post

Bad Credit Affecting Your Auto Insurance Rates? Don’t Despair—We Can Help

Insurance companies use many factors when they calculate what to charge for their policies, and more than 90 percent of them consider credit history when setting auto insurance rates. Insurers have found a strong correlation between bad credit and a higher likelihood of a client filing an insurance claim.

Therefore, if you have bad credit, it’s likely costing you money in your car insurance premiums. According to Nerd Wallet, Florida drivers with bad credit pay an average of $1,898 more per year, or $158 more per month, for their auto insurance than drivers with good credit.

While it’s true that having good credit is one way to help keep your insurance premiums low, even if you have bad credit, or little to no credit history, L & M Insurance Group can help.

We’ll do the checking for you!

If your credit is less than stellar, you should definitely compare the insurance rates of several different companies before buying a policy. While there are insurance companies that don’t use credit as a rating factor, they may charge higher rates overall. A better option may be an insurance company that penalizes you less for your credit score than other companies do! (And don’t worry—getting multiple auto insurance quotes does not lower your credit score.)

Sound confusing? It doesn’t have to be. L & M Insurance Group can do the checking for you! We represent more than 25 quality auto insurance companies, and have more than 30 years in the insurance business. We’re committed to helping all our clients find the most cost-effective policies possible.

Improved credit equals lower insurance rates

It’s still a good idea to improve your credit by paying bills on time, maintaining a low credit utilization rate, and checking your credit report to make sure it’s accurate. If you don’t have much credit history, you can build one by applying for credit judiciously—just don’t apply for too many lines of credit, because that can also hurt your credit score. You may need to start with a secured card, or by becoming an authorized user on a trusted family member’s account.

As your credit score improves, you may be able to save money on your insurance premiums. Be sure to ask your L & M Insurance Group agent to compare rates at renewal if your credit has improved.

No matter whether your credit is good or bad, L & M Insurance Group has an insurance option for you. Give us a call at 813-672-4100 or email us for an auto insurance quote today!

Start the Year Right With Insurance Savings

Insurance Savings

Shopping for insurance is no one’s idea of a good time, but here at L & M Insurance Group, we try to make it as simple and painless and cost-effective as possible. We are an all-lines, local independent agency based in Riverview, and we work hard to get you the best insurance savings:

  • Write many different types of insurance, including auto, home, renters, boat, RV, general liability, commercial auto, life, and health.
  • Represent dozens of A-rated insurance companies (including more than 15 different car insurance companies), not just one.
  • Offer “one-stop shopping.” Instead of calling multiple insurance companies for your needs, call us! We’ll do the comparison shopping for you.
  • Represent YOU. We’ll help you understand your insurance needs, help you through the claims process, and treat you like a person, not a policy number. After all, this is our community and you are our neighbors!

Insurance Savings for the New Year

Our goal is always to find you the right insurance plan for your needs at the most affordable price, and in many cases, we’re able to save our clients hundreds of dollars per year while also improving their coverage. Our staff has been serving Riverview, Brandon, Lithia, Valrico, Bloomingdale, and surrounding areas for 25 years, and we’d love to serve you!

Please call us at 813-672-4100 if you have any questions about your insurance, or if you’d like a quote. If you prefer, click here for an auto quote, or here for a homeowners quote. For general inquiries, click here.

As 2018 winds down, L & M Insurance Group would like to thank you for letting us serve you. Have a happy and safe New Year!