Our car insurance recently jumped 17% on two cars. Insurance company said they don’t use FICO scores to price premiums. No tickets, no accidents on two cars, but a huge increase in 6 mos premium. We froze all our credit after the Equifax breach. Could this freeze be costing us extra $’s? We have excellent credit.
Question
Can freezing your credit score affect your car insurance premium?
Agent Answer
It’s unlikely the freezing of your credit caused your premium to change – as freezing it doesn’t affect your score and that’s the only way your premium would adjust. Premiums, as a whole, have increased in 2018. In Washington, premiums increased by 1.6%. Companies raise their rates as a reflection of the previous year in terms of number of claims by their clients but also weather-related events. You’re not locked into your rate – so if you’re unhappy with your company, you are able to switch to a company that provides a cheaper rate. Use our calculator here to compare other companies.