How your credit score affects car insurance in different provinces

INSURANCE HUNTER SERVICES INC | July 6, 2018

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Your credit score plays a huge part in many financial decisions you may make-from getting a loan to applying for a mortgage. While you might anticipate that a bad credit score will hinder your chances of making big purchases or accessing a new line of credit, you probably wouldn’t think it comes into play when you’re hunting for car insurance. In short, no, your credit score won’t always be checked by your insurer and this is largely down to where you are.  In some parts of Canada, it is against the law for car insurance companies to delve into your credit history during your application and during the claims process. In these provinces, your insurer will only have your driving history, age, address and the type of car you drive to decide how much you will charge. In others, they can consider individual financial risk factors too, including your credit score.

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QBE is one of the world’s leading insurers and reinsurers. We employ more than 14,500 people in 37 countries and have a presence in all of the key global insurance markets. We have been providing peace of mind to Australians and overseas clients for more than 128 years.

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