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MEMPHIS, Tenn. — If you thought just being a bad driver, drives up your premium, how about a measurement that deals with your house, not your car?
That’s right, a recent report from a watchdog group shows people who rent pay way more for auto insurance than people who own their homes.
The analysis from the Consumer Federation of America showed good drivers who happen to rent instead of own, pay on average seven-percent more or roughly $112 per year for premiums.
That may not sound bad, but it gets worse, the research shows some pay as much as 47% more for basic liability insurance if they’re renters.
The study looked at several major insurance companies and found most of them charge more for people who rent.
CFA says its previous research also shows blue-collar workers, unmarried drivers, drivers without college degrees and lower credit scores also pay more for premiums.
It’s always a good idea to double-check your coverage and comparison shop.
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