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The Future of the Open Road: How Self-Driving Cars Will Reshape Your Car Insurance
We’ve all seen the futuristic vision of self-driving cars. You get into your vehicle, program your destination, and then relax while the car does all the driving. While it may still feel like science fiction, the technology is advancing rapidly. The widespread adoption of autonomous vehicles is closer than we think, and it’s going to have a profound impact on one industry in particular: car insurance. The core promise of self-driving cars is a significant reduction in human error, which is the leading cause of car accidents. According to the National Highway Traffic Safety Administration (NHTSA), 94% of traffic accidents are caused by human error, such as distracted driving, speeding,…
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How Your Credit Score Affects Your Insurance Rates
Your credit score doesn’t just impact your ability to get a loan or a credit card—it can also influence your insurance rates. Many insurance companies use credit-based insurance scores to help determine the premiums you’ll pay for auto, home and even renters insurance. Understanding how your credit score affects these costs can help you take steps to secure better rates. Why Insurance Companies Use Credit Scores Insurance providers use credit-based scores because research shows a correlation between credit history and the likelihood of filing claims. Statistics suggest that individuals with lower credit scores tend to file more claims, leading insurers to charge higher premiums as a precaution. Conversely, those with…
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