Poor Americans Pay the Most For Car Insurance. They Shouldn’t.

Sourced from https://www.thesimpledollar.com/insurance/auto/poor-americans-pay-the-most-for-car-insurance-they-shouldnt/

“There is nothing inherent about poverty that makes people more or less risky drivers,” says Douglas Heller, an insurance expert with the Consumer Federation of America. And yet for decades, poor Americans have paid higher car insurance premiums than their wealthier neighbors — not because of their driving records, but because of their credit scores, job titles and education levels.

Last fall, Heller conducted a study that compared auto insurance prices between two Baltimore ZIP codes. On average, residents of the low-income neighborhood paid $1,000 more for their car insurance every year than the high-income neighborhood.

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