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Obviously, your driving history has an impact on the estimated risk your insurance plan policy company represents by taking you on as a driver. There also are other risk elements that affect your vehicle insurance plan policy, according to the Insurance Information Institute: where you park your car at night, your gender, your age and the kind of car you drive. Also relevant to your rate, according to insurance plan policy agencies, is your credit rating standing ranking.The practice of using credit rating standing scores in setting rates has been around for at least 20 years. According to at least two studies, a 2003 analysis done at the McCombs School of Business at the University of California at Austin, tx, and a 2007 analysis by the Federal Trade Commission, there is a statistical connection between how much a consumer costs protection strategy company and that customer's credit rating standing ranking.
The California analysis looked at a unique example of 175,647 people in the state and found that "the lower a named insured's credit rating standing ranking, the higher the probability that the covered will have problems on an vehicle insurance plan policy strategy, and the higher the expected loss of the routine." The study's writers mentioned that they did not attempt to explain why credit rating standing ranking added significantly to the insurer's ability to calculate insurance plan policy problems.
The California analysis looked at a unique example of 175,647 people in the state and found that "the lower a named insured's credit rating standing ranking, the higher the probability that the covered will have problems on an vehicle insurance plan policy strategy, and the higher the expected loss of the routine." The study's writers mentioned that they did not attempt to explain why credit rating standing ranking added significantly to the insurer's ability to calculate insurance plan policy problems.
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