"My agent looked at me and said, 'Boy, you got to get your financial house in order,'" Gambert said.  "I said, 'What do you mean?  I got a credit score that's about 830.'  He says, 'We have 15 categories of insurance scores and you're in Category 13.   You figure it.  You do the homework.'  I left his office in shock."

Gambert learned that his insurance premiums were tied to his finances.

The insurance score, based on a person's credit history, is a little known and well kept secret of the insurance industry, 10TV's Kurt Ludlow reported.

The industry claims that how well a person handles his or her financial affairs is a good predictor of how many insurance claims will be filed against a car or home.  The lower the insurance score, the more likely a person is to file an insurance claim.

Among the credit factors used by insurance companies are negative items, like bankruptcy, past payment history, the length of credit history, the number of open credit lines, the type of credit in use and the amount of outstanding debt.

Each insurance company uses its own formula.

"I think it's important to point out that most people benefit from an insurance score because of the fact that most people manage their finances quite well," said Mary Bonelli of the Ohio Insurance Institute.

Gambert discovered that it is nearly impossible to get the best insurance rates, even with his outstanding credit score.  A letter from his insurance company's chief executive officer explained that only .001 percent of its policyholders qualify for the steepest discounts.  Gambert was not one of them.

By analyzing their credit reports and clearing up some credit issues, Gambert and his wife watched their insurance premiums drop.

I'm saving between the two - home and car - at least $500 a year by improving my insurance scores and nothing has changed," Gambert said.  "I've had no claims throughout this time or anything.  The only difference is the score they've given me."

Gambert is now keeping score and plans to beat the insurance companies at their own game, Ludlow reported.

Anyone hoping to improve their credit should pay bills on time, keep credit card balances low and apply for new credit accounts only as needed.  Be sure to check credit reports for errors.

More Information:

• Ohio Insurance Institute
• Ohio Department of Insurance/Credit Scores
• To Purchase A Copy Of Your Insurance Score

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