your car is utilized
  • Driving and claims history
  • Geographic location
  • Credit history
  • Make and model of your vehicle(s)
  • Make and model not only affect your vehicle insurance costs, it may also decide what automobile insurance you require. For example, vintage automobile insurance is mainly intended for the specialized requirements of folks who admire the classics.

How does credit effect vehicle insurance prices?

Nationwide employs a credit-based insurance score for establishing rates. Studies demonstrate that utilizing this score helps us better forecast insurance losses. 92% of all insurers currently evaluate credit when determining vehicle insurance costs. Learn how to save on expenses by using inexpensive auto insurance with discounts.

How does Nationwide calculate this credit-based vehicle insurance score?

For the credit element of your insurance score, these are the main factors:

  • Payment history, including delinquencies or late payments
  • Length of credit history
  • Types of credit, like credit cards and loans
  • When generating your vehicle insurance credit score, sex, marital status, age, race, residence, and income are never considered.

How might my credit insurance score assist me?

It’s an apples-to-oranges contrast, so not really. Insurers don’t look at credit the same way that a bank does. Insurers analyze only information that is related to prospective losses.

How does Nationwide secure consumer information?

Nationwide has various protections in place to guarantee the privacy and careful processing of your personal information.

The only personnel that view your information are those who require it for legitimate business objectives – to deliver goods or services to you.
No Nationwide employee will ever read your real credit record

What is an unusual life circumstance?

At Nationwide, we cherish our customers. We have an unusual life situation procedure that applies in all states. If your credit information has been directly impacted by one of the following occurrences, you may qualify for reconsideration of your premium.

  • Any catastrophic incident proclaimed by the federal or a state government
  • Total or other loss that renders your house uninhabitable1
  • Divorce or dissolution of marriage
  • Death of a spouse, child, or parent
  • Serious sickness or injury, either to you or to an immediate family member


Please enter your comment!
Please enter your name here