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Insurance companies charge lower rates for college graduates

Does it really pay to get that post-graduate degree? Well, if you’re trying to save money on your car insurance it does.

A new report from the Consumer Federation found that major auto insurance companies – like Progressive, Geico, and Farmers – charge lower rates for college graduates and higher rates to drivers with less education and lower-status jobs.

For example, Geico might charge a factory worker with a high school degree a much higher annual premium than a plant supervisor with a college degree.