Frequent question: Do Asians pay more for auto insurance?

What race has the highest car insurance?

Key Takeaways

  • Black Americans pay much more than White Americans for car insurance, which is required by law in nearly every state.
  • A 2015 study found that good drivers who live in Black neighborhoods are charged more than good drivers who live in White communities—a lot more.

What demographic usually has to pay higher auto insurance rates?

Young male drivers are the most expensive demographic to insure, since they are statistically the most likely to cost car insurance companies money. However, the difference in cost between men and women narrows over time.

Which group of people pay the highest auto insurance premiums?

Age and gender.

Teens are statistically more likely to get in accidents and file claims than any other age group due to their lack of driving experience and because of this, they pay the highest car insurance rates of anyone.

Does race matter for car insurance?

A new report by the Consumer Federation of America found that insurance premiums also differ greatly by race. The report found that even among safe drivers, areas that are predominantly African American are charged significantly higher premiums for auto insurance.

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Do insurance companies ask for race?

But the Insurance Information Institute, a trade group representing many insurers, disputes the findings, saying: “Insurance companies do not discriminate on the basis of race.” Meantime, Consumer Reports offers this very simple advice.

At what age will car insurance go down?

Your car insurance does go down after you turn 25, but not as much as it does on other birthdays. However, unless you live in a state where insurers can’t factor gender into insurance rates, one significant change does occur at age 25: the difference between what male and female drivers pay for car insurance.

At what age is car insurance cheapest?

At what age is car insurance cheapest? Car insurance is significantly cheaper for older drivers. Drivers at around age 60 typically have the cheapest car insurance premiums, with a slight increase in premiums for drivers 70 years and older.

Do females pay less for car insurance?

Female drivers often pay less than men, but there are exceptions. Rates fluctuate based on age, as well as the insurance company. Female drivers from age 16 to 24 pay, on average, around $500 less (15%) a year for car insurance compared to their male counterparts, according to Insurance.com’s rate analysis.

Which country has the highest car insurance?

Here is a list of the top five countries when it comes to expensive auto insurance premiums:

  • United States.
  • Austria.
  • Germany.
  • United Kingdom.
  • Australia.

Who pays more for car insurance married or single?

On average, a married driver pays $160 less per year for car insurance than does a single, unmarried driver. While being married doesn’t necessarily make you a better driver, historical data show married couples are more likely to share driving responsibilities than single people.

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