Insurance companies checking my credit score, will this affect my credit score?

Test: Insurance companies checking my credit score, will this affect my credit score?
I just logged in GEICO.com with my policy number and a screen came up asking for Credit Check Authorization and it said I could get an additional 10% discount if my credit score qualifies.

According to Bankrate.com “Every time you apply for credit it shows up as a credit inquiry on your credit report. This is called a hard inquiry because you are actually applying for credit. A hard inquiry stays on your credit report for three years.
A soft inquiry is when a lender requests your credit report either prior to sending you an offer to extend credit or to monitor an existing credit relationship. Requesting your own credit report also results in a soft inquiry. Soft inquiries don’t affect your credit score.”

So is GEICO checking my credit considered a hard inquiry or soft inquiry? Will this credit inquiry affect my credit history or my credit score?
I have 725 FICO score according to myFICO.com.

Answers and Views:

Answer by elucase
Every time somebody checks your credit it removes 5 points from your score. However, this can only take a maximum of 30 points off of it. It will take approximately a month for it to show up.

Because you will be entering into a financial agreement and you initiated the check, it is considered a hard inquiry.

Answer by RedSoxFan
Insurance inquiries are soft inquiries, and therefore do not affect your score.

Many people think they know what affects the score, and by how much, but in truth, very few people know anything, just rumours and conjecture that spreads like bull-you-know. If you have no inquiries, there are no points “deducted” from your score, but if you have 1 inquiry, it costs a few points, 2 inquiries or more, a few more points. There is no difference between 2 inquiries and 100 inquiries as far as score is concerned, and inquiries are not a significant factor.

What matters most is payment history, balances, how long credit has been established (older accounts are better), and a good mix of types of credit, such as revolving and installment.