Did you know that in the state of New York, if one or more of your credit reports is frozen when applying for an insurance policy, you could end up with a higher quote, and, ultimately, a higher premium?
That is because you would not be able to earn any discounts for having a good credit score. The score, showing a “no-hit,” would infer you have no credit history at all.
When searching for insurance (whether business or personal), make sure you have no credit lockdowns, and if you do, let your independent agent know about the freeze before applying for a quote.
On the other side of the coin, contrary to popular belief, an insurance quote of inquiry does NOT negatively affect your credit score. While an inquiry will be added to your report each time an insurance company accesses your credit report, they have no effect on the credit scores or lending decisions. They show only on your personal credit report and are treated in the same manner as inquires for employment and preapproved credit offers.
If you have any questions, please call us at 845-986-1177. We are your business, home, auto, and life insurance solutions provider, partner, and adviser, serving Warwick, Greenwood Lake, Florida, Goshen, Pine Island, Middletown, Chester, Monroe, Newburgh, Orange County, and the Hudson Valley and Tri-State Area.