Why might this be important to you and relevant to your CT insurance? It’s simple. As with obtaining a mortgage (or any loan for that matter) with a favorable interest rate, having a good insurance score will give you better rates on your CT auto and home insurance.
Here’s the deal: CT insurance companies (most, if not all) use something called an insurance score when determining your rates nowadays. For those of you who aren’t familiar with this insurance lingo, an insurance score – more properly called a credit-based insurance score – is a simple number that ranges from extremely high to extremely low, and is being used as a high-weight rating variable.
It’s similar to a credit score and allegedly predicts the likelihood that a prospective insured will put in a claim or not pay their insurance premiums (the lower your score, the more an insurer is inclined to charge you for a policy). I say allegedly because in fact, there’s a lot of debate about this topic.
Here’s a 242 page report by Congress if you’re really, really interested and overly ambitious.
The bottom line is that, if you want favorable rates on a loan or an insurance policy, it would be in your best interest to establish and maintain a healthy credit/insurance score (that’s a big rule in the financial world’s game).
And depending on which company is rating you as risk, your rate can heavily depend on it. Aside from paying all of your bills on time, one tactic to establishing and maintaining a favorable score is to monitor your credit reports on a regular basis and dispute any irregularities.
In order to monitor your credit – for free – you can visit www.annualcreditreport.com and get a free (for real) credit report from each of the three credit bureaus once a year. It won’t give you your credit score. But once a year, from each of the three credit bureaus, you can get your credit report. And you can dispute or take care of any issues.
This information below, thanks to BNI associate Esteban Garcia provides helpful websites and relevant credit information.
TransUnion – 800.916.8800
Equifax – 800.685.1111
Experian – 888.397.3742
Review your credit reports
Annual Credit Report Request Service
PO BOX 105281
Atlanta, GA 30348-5281
Opt-out (credit card / insurance offers)
***Removes you for 5 years***
Federal Trade Commission
DO NOT CALL REGISTRY FOR PHONES (cell & home)
***Must call from the number you would like to have removed from the list***
ID Theft coverage is also available as a rider on CT home, condo, and tenant insurance policies. Unlike the coverage that may be included with your credit card, this rider typically provides reimbursement for any costs associated with getting your identity back.
If you have any questions about your personal or commercial insurance program or would like to make sure that you have the best coverage at the most competitive rate available, give us a call at 860-529-1737 or email us at firstname.lastname@example.org. You can also connect with us via our Contact Us page.