To the typical consumer, insurance rates and credit score might seem completely unrelated. Who would have ever thought that the price you pay to insure your home, vehicle, and personal property would be directly related to your credit?!
Having been in the insurance industry for 25 years, I’ve seen firsthand the ebbs and flows of the business. Not only how companies choose their individual philosophies on how to succeed and take care of their clients, but also how they figure out what exactly that service and product should cost their customers.
In the last decade, the relationship between credit scoring and insurance pricing has become a hot topic within the industry. As with any controversy, you have people on both sides of the topic. There are those who are supportive of the link between the two and those who are not.