Auto insurance practices might hurt low-income earners

It was reported this week by Reuters that Low-income earners are being priced out of the market for auto insurance because occupation and education are taken into account by underwriters.  

You can see the full article here.  The article "US Auto Insurance Practices Might Hurt Low-Income Earners: Report" posted on on 07/22/2013 goes on to mention Travelers Insurance quoting over $4000 for state minimum coverage to a driver in Baltimore.  

The Consumers Federation of America's Director of Insurance, Bob Hunter, went on to say that "The quoted prices, especially the 9 exceeding $2000, shows that insurers are either over-charging lower income consumers or are not interested in serving them."

"It comes as no shock that companies will try to take advantage of the population who needs help the most," said Chris Albu, Sales Manager at QuotePro, a technology company who develops industry-leading software that helps independent insurance agents find the lowest possible price for auto insurance.

 "This is exactly why consumers are served well by an independent insurance agent who uses QuotePro's comparative Rater.  

They can see that often times the big names, the names they see plastered all over billboards, commercials and on the radio are not always the best solution for everyone.  In Illinois alone we help consumers benefit by comparison shopping for over $400 million in annual premiums.

 I'm confident that these test cases would have received a much better rate had they visited a partner agent of QuotePro."

Google By Brian Marquis

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posted on Friday, March 14, 2014