18 million Americans cannot afford auto insurance data, from the Federal Insurance Office indicates. There are 800 zip codes in the United States were at least half the population cannot afford to insure their wheels, The Allen Call Morning reported. That determination was based on The Study of Personal Automobile Insurance Affordability prepared by the […]
Once again CarInsurance.com has put out its list of locations with the most expensive auto insurance. The list once more proves my contention that there is no logical or rational methodology to the way that companies price auto insurance.
You can be fired at any time for absolutely no reason. Forbes contributor Ellen Huet noted that the contracts Uber has drivers sign allow it to simply cut them off at any time. The company doesn’t even have to tell drivers why they were cut off and left without income. Uber can do this because its drivers are independent contractors, not employees.
That means the average resident of Detroit pays 130% more for car insurance than a driver in the next most expensive region, New York City. New Yorkers paid 36% more than the national average. It also means that a Detroit resident pays 208% more than a person in Charlotte, N.C., which has the nation’s cheapest car insurance. People in Charlotte pay 43% less than the national average.
It’s easy to see how Obamacare could lower auto insurance costs. The biggest expense paid by car insurance is medical care for those injured in accidents. By increasing the number of people with health insurance coverage, Obamacare could cover some of those costs.
It’s easy to see why many men get angry each month when they open their insurance bills. A guy who goes out of his way to drive safely pays higher rates than a woman with a pile of speeding tickets in her glove compartment.
The bottom line is that a lot of people are paying are too much for auto insurance out there. Such vast differences in premiums would not exist if insurers knew they couldn’t get away with them.