Auto insurance rates have skyrocketed — in ways that are wildly unfair

Source: Frederick Kunkle, Washington Post (Paid Registration)

Auto insurance rates have increased at more than twice the rate of inflation recently, with premiums hitting a national average of $1,427, an online marketplace has found.

In the crazy, mixed-up world of car insurance, credit ratings and college diplomas can have a bigger bearing on car insurance premiums than someone’s driving record. The people most often hurt are low-income drivers who can least afford to buy state-mandated insurance, they say.

Insurance companies have not appreciably lowered rates for people who participate in programs that provide virtually real-time data on their driving habits.

Read Full Article: Auto insurance rates have skyrocketed — in ways that are wildly unfair

 
 

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