Auto insurance companies are changing the way the calculate premiums, according to MSN Money. Did you know that some insurers look at your credit report to determine the risk of insuring you? Some states have declared this practice illegal, but the companies claim there is a correlation between a history of late payments and insurance claims.
That means that if you have a clean credit history as well as a clean driving record, you might be able to save some money. I have had the same insurance since 2004, so it may be time for me to shop around again. Now that more companies are using pricing schemes that are more flexible and based more on the individual than the process where drivers are placed into one of a small number groups or tiers, there may be some deals out there.