Most people know that credit scores are important, especially when it comes to applying for credit cards and loans. But what about the other ways in which our credit history can have present and future implications for our wallets? If you have car insurance, for example, your monthly payments probably are affected by your track record as a borrower.
To see just how much drivers across the country know about the connection between car insurance and credit scores, WalletHub conducted a nationally representative online survey. We asked about matters ranging from the factors that people think do and should affect car insurance rates to their opinions of car insurance companies.
You can find the results of WalletHub’s survey in the infographic below.
Key Stats
- 61 million Americans have reduced their car insurance coverage due to COVID-19.
- 105 million Americans say they’re not getting their money’s worth from their car insurance.
- 55 million Americans have second thoughts about owning a car due to COVID-19.
- 42% of Americans say it’s hard to switch car insurance companies.
- Almost 60% of Americans prefer purchasing their car insurance directly rather than through a local agent.
Survey Methodology
This report reflects the results of a nationally representative online survey of over 1,600 respondents.
After we collected all responses, we normalized the data by age, gender and income so the sample would reflect U.S. demographics.
Full Details Overall
| Does a person’s credit score affect the cost of his or her car insurance? | |
|---|---|
| Yes | 73% |
| No | 27% |
| Does a person’s driving record affect his or her credit score? | |
| No | 63% |
| Yes | 37% |
| Do you think people with excellent credit should pay less for car insurance than people with bad credit? | |
| No | 53% |
| Yes | 47% |
| Do you think people with bad credit are worse drivers than people with excellent credit? | |
| No | 81% |
| Yes | 19% |
| Are you getting your money’s worth from your car insurance? | |
| Yes | 59% |
| No | 41% |
| Is it hard to switch car insurance companies? | |
| No | 58% |
| Yes | 42% |
| How much do you plan to drive post-COVID as opposed to pre-COVID? | |
| Drive the same amount after COVID-19 than before | 41% |
| Drive less after COVID-19 than before | 37% |
| Drive more after COVID-19 than before | 22% |
| Should gender affect car insurance rates? | |
| No | 81% |
| Yes | 19% |
| Should the color of a person’s vehicle affect the cost of their car insurance? | |
| No | 88% |
| Yes | 12% |
| Should a person’s education level affect the cost of their car insurance? | |
| No | 84% |
| Yes | 16% |
| Have you reduced your car insurance coverage due to COVID-19? | |
| No | 76% |
| Yes | 24% |
| Has COVID-19 made you rethink owning a car? | |
| No | 78% |
| Yes | 22% |
| Which would you rather have: the cheapest car insurance or the best car insurance coverage? | |
| Best car insurance coverage | 65% |
| Cheapest car insurance | 35% |
| All else being equal, would you prefer to get car insurance from a local company or a national company? | |
| Local company | 50% |
| National company | 50% |
| All else being equal, would you prefer to purchase car insurance directly or through a local agent? | |
| Directly | 59% |
| Through a local agent | 41% |
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