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Skyrocketing Auto Insurance Rates: The Hidden Factors

Skyrocketing Auto Insurance Rates: The Hidden Factors

Auto insurance rates have been rising sharply, with many policies increasing by over 25% in the past two years. However, the surge in premiums may not be due to your driving record but could be linked to non-driving factors such as your education and credit score. A Consumer Federation of America report highlights that safe drivers with poor credit are often charged higher premiums than those with better credit, regardless of their accident history. On average, drivers with excellent credit paid only $470 for state minimum insurance, while those with poor credit paid $1,012, more than double the amount. The organization is advocating for a ban on the use of credit reports in determining auto insurance rates. In the meantime, drivers should monitor and improve their credit scores to avoid paying excessive insurance costs.

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