I’m Paying Too Much for Insurance!

“I am insurance poor. I can’t afford my insurance now and the cost just keeps going up and up. What can I do to lower my auto insurance and my home insurance?” Good news! There are several ways to lower the cost of your Oklahoma home or auto insurance.

 

For starters, most home and personal auto insurance premiums are based off of what is known as an insurance score. An insurance score uses information from your credit report to predict the likelihood of claims in the future. An insurance score is based off of information from your credit report – mostly your payment history and amounts owed. Late payments, collections, bankruptcies, and foreclosures have a large impact on your score. However, your length of credit history, new credit, and types of credit used will also factor into the score.

 

So, if you can raise your credit score by paying your bills on time, paying down the balances on credit cards, and making sure all the information on your credit report is accurate. You should obtain and review a free copy of your credit report every year by going to https://www.annualcreditreport.com/cra/index.jsp.

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