Does Your Credit Impact Car Insurance?

It can be difficult to navigate car insurance. However, knowing which factors you can and cannot control when it comes to auto insurance can be helpful, especially when looking for a new provider. One factor that you can control is your credit score. Drivers with lower credit scores are more likely to pay for car insurance. Learn more about the link between credit and car insurance in Maryland and how Roadway Auto Insurance can help you get insurance for your vehicle.

credit and car insurance in Maryland

Your Credit Score and Car Insurance in Maryland

A credit score is a crucial aspect of auto insurance for many private companies. Drivers with very good or average credit scores have lower car insurance rates. Poor credit can increase insurance rates. Typically, rates can climb from 30 to over 100 percent. A credit or FICO score takes multiple factors into account, including payment history, the amount owed, credit history, credit mix, and new credit. If drivers have accounts in collection or a high number of credit inquiries, they may also have a lower credit score.

Companies look at credit scores to determine how likely people are to repay loans over time. Auto insurance companies look at a driver’s creditworthiness as a better credit score linked to lower claims. Typically, drivers with lower credit scores may file more claims. If you have a poor or fair credit score, you can increase your credit score by paying off credit card debt, asking for a credit increase, and ensuring that you address negative balances.

Getting Auto Insurance

Other factors that you can control when it comes to your auto insurance rate are your car’s value and driving record. Driving safely for many years without accidents will also impact your insurance. We help Maryland drivers who have trouble getting car insurance through a private carrier at Roadway Auto Insurance. Our team is here to ensure that drivers are covered if an accident does occur with their vehicle. We can also provide auto insurance for Uber and Lyft drivers. Roadway accepts all drivers, regardless of driving history. If you have been rejected by an insurance company, we want to help you get coverage.

Are you looking for auto insurance in Maryland? Call Roadway Auto Insurance at [new_patient_phone_span] or request a quote online. Please let us know if you have any questions about your insurance options! We are dedicated to helping drivers in MD get affordable auto insurance.

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