Car Insurance Rates: The Impact of Credit Score, ZIP Code, and Discrimination.
TL;DR Summary
A new study by the Consumer Federation of America found that drivers in New York with a clean driving record but a low credit score were quoted, on average, $1,367 more than identical drivers with excellent credit. Additionally, drivers in ZIP codes with predominantly Black residents will pay $3,411 on average if they also have bad credit. Only California, Hawaii and Massachusetts do not allow insurers to use drivers’ credit scores to set premiums.
- Your Credit Score, ZIP Code Could Raise Insurance by Thousands Jalopnik
- Push in Albany to reduce car insurance rates WGRZ-TV
- Consumer groups say auto insurers penalize drivers with poor credit Buffalo News
- Black drivers in Brooklyn pay more for car insurance, analysis finds Gothamist
- Complaints About Car Insurance Rates WGRZ-TV
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