According to a new report by insuranceQuotes, credit has a significant impact on what you pay for car insurance. Drivers with poor credit often pay double, or even triple, depending on where they live.
Montana ranks top ten of all 50 states – with a 167% premium increase when credit drops from excellent to poor. When credit ratings drop from excellent to fair, the average annual insurance premiums of $678 may be increased by more than 41 percent.
Nationally, the study found that if you have fair credit, you’ll pay an average of 28% more for car insurance than a driver with excellent credit (up from 24% in 2013). And if you have poor credit, your premium doubles, increasing your rate by 104% (up from 91% in 2013) on average.