Common Car Insurance Misconceptions: Income, Employment Status, Gender and More - WKRN News 2

Common Car Insurance Misconceptions: Income, Employment Status, Gender and More

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SOURCE insuranceQuotes.com

Almost Half of Americans Incorrectly Believe Income Affects Pricing

SAN FRANCISCO, May 7, 2014 /PRNewswire/ -- Almost half of Americans (43%) incorrectly believe their income affects how much they pay for car insurance, according to a new insuranceQuotes.com report.

Another factor that does not typically affect car insurance rates is employment status. However, only 36% of Americans know this.

Car insurance providers do consider these factors (along with some others) when setting rates:

  • The driver's education level (but only 43% of Americans are aware of this)
  • Whether or not the driver owns a home (53% answered correctly)
  • The driver's gender (54% gave the right answer): On average, a 20-year-old man pays about 25% more than a 20-year-old woman, but only one in four Americans knows this. Half of Americans say it's fair that insurance companies typically charge young men the highest car insurance rates, while 43% think it's discrimination.
  • The driver's marital status (58% of Americans are mindful this impacts car insurance rates)
  • The driver's ZIP code (63% recognize this)
  • The driver's credit history (about two in three Americans, 66%, are conscious of this)
  • The make and model of the vehicle (84% provided the accurate response)
  • The age of the car (86% are aware of this)
  • The driver's age (almost nine in 10 Americans, 88%, know this is included)

"Drivers can control most of these factors," according to Laura Adams, senior analyst at insuranceQuotes.com. "In addition to maintaining a good driving record and credit history, drivers should consider all available discounts, including pay-as-you-drive programs. And they should compare rates from at least three carriers annually."

The survey was conducted by Princeton Survey Research Associates International (PSRAI) and can be seen in its entirety here:

http://www.insurancequotes.com/auto/car-insurance-rate-factors

PSRAI obtained telephone interviews with a nationally representative sample of adults living in the continental United States. Interviews were conducted by landline and cell phone in English and Spanish by Princeton Data Source in April 2014. Statistical results are weighted to correct known demographic discrepancies. The margin of sampling error for the complete set of weighted data is plus or minus 3.5 percentage points.

About insuranceQuotes.com:

insuranceQuotes.com provides consumers with a free, easy way to shop for and compare insurance quotes online, and delivers information about auto, home, health and life insurance and other types of insurance.

For more information, visit http://www.insuranceQuotes.com, follow us on Twitter (https://twitter.com/InsuranceQts) or like us on Facebook (https://www.facebook.com/InsuranceQts).

insuranceQuotes.com is part of Bankrate Insurance. Other Bankrate Insurance companies include NetQuote.com and InsureMe.com.

For More Information:

Ted Rossman
Public Relations Manager, Bankrate, Inc.
ted.rossman@bankrate.com
917-368-8635

©2012 PR Newswire. All Rights Reserved.

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