It’s a fact that cannot be ignored any longer – many car insurance companies are offering cheaper rates to the wealthy and not informing the public. 

Flickr User 401K 2012

Most insurance companies offer more than one line of insurance: car, homeowners, life, boat, etc.  Their goal, obviously, is to sell as much insurance as possible.  It doesn’t take a rocket scientist to realize that the wealthy have more assets to protect, which leads to purchasing more coverage.  Unfortunately, an industry wide practice of socioeconomic underwriting has proliferated in recent years in order to attract those wealthier households.

 

Many national insurance companies are simply offering better prices to the drivers who are employed, have better credit scores, higher levels of education, or own a home. These are just a handful of the shocking new ways that the car insurance companies are employing to attract the wealthier household. It’s a growing problem, and it can be hard to find insurers that don’t use these practices.

 

This is one more reason why you need to make sure you spend time doing your homework and researching your car insurance before choosing your provider.

 

This post was produced in collaboration with our advertising partner CURE Auto Insurance.