Renting a home means that you’re not responsible for fixing the leaky roof or replacing the broken furnace, and you aren’t wedded to a mortgage for the rest of your life. But according to a new analysis of auto insurance rates, it also means you could be paying a lot more to insure your car.
The Consumer Federation of America recently tested auto insurance rates from the nation’s largest providers in ten different cities from coast to coast, and found that some renters are paying upwards of 47% more for basic liability coverage than homeowners.
The CFA analysis used a fictional driver — 30 years old, female, with a 2005 Honda Civic, a high school diploma, a clerical job, and a “Fair” credit rating. This fictional driver has been licensed for 14 years without any lapses in coverage, and without being involved in any accidents, moving violations, or having her license suspended. The only thing that changed in the test was whether she rented or owned her home.
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Yes, and young single males pay about 47% more than their married counterparts.
ReplyDeleteInsurance rates are based on the risk. The lifestyle choices are VERY good indicators of risk.
526 pure and simple discrimination on young males. And why have to push marriage?
ReplyDeleteThe insurance mafia is alive and well.
ReplyDeleteBut if your a illegal alien you can get a free maryland license and the heck with any insurance.
6:09
ReplyDeleteEver heard of actuary tables? Look it up.