Insurance Quotes - Does Shopping For Insurance Affect Your Credit Score?

Insurance Quotes - Does Shopping For Insurance Affect Your Credit Score?

Now I would like to write about Insurance quotes and insurance company underwriting as many have recently added a new factor to evaluate new customers. Insurers will actually check up on your credit rating. Basically they have worked out through statistical testing that apparently people that have better credit ratings are better risks and also that people with defaults poor credit history are not all that great as potential customers. So pretty much the insurance companies and agents out there will see a good credit rating and see you as a low risk client.

Surprisingly there are quite a few customers out there that worry that requesting new insurance quotes could effect there credit rating.

So does shopping around for insurance quotes mess up your credit rating?

The answer there is "NO"

Now there are two types of credit inquiries:

Whats known as "Hard Pulls" - This means that its a check for acquiring credit from a lender, credit card ect

Also there are"Soft Pulls" - This is when inquiries are made that check your credit rating. This is the kind of pull that an agent or insurance company will more than likely perform during the quoting process. Now the good news is that these are not noted on your credit history so relax.

So hope that helps to instill a bit more confidence that shopping around for insurance quotes will not effect your credit ratin. And a very important fact to know is that a good or high credit rating can lower your insurance quotes when you shop around.

GREAT TIP! The trade group Independent Insurance Agents and Brokers Association (IIABA)
has found that a whoping 85% of new insurance buyers will use the internet to get quotes and research before making a decision. So start shopping around online and all great local insurance agents to get in touch with you with best competitive rates to suit your needs

You could literally save 100's of dollars a year and then some just through the insurance quote process by simply shopping around.

Plus the new agent of your choice can handle the cancellation of your old policies if you like and even take care of that dreadful paperwork.

In conclusion shopping online for insurance quotes is flat chat easy, straight forward and did i mention FREE!!!! It doesn't cost you a red cent to get an insurance quote.

You could get better coverage for less money...it happens all the time.

Don't waste time, and don't spend more for coverage than you have to!

Cheers

Garry Granger

Insurance