Auto insurance is too expensive for low income drivers, study

Research conducted by the Consumer Federation of America has shown that this coverage is tough to afford. A recent report has been issued by the Consumer Federation of America (CFA), which reveals that the vast majority of Americans (76 percent), feel that minimum liability auto insurance coverage for under $500 per year is a fair amount to pay, and 40 percent believe that drivers should have to pay an amount under $250 per year. That said, the five largest vehicle insurance companies in the United States do not offer that…

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Auto insurance affordability is American government’s next focus

auto insurance car

Regulators are now taking a look at how much it costs to cover vehicles across the country. Over the last few years, the federal government has started to amass a list of consumer complaints and has built a database about credit card companies and banks, which has more recently included auto insurance companies. A federal office has now announced that they will be placing their focus on car insurance premiums. The office first made the announcement back in April that it would be increasing the efforts that it was making…

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Auto insurance affordability taken on by FIO

auto insurance premiums FIO

The shiny new Federal Insurance Office is taking its first steps toward vehicle coverage. The Federal Insurance Office (FIO), which has only just recently been created, has now set its sights on the auto insurance sector and it has now announced that it will be taking on the issues of both availability and affordability. The FIO is going to be focusing specifically on the way that a specific group of consumers is being served. According to the announcement from the FIO, it will be starting a study that will look…

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Auto insurance rate calculation factors may harm lower earners

auto insurance premiums

Americans whose incomes aren’t as high are being viewed unfavorably by many vehicle insurers. A number of large auto insurance companies in the United States are still using a driver’s education level and occupation as factors that are used in the calculations of his or her rates. A recent report is suggesting that this practice is pricing out earners in the low and moderate income brackets. The Consumer Federation of America has now released a report that has looked into the impact of the behaviors of auto insurance providers when…

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