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Report: Auto insurance difficult to obtain for some income bracketsPosted On Thu, February 2, 2012
[The Consumer Federation of America recently released a report saying that some auto insurance practices make it difficult for low-income consumers to get sufficient coverage. There are some significant issues that could make the situation increasingly difficult for some.
As driving without insurance is illegal, some consumers are not able to drive because they are unable to pay significant fees attached to plans, according to the report. However, some do end up driving out of necessity, and this leaves them vulnerable.
"In some areas, many responsible lower-income drivers are required to spend more than $1000 a year for liability coverage that is often unfairly priced and provides no real insurance protection to them," said Stephen Brobeck, executive of the Consumer Federation of America.
The report added that many lower-income individuals could benefit from having coverage, as a vehicle can make it easier to get a better job.
Americans who don't think they can afford auto insurance coverage due to certain premiums or fees may have a few options. However, before they make any major budgeting changes, it could be a good plan to compare auto insurance rates, as there may be an affordable plan available.
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