Our lawyers know that insurance companies use many different criteria in setting the cost of insurance policies for drivers. The safety features of the car a person drives, a person’s age, a person’s martial status, a person’s gender, and the driving record of the insurance applicant are all considered when an insurer quotes a policy.
Some factors that most people agree should not be considered, however, include income, education and career status. In June of 2012, 1,010 adult Americans responding to a survey were against insurance companies counting either educational status or occupation in setting insurance rates. In fact, 68 percent of those who responded disagreed with the use of education as a factor and 65 percent felt that insurance companies shouldn’t consider education.
Unfortunately, insurance companies aren’t listening to the public. In fact, a recent study conducted by the Consumer Federation of America has revealed that insurance companies are charging lower income and less educated people significantly more for their car insurance.
Are Lower-Income People Being Priced Out of the Car Insurance Market?
The Consumer Federation of America secured quotes from many of the largest insurance companies in the United States. When obtaining quotes, all variables were kept the same except adjustments were made to career, income and education. The results were startling as there was a vast difference in what educated, higher income professionals were being charged as compared with lower income workers.
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