Singles charged more for auto insurance, study shows

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Consumers who are single, or go from being married to single, may see the cost of their auto insurance jump, according to a new study by the Consumer Federation of America (CFA).

CFA research found the average cost of state-mandated automobile liability coverage was 20 percent higher for all singles at four of six major insurance carriers.

Typically, when people marry, they take less risks and it shows in driving records with fewer accidents and tickets, according to an insurance-industry non-profit.

Marital status is just one of the many factors that go into auto insurance pricing, however, the CFA wants regulators to take a harder look at the so-called “singles penalty.”

Read more at Bloomberg Business and learn which insurance carrier did not charge different rates based on marital status.