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Credit rating plays key role N.Y. car insurance costs

Rochester Business Journal
June 3, 2014

Credit rating plays a significant role in car insurance premiums in New York, a new report from WalletHub shows.

Drivers with poor credit ratings could pay up to 47 percent more for car insurance in New York, despite having identical driving records to their more credit-worthy peers, to the 2014 Car Insurance by Credit Score Report states.

WalletHub—a social website launched by Evolution Finance that has financial tools and information for consumers and small business owners—obtained quotes from five of the largest auto insurance providers nationwide for two hypothetical, identical consumers. However, one consumer had excellent credit, while the other had no credit.

New York fell far below the nationwide average fluctuation in premium prices. In the average state, there is a 65 percent differential between the cost of car insurance premiums for a person with an excellent credit score and a person with no credit history, the report shows.

Credit data has the least impact on insurance premiums in Vermont, where the fluctuation between quotes was 18 percent, and the greatest impact in the District of Columbia, where the fluctuation was 126 percent.

WalletHub found Allstate Fire and Casualty Insurance Co. relied most heavily on credit data. The company’s rates fluctuated 116 percent between the two hypothetical consumers. State Farm Mutual Automobile Insurance Co.’s rate differences were the lowest at 45 percent.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


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