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Off-road vehicles

Credit Record

You shop around for insurance. Your agent or broker asks for your consent to consult your credit record. Why, you may well ask?

Credit record and claims frequency are linked

The premium is generally established based on the claims risk. A correlation does exist between an individual's credit score and the likelihood he or she will file a claim. Studies have shown that, if the credit score is low, the probability of an occurrence and thus of filing a claim is higher. The reverse is also true.

Your financial discipline reflects your ability to maintain your property

Your credit record reflects your payment history as well as your financial discipline. Have you always paid your bills on time?

This information is a reliable indicator of your ability to maintain and renovate your property. Both are key factors in preventing material losses and, consequently, claims.

Does low income equal poor credit score?

Not at all. Never confuse low income with poor credit score. Are you in a low-income bracket? You may have an exemplary credit score even if your income is low. Conversely, a more affluent consumer may have a lower credit score. To learn more, download our brochure "All about credit information and insurance".

Looking to
save money by
not telling your
insurer everything?

Looking to save money by not telling your insurer everything?

By choosing to hide information from your insurer, your run the risk of not being indemnified should you have an accident, or of just being partially indemnified.

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