Bay Street News

New Research from CarInsurance.com Identifies Worst States for Drivers with Bad Credit

Michigan, New Jersey and Arizona top the list of worst states for bad credit drivers. Bad credit can increase auto insurance rates more than an accident.

Foster City, CA, Jan. 16, 2019 (GLOBE NEWSWIRE) — CarInsurance.com, a one-stop destination for unbiased, expert advice on car insurance, released new research today ranking the worst states for insurance rates for drivers with bad credit. The findings highlight the average percentage increase in car insurance rates for drivers with poor credit, compared to those with good credit, in the 47 states where credit is a factor in insurance rates.

Michigan (167 percent increase) tops the list of worst states for bad credit drivers by a wide margin. Auto insurance rates in that state are almost one-third higher than the next one on the list. The average car insurance increase for a Michigan driver with bad credit is nearly $4,000.

The top five worst states for insurance rates for drivers with bad credit, as a percentage compared to the rates paid by drivers with good credit in each state, includes:

According to the research, drivers with bad credit pay on average 71 percent more nationally for car insurance than those with good credit. That average rate hike is more than twice as much as the average insurance rate increase after an accident (32 percent).

“It may be hard to believe, but missing a few credit card payments may have a worse effect on your car insurance rate than crashing your vehicle,” said Michelle Megna, managing editor at CarInsurance.com. “However, drivers with bad credit can counterbalance ballooning rates by closely reviewing their options. Every insurer uses its own formula to set rates, so by researching multiple insurers, it’s possible for those with bad credit to save up to $2,000 a year on their insurance, helping to offset rising insurance costs in states like Michigan and others.”

The report also reveals other key insights, including:

To view the full report, and see where your state ranks, please visit CarInsurance.com to access it here.

CarInsurance.com is owned and operated by QuinStreet, Inc. (Nasdaq: QNST), a pioneer in delivering online marketplace solutions to match searchers with brands in digital media.  QuinStreet is committed to providing consumers and businesses with the information and tools they need to research, find and select the products and brands that meet their needs.  CarInsurance.com is member of the company’s expert research and publishing division.

About CarInsurance.com

CarInsurance.com is a one-stop online destination for car insurance information, providing unbiased, expert advice on how to shop for insurance plans, what consumers should pay and what coverage they can get from a policy. Since 2003, CarInsurance.com has been educating consumers through its breadth of expert content, tools, and in-depth studies to help site visitors make informed decisions about their car insurance.

Website:  www.carinsurance.com
Twitter:  @carinsurance
Facebook: https://www.facebook.com/carinsurance 

CONTACT: Liberty Communications for QuinStreet
Rick Judge, 415-429-5652
QuinStreet@libertycomms.com