Why are your insurance rates are so high? Insurance rates are based on a variety of factors, most companies now a days use a reporting system that is linked up to your credit score called your insurance score. Insurance scores are calculated by the major creditors such as Transunion. Let’s say you signed up with Allstate or Geico 3 years ago when you had bad credit and a bad insurance score. When you go shopping for insurance with an improved credit score and improved insurance score you’ll find yourself able to get a cheaper auto rate. Unfortunately most companies in Kentucky will not update your insurance score even though you have had improved credit. The only way to get a better rate is to shop around!
Now if you meet certain requirements insurance companies will give you larger discounts that will help achieve the cheapest auto quote available. For example if your married, have multiple cars, and own your own home you’ll be able to get a better quote then someone who is single and only has one car and rents. If you feel your credit score has improved, your now a homeowners, or married, have multiple cars it would be time to shop around and see if your rates will be lower.
