In a survey of auto insurer website quotes, the Consumer Federation of America found that auto insurance premiums are high for about 8 million low- and moderate-income drivers who finance their car purchases.
These drivers are required purchase the comprehensive and collision coverage required by auto lenders in addition to the liability coverage required by states. In the 15 cities the federation surveyed, annual premium quotes were almost always more than $900 and were usually more than $1,500.
“High auto insurance premiums represent a huge barrier to car ownership, and economic opportunity, for millions of lower-income Americans,” said Stephen Brobeck, executive director of the federation. “Researchers agree that they and other Americans, even those in large cities, gain access to better jobs and other opportunities through access to a car.”