Car insurance companies put more stock in finances than driving records

Posted on August 1, 2015

Insurance companies like State Farm penalize drivers for more than just traffic incidents. (WJBC File Photo)

By Dave Dahl/Illinois Radio Network

BLOOMINGTON – What a puzzle – how do insurance companies figure out what to charge you?

A new Consumer Reports investigation says your credit score has an outsize role, more so than even your driving record. Missy Dundov, a spokeswoman for Bloomington-based State Farm, said “it is a factor, but it is not the only major factor.” Research indicates people with lower credit scores tend to make more claims.

The report said drivers’ education and bundling a home policy from the same company have “minuscule” effects, also claims Dundov downplays, at least as far as State Farm is concerned.

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