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Flashpoint 6/27/21: New approach to auto insurance comes to Michigan

Do auto insurance rates punish poor people? NJ groups debate

Groups who believe that the system of determining auto insurance rates in New Jersey discriminates against uneducated and economically disadvantaged residents are worried that momentum behind attempting to prohibit certain rate-setting practices has stalled. But according to a group that represents insurance companies in the Garden State, factors such as one s education, occupation and credit score are accepted nationwide as solid predictors of risk and are not unfairly discriminatory. Insurers do not base your premiums on race or income, it is prohibited, said Christine O Brien, president of the Insurance Council of New Jersey. Insurance companies use a wide range of underwriting factors that are actuarially justified.

Auto insurers raise rates based on your job, education, credit score N J Senate says it s discrimination

Your auto insurance bill can be higher based on your job, education, credit score. N.J. Senate says it’s discrimination. Updated Feb 01, 2021; Posted Feb 01, 2021 Auto insurance companies would be prohibited from using credit score, education and occupation in setting insurance rates.Susan Santola, Advance Local, Shutterstock Facebook Share Did you know your level of education, credit score and job can be used to determine how much you pay for auto insurance? Some New Jersey lawmakers say that discriminates against lower-income drivers, and the state Senate last week passed a bill banning it. Senate sponsors of the bill (S111) argue using those factors to calculate insurance risk saddles lower-income drivers with unfairly high rates. Auto insurance companies should be establishing rates based on a driver’s driving habits and not their socioeconomic status, they said.

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