insurance

Higher Auto Insurance Rates for Safe Drivers?

They can depend on your job, education or marital status.

A stellar safety record doesn’t always translate into lower car insurance rates. A recent survey by the Consumer Federation of America compared rates from five large insurers, using hypothetical customers of the same age and gender, and with the same driving experience and zip code, seeking identical coverage.

One customer was a single receptionist with a high school education who was a renter. She’d had no accidents but was without insurance for 45 days (for insurers, a big gap in a driver’s history). The other, a married executive with a master’s degree who owned her home, had continuous coverage, but had caused an accident within the past three years. In each of 12 cities studied, three of the five companies quoted the accident-free driver a higher rate (one-third higher, on average) or wouldn’t offer a quote.

Even if you think you have a good rate, shopping around periodically is smart. Start with the National Association of Insurance Commissioners. Click on the States and Jurisdiction Map, which connects you with your state insurance office’s site. Most states offer quotes for hypothetical buyers. The NAIC also lists customer complaint information for each company.

Most Popular

Should You Consider a Roth Conversion While the Market is Down?
Roth IRA Conversions

Should You Consider a Roth Conversion While the Market is Down?

Investors who are hurting right now as the stock market takes a hit may want to console themselves with a possible tax bargain created by a Roth conve…
May 16, 2022
Your Guide to Roth Conversions
Special Report
Tax Breaks

Your Guide to Roth Conversions

A Kiplinger Special Report
February 25, 2021
10 Substantial Stock Splits to Put on Your Radar
stocks

10 Substantial Stock Splits to Put on Your Radar

Stock splits can provide a short-term boost for investors. Here are 10 of the most notable names splitting their shares this year.
May 13, 2022

Recommended

7 Things Medicare Doesn’t Cover
Healthy Living on a Budget

7 Things Medicare Doesn’t Cover

Medicare Part A and Part B leave some pretty significant gaps in your health-care coverage. But Medicare Advantage has problems, too.
May 4, 2022
3 Paths for Getting Vision Insurance in Retirement
Healthy Living on a Budget

3 Paths for Getting Vision Insurance in Retirement

Medicare Part B's restrictive coverage of vision care means you'll have to find a different route to get the right insurance. Here's some guidance.
May 2, 2022
What to Look for in a Disability Insurance Policy
insurance

What to Look for in a Disability Insurance Policy

Income protection insurance will keep your paycheck working, even when you can’t. Here are five key features of an individual disability insurance pol…
April 12, 2022
Insurance Can Make or Break Your Financial Plan
insurance

Insurance Can Make or Break Your Financial Plan

You could be one bad accident, storm or lawsuit away from disaster unless you have the right insurance. From umbrella to uninsured motorist, flood and…
April 10, 2022