Insurance Scoring in Ohio

Home and Auto insurance premiums in Ohio are partly determined by your insurance score. An insurance score is not a credit score. It is a predictive model that tells an insurance company how likely you are to have a claim. The evidence is overwhelming that people with good scores have fewer claims, and are more “profitable” to insurance companies.

Before insurance scoring, insurance companies considered the type of car you drove, your driving record and claims history, age, etc. to come up with a premium to charge you. These days, for some insurers, your insurance score is the primary factor they use in determining rates. We all have a credit score, and many people know what theirs is. This is not so with insurance scores as insurers often have their own scoring models.

It’s clear that in Ohio you can keep your homeowners and car insurance premiums as low as possible by having a high insurance score. Since your insurance score is a snapshot of your insurance risk based on credit report information that reflects payment patterns, and gives more weight to recent information, there are a few things you should know. First, only apply for and open new credit accounts as needed. Responsible use of credit over time can improve your score. Secondly, keep balances low on unsecured revolving debt such as credit cards. High debt can affect your score. Finally, pay bills on time. Delinquencies can have a major negative impact on your score. It pays to shop around for home and auto insurance, and we can help! Call us today at 800-773-1007.

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Insurance Scoring in Ohio

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