Does your Credit Score affect your Auto Insurance Premium?

If you live in Massachusetts, one has nothing to do with the other. This has always been regulated by the Department of Insurance. The insurance department believes in consumer protection, and with the introduction of competitive rates, has created an insurance market that benefits Massachusetts consumers. In fact, there are numerous discounts / credits that can be applied to keep premiums as low as possible.

Beware of on-line insurance companies that enable you to quote your own premium. They had been known to apply a credit inquiry and apply the result to the rate. State regulations do not allow for credit information to be used to calculate insurance rates. Unlike in most other states, insurance companies are also prohibited from using income, occupation, marital status and home ownership when calculating premiums for private passenger auto insurance.

Governor Patrick signed this regulation into law on Nov. 23, 2011. This law clarifies the Insurance Department’s intent to protect consumers.

If you have any question, you can reach me at pmcglynn@mchinsure.com.