Great Credit Score Can Save Drivers Up To $783 Per Year

According to a report from CarInsurance.com, drivers with credit scores over 750 save an average of $783 a year on insurance premiums, a CarInsurance.com study reports. Credit scores can range from 300 to 850, and the average FICO credit score is about 680. Scores above 750 represent the pinnacle of financial responsibility. Roughly 40 percent of consumers maintain credit scores in that range. For their diligence, drivers with great scores pay much less for car insurance. On average, CarInsurance.com finds that drivers with great credit can save almost $23,000 on car insurance throughout their adult lives.

At Lundy Law, we have always held that drivers should purchase as much insurance as they can afford. The reason is that limiting your coverage can cost you big time if you have an accident and damages exceed your coverage.

We’ve known for a long time that your credit score will affect your rates, as insurers seek any information they can to determine your level of “responsibility.” Now research shows just how much that can affect you. The upshot? Watch your credit!

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/06/16/prweb8577913.DTL#ixzz1PkMwmgR0

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