01 May What’s in your insurance credit score?
New Jersey is notorious for pricey car insurance rates. Your driving record has a lot to do with your premiums, and so does your credit score. But why would a person with a high credit score have to pay more than somebody with a lower score if their driving records are the same? It happened to a Wanamassa couple, and when they tried to understand why, they learned a little discussed “insurance credit score,” which differs from a traditional credit score, was to blame. But insurance companies are not transparent about what’s in the score, so it’s hard for drivers to take steps to improve their scores.
See what’s behind an insurance credit score in this Bamboozled column on NJ.com.