10 Surprising Factors That Can Raise Your Insurance Premiums
Don’t get hit by these unexpected rate boosters.
By Kimberly Lankford, From Kiplinger’s Personal Finance, March 2013
Actuaries at insurance companies spend their entire careers looking for tiny statistical nuances that can predict the likelihood that someone will file a claim -- and that can justify charging higher premiums. Some of the criteria are obvious, such as your driving record for car insurance or your medical history for life and health insurance. But some are surprising. Each insurer has its own rules, so it’s important to shop around before buying.
1. Your credit score. Auto-insurance companies have found that people with low credit scores are more likely than those with high scores to get into accidents, so they charge them more when they can. That’s another good reason to pay close attention to your credit score.
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