A good TransUnion auto insurance score is in the high 700s or above. TransUnion notes on its website that 770 is generally considered a good insurance score, but there are several different types of insurance scores with different score ranges. TransUnion auto insurance scores, also known as TransUnion TrueRisk scores or TransUnion Insurance Risk scores, range from 150 to 950, unlike typical credit scores.
On the other hand, LexisNexis insurance scores range from 200 to 997 and are considered good starting at 776. In addition, FICO scores fall between 300 and 900, with 700 and above classified as good. But it’s important to remember that what these insurance-scoring companies think is a good score might not be exactly what an insurance company considers good enough to merit the lowest premiums.
TransUnion auto insurance scores are calculated using information from your credit report, just like your credit score. But insurance scores are designed to estimate your risk for insurers, not lenders. In most states, insurance companies can use your credit data as a factor in setting your premium, meaning that a higher score will save you money. On average, having no credit will cost you 67% on insurance compared to having excellent credit.
As a result, improving your credit score will help raise your insurance score, thereby decreasing your car insurance premium over time. With that in mind, make sure to check your latest credit score for free and use WalletHub’s Credit Analysis tool to get personalized improvement tips.
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