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INDIANPOLIS, Dec. 14, 2021/ PRNewswire/ The National Association of Mutual Insurance Companies today released its issue analysis "Cost Drivers: How Riskier Roads, Rising Repairs, and Reckless Driving are Increasing Insurance Costs." "There's an important story to be told, and it starts with the fact that most costs involved in providing auto insurance are driven. ....
Originally published on February 12, 2021 12:02 pm Washington Insurance Commissioner Mike Kreidler wants to ban the use of credit-based insurance scoring. He says it discriminates against low-income people and people of color. But the proposal faces stiff opposition in the Legislature. CREDIT: InvestmentZen / Creative Commons / investmentzen.com Listen How much you pay for auto, home and renters insurance depends a lot on your credit score. If your credit is good, you tend to pay less. If it’s not so good, you likely pay more. Now, Washington Insurance Commissioner Mike Kreidler wants to ban the use of credit-based insurance scoring to set rates. He says it’s a matter of racial justice. ....
4:21 How much you pay for auto, home and renters insurance depends a lot on your credit score. If your credit is good, you tend to pay less. If it’s not so good, you likely pay more. Now, Washington Insurance Commissioner Mike Kreidler wants to ban the use of credit-based insurance scoring to set rates. He says it’s a matter of racial justice. “I’ve known for years, it’s been well-documented that this had a disparate impact,” said Kreidler, noting that insurance scoring has been used since the late 1980s. Kreidler, a six-term Democrat, first proposed a ban on credit scoring a decade ago. He said he revived the idea this year because of the economic fallout from the COVID-19 pandemic and because of the recent push for racial justice. ....
KUOW - Citing racial inequities, WA insurance commissioner pushes to end use of credit scoring to set rates kuow.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kuow.org Daily Mail and Mail on Sunday newspapers.
TRENTON A Senate committee advanced a bill that would make it easier for people to take their insurance companies to court after crashes with an uninsured or underinsured driver, despite warnings that it could lead to higher car insurance premiums in New Jersey. The Senate Commerce Committee advanced the legislation, S1559, after changing it to remove provisions that would have entitled successful claimants to pre-judgment interest, attorney’s fees and litigation expenses. They would be entitled to actual damages awarded by a jury. “It’s even more narrowly tailored than it was before, so it really is just a matter of fundamental fairness,” said Sen. Nicholas Scutari, D-Union. ....