As I mentioned in another post, when I applied for several credit cards on the same day and received a 25 point credit score drop in the months after, I was anxious to see how it would affect my auto insurance premium.
I pay my car insurance monthly, even though they charge me a few extra dollars to do so. I know that I shouldn’t, but I do. So, my rate for the past six months has been $78.61 monthly. When I got that rate back in June, it was a decrease from the just over $80 that I was paying monthly as my credit score had increased since the previous premium change.
So, my new insurance premium goes into effect tomorrow and I got the paperwork for it the other day.
Did my monthly premium increase?
But, not by as much as I had feared. The new monthly rate is $79.13. So that is a $0.52 monthly increase, or a $3.12 total increase for the 6-month period. It kinda makes me wonder if they were looking at an older credit score report. Either way, I’m stoked that it did not increase by a crazy large amount.