It has nothing to do with who I am : Lower credit scores can make car insurance much pricier for Black, Latino and Indigenous Americans Charisse Jones, USA TODAY
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Pedro Montenegro was puzzled by the car insurance quote he received when he moved to Washington, D.C., from California.
The only ticket he ever got was for a broken taillight that he later fixed. But despite a near spotless driving record, Montenegro was facing a $300 monthly premium, much more than some of his friends who he believed drove more recklessly.
He eventually realized the high quote was likely due to his low credit score.
'It has nothing to with who I am': Lower credit scores can make car insurance much pricier for Black, Latino and Indigenous Americans
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'It has nothing to with who I am': Lower credit scores can make car insurance much pricier for Black, Latino and Indigenous Americans
msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
JERSEY CITY, N.J., February 8, 2021 In the first nine months of 2020, the private U.S. property and casualty (P&C) insurance industry dealt with the effects of the COVID-19 pandemic as well an historic catastrophe season, according to a report from Verisk, a global data analytics provider, and the American Property Casualty Insurance Association.
The industry’s net income after taxes dropped 27.5 percent to $35.1 billion in the first nine months of 2020 and net underwriting gains declined to $0.3 billion, from $5.4 billion a year earlier. The deterioration in underwriting results was due, in part, to a major increase in the losses and loss adjustment expenses from catastrophes, which more than doubled to $47.1 billion for nine-months 2020 from $21.5 billion in the same nine-month period a year earlier