A recent news piece discusses the impact of credit scores on car insurance premiums in Alberta. It explains that drivers with lower credit scores might face higher premiums, potentially hundreds of dollars more annually. The article highlights that while Alberta allows insurers to use credit scores for optional coverage, it does not apply to mandatory basic insurance.
I’ve been driving for nearly 15 years. I’ve never had a ticket and I’ve never been in a collision. I’m self-employed and couldn’t work much for nearly a year because of health issues. As a result, I have accumulated credit card debt. I can’t afford the minimum payments now and will be declaring bankruptcy, so my credit rating will take a hit. Could this affect how much I pay for car insurance? Until recently, I’d always had a good credit rating . I really can’t afford more expenses right now.
If you have a lower credit score, you could lose the discount, Balfour said. You could also lose it if you don’t agree to a credit check. “ have their own calculations and metrics that are not shared with the brokers,” Lohr said in an e-mail. “When quoting, we have seen savings of up to $200 or more .”
“There is no way to tell how low a credit score can go,” Kalinowski said. “I have seen them dip below 500 for some people while other people keep a mortgage-worthy score – credit scoring is very complex.”Across Canada, insurance companies generally can use your credit score to charge you more for home insurance.
One company, Aviva, answered. It said it gives discounts for drivers with better credit in all the provinces that allow it.
CREDIT SCORE INSURANCE PREMIUMS ALBERTA CAR INSURANCE DISCOUNTS
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