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Released: January 31, 2013
Good drivers with low incomes punished by insurers
Source: Noah Buhayar & Elizabeth Bunn, Bloomberg News
The largest U.S. auto insurers weigh occupation and education levels more than driving records to set rates for minimum-liability coverage, the Consumer Federation of America said today, citing a review of a dozen cities.
The group compared quotes from State Farm Mutual Automobile Insurance Co., Allstate Corp. (ALL), Progressive Corp. (PGR), Geico and Farmers Insurance for two fictional 30-year-old female drivers. One was a married executive with a master’s degree and a home who’d caused $800 in damage in an accident in the past three years. The other was a single receptionist with a high-school education who was renting and had a clean driving record.
Read Full Article: Good drivers with low incomes punished by insurers
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