This Week
  • The new Golisano Children's Hospital will be dedicated next week.

  • Citizens Bank leader outlines plans in visit.

  • The last six years have brought quite a transformation to Mirror Show Management.

  • For Christopher Thorpe of Darien Lake Theme & Water Park Resort, work is about having fun.

  • Local banks are getting ready to migrate to the global standard for secure payments.

  • Aprille Byam launched StoryChick to help people begin conversations.

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.


What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment

 
Username:
Password:

Not registered? Sign up now!
 

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google