How Much Do Renters Pay for Car Insurance in 10 US Cities
Car insurance is usually cheaper if you are married , and it seems to be cheaper as well if you own a home. Data from the Federation of Consumers of America (CFA) showed that renters pay about 6% more for car insurance per year than homeowners. They offer specific data for ten different US cities and seven popular companies.
By looking at rates across the country, the CFA checked the difference in premiums between homeowners and renters, according to their press release:
For the analysis, CFA checked the minimum liability coverage rates in 10 cities from the country’s largest insurance companies – State Farm, Geico, Allstate, Progressive, Farmers, Liberty Mutual and Nationwide. CFA used company websites to solicit two awards in each city for the 30-year-old motorist with a 2005 Honda Civic and an excellent driving record. The only stat that changed during testing was whether she owned or rented her home.
You can see how much the difference varies between the ten cities as well as by company. Liberty Mutual has the biggest difference in dollar fees, while Geico doesn’t factor in home ownership at all in their rates. For more information, follow the links below.
Good Drivers Pay More for Basic Car Insurance If They Rent It Instead Of Owning A Home | CFA via Consumerist