There has been an ongoing debate on whether a person's credit score is a good indicator of the risk associated with insuring them. Many feel the use a motorist's financial history is not a fair practice and has nothing to do with the consumer's ability to drive and his or her likelihood of filing a claim. But if a person disagrees with an auto insurance company's decision to use this information to help determine rates, he or she should be aware that there is evidence to support the correlation between a person's credit and the chance of them claiming a loss.Consumers should understand that carriers are in the business to turn a profit, and in order to do so companies must assess risk and protect against losses. While not many consumers are sympathetic towards insurers, they must realize that the less claims that carriers pay out, the cheaper the rates that can be offered. Companies that suffer significant losses often have to increase premiums to offset the payouts given to claimants. That is why if a consumer obtains and compares car insurance quotes online or by any other means, it is highly likely that there will be a substantial difference in premiums between insurers.
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