Do credit scores affect premiums?

Yes they do. According to regulatory associations, there is a direct correlation between credit scores and individuals getting into accidents, and cancellation policies due to non-payment. Therefore, premiums are higher for lower credit scores.

Other Factors:In addition to Insurance Scores, there are other, more obvious factors used to determine your final rate including:

Where you live,
Year-Make and Model of Car
Driving Record
Claims History
Age and Sex, etc.

Your agent and insurance company aren't going to see specific information detailing what you owe or to whom, but they are going to see a version of your credit score and it significantly impacts how much you pay for insurance. Being responsible with credit will reward you with lower insurance costs!

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