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According to new research by Rate Retriever, credit score is one of the biggest determining factors for car insurance rates in all states besides California, Hawaii, and Massachusetts, where credit-based rating practices have been banned.
The Auto Insurance Rates Quarterly Update found that drivers with poor credit scores have premiums that are 84% higher on average than those with good credit while those with excellent credit pay 17% less.
In most states, your credit score is one of several factors that are assessed in order to determine your exact car insurance rate. Research has shown that poor credit may be an indicator of a driver’s likelihood to file a claim while those with better credit scores are less likely to be involved in a covered accident.
Car insurance companies will look at an individual’s credit score to try and gauge how much risk would be associated with covering them. Because of the assumption that those with poor credit bring more risk, those drivers will have higher car insurance rates.
Even if you have poor credit, it is still possible to save money on car insurance. Take our quiz to compare personalized rates and find savings in 30 seconds.
Since each state sets their own regulations for car insurance pricing, the impact that credit score will have varies depending on the state you live in. Currently, the state where credit scores have the most severe impact on car insurance rates is Michigan with a 158% price increase for drivers with poor credit. That is $3,511 more per year when compared to Michigan drivers with good credit.
On top of being the most expensive state for car insurance overall in 2023, New York also has some of the highest penalties for poor credit. According to Rate Retriever’s research, a low credit score can result in a 127% increase in car insurance prices in New York when compared to drivers with good credit.
The state with the third highest credit-based rate increase is Minnesota. The report showed that drivers in this state pay 114% more to insure their vehicle if they have poor credit. Comparatively, drivers with excellent credit have premiums that are 19% less.
Rate Retriever’s research revealed that among states where credit score is a factor in rating, the state that experienced the smallest impact is Washington. In this state, having low credit results in an 11% increase in car insurance premiums while excellent credit only results in a 3% decrease in rates compared to those with good credit.
North Carolina and Nevada tie for the second smallest percentage increase. Drivers with poor credit in these states only pay 40% more for car insurance than those with good credit.
However, because the average annual premium in Nevada is $2,188, individuals with poor credit in this state will pay significantly higher premiums compared to those in North Carolina where the average premium is only $1,310.
To see how credit score impacts rates in your state, read the full report.
Car insurance companies determine how much they charge you based on your driver profile. Factors that can impact your rates include:Â
Read more about the factors that impact your car insurance rateÂ
Switching your car insurance is easy, even if you are in the middle of your current policy.
Here are some helpful tips to consider to switch your car insurance:
The answer to this question depends on where you live and what you would like to cover.
Each state has its own minimum requirements on the type and amount of insurance needed. When you’re trying to determine what and how much car insurance you need, you can start by reviewing your state’s requirements.
Find out what’s required in your stateÂ
Once you review your state’s minimum requirements, you may find that you want additional coverage. For example, sometimes owners of new cars want comprehensive coverage to insure their car from natural disasters and vandalism, even though comprehensive coverage isn’t required by their state. To figure out what insurance you want, you can review the different types of insurance to decide what makes the most sense for your situation. Â
The biggest difference between Rate Retriever and other comparison sites is that we are a free and impartial research tool NOT an insurance marketplace.​ This means you can’t purchase a policy directly through RateRetriever.com, but you can use our tool to independently research your options and seamlessly connect with the provider you choose.
Unlike other insurance comparison sites, we:
We like to think that Rate Retriever is your insurance companion, not just another insurance comparison site. Our values guide everything we do, which is why we strive to offer transparent, trustworthy insurance tools.
There are many ways you can try to get cheaper car insurance. The first is simply to get quotes from multiple providers. This will help you determine if you’re currently receiving the cheapest rates based on your needs and driver profile. Rate Retriever makes the comparison process easy.
Sometimes, the reason your car insurance is so expensive is due to your driver profile. For example, drivers under 20 years old usually pay more for insurance than more experienced drivers, and drivers with a recent at-fault accident or traffic violation typically pay more.
There are ways to lower the cost of your insurance such as taking a defensive driving course. Check with your provider to see if there are any discounts you qualify for or can reasonably earn.
Rate Retriever works with national and local insurance providers to provide our users with a seamless insurance shopping experience. We may earn a commission from our insurance provider partners when you click on a link, call, or purchase a policy from one of the providers listed on our site. That said, we’re committed to providing you with accurate, bias-free information, and we do not allow our partnerships to limit the results or influence the information we share with you. Â
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We do not sell your personal information, charge you for using our tools, or sell you insurance policies. Additionally, should you choose to purchase a policy from one of our partners, the price you pay will not be adversely affected.Â
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