What Goes into an Insurance Score?

Now that we are using an Insurance Score for both Homeowners and Personal Auto, have you wondered how that score is calculated? Choicepoint gathers information from credit sources according to a model tailored to the carriers' needs. The attached list shows what information is gathered and weighed to come up with the “excellent”, “very good”, “good’, and “satisfactory” score. When talking with clients about Insurance Scoring, the following three statements can be made regarding improving the score:

1. Keep accounts current (cancel unused accounts)
2. Pay bills on time.
3. Apply for credit only as needed.