How Does Your Income Affect Your Insurance Rates?

How does your income affect your insurance rates? A recent study done by the CFA (Consumer Federation of America) shows that car insurance companies, on average, will charge you more money if you have a lower income. Many responsible, hard-working, yet lower-income individuals are forced to spend over $1000 more (annually) than their wealthy counterparts for the same insurance coverage. Read on to learn how the insurance companies assume your income level without asking direclty for it.

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UPDATED: Jun 6, 2022

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