Several large U.S. auto insurance companies use education levels and occupation to set rates, effectively pricing some low- and moderate-income earners out of the market, according to a report by the Consumer Federation of America.
The report, released on Monday, looked at premiums set by the 10 largest auto insurance companies in 10 urban areas across the United States.
The CFA plugged information about a fictional person into each company's website to get a quote, changing only education level and occupation to see the effect on rates. Five of the insurance companies were found to collect such information.
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