What many people don’t understand about auto insurance premiums is that they are not solely determined by your previous driving record or the type of vehicle you drive. One big factor that most insurance companies will look at in many states is your credit score.

The reason your credit score is so important is because insurance companies believe, based on studies of their data, that there is a correlation between your score and the number of claims you might have. If you have a higher credit score, you are less likely to file a claim. If you have a low credit score, there is an increased chance that the insurance company will lose money. To protect themselves, an insurance company may charge a higher premium to someone with a lower score, compared to someone with a higher score.

Factors that insurance companies will use when determining your credit score can include the following:

1. Past payment history.

2. Public records such as bankruptcy, collections, foreclosures etc.

3. The length of your credit history.

4. The number of open lines of credit you have.

5. Unused credit. This is how much you owe compared to how much credit you have available.

For more information about auto insurance and your credit history, please contact a qualified professional at PoliSeek.com .

This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverages in a given policy may be different than those suggested here and such policy will be governed by the language contained therein. No warranty or appropriateness for a specific purpose is expressed or implied.

With the economic challenges we are facing, the government and auto dealers are sweetening deals to encourage people to trade in their old cars for new ones.  Many people are taking advantage of these offers to purchase a vehicle that gets better gas mileage and is more reliable.  For some, this will be their first new car, and with that brings questions about how to transfer an auto insurance policy from the old car to the new one.

In some cases, your auto insurance policy will transfer exactly as it is to your new vehicle.  This means if you have limited coverage, you may not be protecting your new car sufficiently.  Also, if you don’t have enough insurance to cover the new car completely, a bank will not issue a loan to purchase it.  When shopping for a new car, it is important to let your insurance company know what you are looking to buy so they can give you the proper documentation to show the bank. Ask your current insurance provider any questions to make sure that you are covered and are not presented with any surprises.

It is very important to report to your insurance company all of the specifics of your new car.  Since your new car will likely be more valuable than your old one, there is a good chance that your premium will increase.  If you have a bank loan, or financed the purchase through a dealership, you may also be required to carry certain coverages you did not previously with your old car. 

Buying a new car is a big step and a big investment.  Notifying your insurance company and ensuring that your new car is covered properly will make sure that you and your car are protected in the event of an accident.

This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverages in a given policy may be different than those suggested here and such policy will be governed by the language contained therein. No warranty or appropriateness for a specific purpose is expressed or implied.

Running a small business can be hard work. The economy is tough, competition is fierce and new customers are harder to come by. With that, business owners are looking to cut expenses in any way possible. Some may feel that cutting or reducing their business insurance may be a viable way to save money. It might seem like a savings, until an event happens that insurance would cover.

Business insurance helps to protect an owner’s investment in the event something happens to property, employees, inventory or more. Every business needs protection against a loss and specialized business insurance is what helps with this situation. Business insurance plans from PoliSeek.com can include; Commercial Property, Commercial Auto, Workers Compensation, General Liability, Directors and Officers and Commercial Umbrella.

Knowing what you need to insure is as important as the policy you purchase. If you are in need of more affordable business insurance, PoliSeek can help. We have access to dozens of different providers, so we can consider your needs and provide you with appropriate choices. Please contact us today to receive a free quote on your quality business insurance.

This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverages in a given policy may be different than those suggested here and such policy will be governed by the language contained therein. No warranty or appropriateness for a specific purpose is expressed or implied.