LOUISVILLE, Ky. (WDRB) -- Have you noticed a spike in your auto insurance rates? You may not be the only one, and it has nothing to do with getting into a crash or too many speeding tickets.
Many policies are up 25% or more in the past two years, and it may have something to do with your education or credit score.
According to the Consumer Federation of America, some of the largest auto insurers "frequently charge high premiums to safe drivers than to those responsible with accidents."
The report states that accident history is just one factor that goes into your insurance premium.
At the end of 2023, drivers with excellent credit paid an average of $470 a year for state minimum insurance, while drivers with poor credit paid an average of $1,012.
That is nearly more than double!
The Consumer Federation says many insurers use your job and education to predict your chance of an accident, and not just your driving record.
They are asking states to ban the use of credit reporters in setting auto insurance rates, but so far that has not happened.
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March 18, 2024 at 05:00PM
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