Can you get insurance with bad credit?

+1 vote
asked Jan 13, 2019 in Insurance by trysexiea (240 points)
Can you get insurance with bad credit?

1 Answer

0 votes
answered Jan 13, 2019 by Jakeo098 (370 points)
Whether you'll be able to get insurance with bad credit will depend on what type of insurance you're trying to get approved for an are applying for.

If it's car insurance then yes you can still get approved for a car insurance policy even if you have a bad credit score but your credit score being low can affect your insurance premiums and cause you to pay a higher price per month or year to insurance your car.

Insurance companies use your credit score to determine how good of a risk you are and the higher your credit score the less you'll usually pay for your insurance premiums.

If you're trying to get approved for health insurance or Homeowners Insurance then you may be denied insurance coverage for Homeowners Insurance or Health insurance based on your credit score.

If you have a low or bad credit score or credit rating then you'll usually be denied at least for Homeowners Insurance.

But sometimes you may be able to find an Insurance Company that will approve you for a homeowners insurance policy with bad credit but it's hard to find a good insurance company that will insure a persons home if they have bad credit.

If you do get approved for Homeowners Insurance and have bad credit then you'll likely be paying much more on your insurance premiums for the Homeowners Insurance than someone else who has an excellent credit score and credit rating.

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