by Illinois State Insurance ? June 27th, 2012
There are a number of factors that car insurance companies take into account when ending on a premium for consumers.? Everything from age to occupation and location to education are considered.? But what about income?? Is this something that can be looked at by companies to determine a final auto car insurance quote?
By law this is information that cannot be requested by insurers.? But a report by the Consumer Federation of America reveals auto insurance companies are doing otherwise.? The report actually accuses companies of penalizing low-income drivers when they truly have no right to be doing so.
The report doesn?t stop there.? It goes on to show that insurers are using several other facets like ZIP code and education as proxies for income in order to charge poor drivers far more than they ever should be.
As expected, this was not taken well by those in the insurance industry.? Some say people need to be more mindful and take the time to shop around in order to find an appropriate auto car insurance bid.? This may be true, but it certainly doesn?t discount the fact that there are insurance companies doing what is ultimately unlawful.
There is much truth to be had behind the fact that all insurance companies set their own rates and decide how much each factor will raise the risk of a claim being filed.? This is why it is of utmost importance that residents and drivers do shop around.
However, all insurers by law must apply whatever rating formula they have to every driver equally within that state.? This ensures everyone is created equally no matter how much they money they earn.? If there is going to be a stricter penalty for those with multiple speeding tickets within the last year, then that must be applied to everyone in all ZIP codes throughout the state.
So how are auto car insurance companies getting away with it?? The report shows they do so by charging more for rating factors and coverage that will be shared by low-income drivers.? It went on to find that some insurers charged more for bare-minimum policies compared to those with more coverage.
Sadly, there are going to be those companies that get away with scamming people.? As a citizen, resident and everyday driver, this report should tell you one thing.? Shopping around and getting as many quotes as possible from auto car insurance companies is an absolute must.? You can never be too sure.? By calling around and getting multiple quotes, you have a better chance of finding the right fit for your situation.
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