Business Services Industry
Credit History Factors In for Auto Insurance Rates, Companies Say.
Knight Ridder/Tribune Business News, April, 2004
By Adrian Zawada, The Ledger, Lakeland, Fla. Knight Ridder/Tribune Business News
Apr. 20--LAKELAND, Fla. -- Checking credit reports and scores has become routine among car insurers when figuring the rates they charge their clients.
The reason?
Credit history has proven an effective predictor of insurance losses, insurers said.
"Our actual experience confirms the connection between credit report information and the likelihood of experiencing a loss," said Ryan Priest, a spokesman for Allstate Insurance, Florida's second largest auto insurer.
Nine of the nation's top 10 auto insurers use credit history in their underwriting, according to the Insurance Journal, a national insurance magazine.
Among those are...
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