Does Credit History Affect Auto Insurance? 
The credit discount varies by state and insurance company . Check with the Department of Insurance -LRB- DOI -RRB- with your state to see if it is allowed . Typically each insurance company has their own formula for the discount , and it is considered proprietary information . However , to get a better understanding of factors with your credit score , you should go to www.myfico.com . Although insurance companies are n't looking at your actual score like when you apply for a car loan , many take the following information into consideration when designing their discounting formula : 1 . amounts owed 2 . payment history 3 . credit mix 4 . length of credit history 5 . new credit Whether you like it or not , this type of discounting is also used frequently for homeowners insurance too and can add up to big savings over time . 