Poverty is Expensive, Car Insurance Edition

How much more? On average, 59% more, but it can vary wildly. GEICO apparently charged one Minneapolis woman 300% more than a similar woman of “higher socioeconomic status.”

Insurance companies say the disparity is actually due to risk factors like education level and homeownership, not income. Those with less money tend to have less education and lower rates of homeownership, which apparently makes them more likely to get into an accident. But it amounts to the same thing: the less money you have, the more you probably pay for car insurance.

[Star Tribune via MinnPost]