Not only did black people pay the most for car insurance, they paid the most by a landslide.
New York, NY (PRWEB) May 31, 2011
A new study by online auto insurance quote provider 4AutoInsuranceQuote.com finds that African-Americans pay more on average for auto insurance than people of other races. This study, that looked at annual car insurance rates for men in New York City, discovered that black men pay over $800 more than whites or Asians for their car insurance. The report shows that while insurance companies do not intentionally discriminate against black people, they do place emphasis on factors African-Americans score poorly in when determining insurance premiums.
4AutoInsuranceQuote.com surveyed 600 male Manhattan residents in conducting this study. The results, they said, were shockingly lopsided. “Not only did black people pay the most for car insurance,” owner James Shaffer said, “they paid the most by a landslide. It was something that really concerned us, so we had to figure out why.”
The data showed that while Asian men paid $1945/year and white men paid $2193/year, black men paid $2910/year on average. When explaining why African-Americans are faced with much higher auto insurance costs, 4AutoInsuranceQuote.com cited the factors that can affect insurance costs, most notably: your credit score, the safety of your neighborhood, whether or not you are married, and your employment status.
African-Americans, on average, tend to have lower credit scores and live in more dangerous neighborhoods than Asians and Caucasians. They also get married less and have higher divorce rates. In addition, unemployment rates are higher in the African-American community. While insurance companies do not intentionally charge black people more for car insurance, African-Americans do, on average pay more for auto insurance than whites and Asians.
“Statistics do show that African-Americans pay more for auto insurance than Caucasians and Asians,” 4AutoInsuranceQuote.com says, “this does not mean, however, that you will pay more for auto insurance just because you are black.”
A site offering free insurance quotes for it's users, 4AutoInsuranceQuote.com also conducts research reports on the automobile insurance industry. Recent reports released by them include “The Top 10 Most Stolen Vehicles,” “The Most and Least Expensive Cars To Insure,” “The Ten Best Auto Insurance Companies,” and “The Most Expensive Cars In The World.” In addition to research reports, 4AutoInsuranceQuote.com features an extensive content library including insurance-related blog posts and news articles. Apart from their insurance content, 4AutoInsuranceQuote.com has free tools which help users compare insurance quotes from different auto insurance companies in order to find the most affordable rates.
4AutoInsuranceQuote.com is a car insurance company operating out of New York, NY. In business since 2008, 4AutoInsuranceQuote.com's goal is to become the leading destination for auto insurance quotes in the United States.