Study: renters pay more for car insurance

https://www.consumeraffairs.com/news/study-renters-pay-more-for-car-insurance-020916.html

Since the housing market crash, fewer people have been able to buy homes, meaning more people have to rent. Rents have quickly escalated to the point that last summer, Zillow declared a “rent affordability crisis.”

It’s bad enough that rent keeps going through the roof, but a new study claims renters face another hit in the pocketbook – they pay more for car insurance than people who own their homes…

Hey, Hillary, can you fix this?

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11 thoughts on “Study: renters pay more for car insurance

  1. Actually, this is a “dislike” for me, but that’s not a quick option. Owning a home was so much more expensive for me than renting ever has been. It’s ridiculous that owning vs. renting is a deciding factor in pricing.

    Liked by 1 person

      • Well, that smiley face looks odd after that sad statement… that is if you think owning a house is the most wonderful thing in the world. It would be nice to have a home to call my own, but I know I wouldn’t be able to take care of it — I can barely take care of myself.

        Like

      • My house in Phoenix was $685 a month including taxes and insurance. My studio apartment, which is 1/6 the size of the house, is $725 a month. However, I don’t have to put a new roof on it or deal with gophers eating through the wires of the water meter. I’ve been in real estate for 20 years and I never thought I would own a house for exactly those reasons, but my ex talked me into buying. Never again!

        Liked by 2 people

  2. I think the issue is with theft and break-ins being statistically higher in multi-family dwellings. Every rental I lived in, a roommate had a car window busted out and CD players, radios, and whatever else was in the car, stolen. That’s an expensive repair. My solution was to leave my car unlocked. The only thing that went missing was a pack of cigarettes. Infuriating, but much cheaper to remedy than going to the autoglass shop. Plus, careless drivers sharing a parking lot. If Hillary could fix stupid, I’d vote for her.

    And I agree, owning a home (and selling it) was such a pain in the ass, I doubt I’ll ever get suckered into it again, although my current neighbors I share a wall with are the worst.

    Liked by 1 person

    • Considering that more people live in apartments than houses, it’s only logical that more cars would be vandalized in an apartment complex. After all, it’s like a huge parking lot full of cars, with buildings in the middle. And the only damage I’ve had to my car windows is from the rock that came flying up to greet me and my window while driving on the freeway.

      I emailed State Farm to notify them of my situation and my intent to terminate the renter’s insurance. I told them that I had never been required to pay renter’s insurance except at my current apartments. She told me that more and more apartment complexes in the Q are requiring that — I’m like, good news for you, bad news for me. Seriously, how much insurance does one need? Car insurance is required for a good reason, but renter’s insurance? It’s just a bunch of BS.

      Liked by 1 person

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