6) Better Car Insurance Rates
While a relatively new practice in terms of evaluating credit, car insurance is now affected by your credit. There have been many studies which show a direct correlation to how well you manage your money and how well you drive. Studies show that someone with poor credit is more likely to be involved in a car accident, or be driving a car more prone to accidents. Regardless which case it is, if you have poor credit you are likely going to be hit with rates that are 30% or more higher than someone who has good credit.
In addition, car insurance companies have even begun rewarding customers who have good credit, with additional discounts and rates applied to already good rates. While most car insurance companies are willing to give someone with poor credit insurance, there have been some larger companies who are opting on the safer side of denying you coverage.
While it may not seem fair to be denied something required by law, it is legal to deny drivers car insurance. Lucky for you there are plenty of companies who will cover you—at a premium of course.