Insurers File Mass. Auto Rates Today; Bill to Control Rating Factors Stalled
East News • November 19, 2007
The auto insurance market in Massachusetts gets a glimpse of greater competition today when carriers disclose their proposed rates, but the big unknown is whether motorists honk for joy or hit the ...
Insurance Journal is not responsible for the content of the message below.
Subject: rating system
Posted On: November 19, 2007, 8:39 am CST
Posted By: wudchuck
Comment:
The current rules bar insurers from considering income, marital status, education, occupation, homeownership and credit scores when setting their rates. Insurers are limited to considering a motorist's experience and driving record as primary factors in setting rates. ****
well, marital status, education, occupation and homeowner are used in most states as showing responsiblity along with your driving record. it's not meant to price out an individual because of poor income. the more responsible person, in most cases is a better driver.
being competitive w/pricing will save the consumer $$$. but remember, that a risk is a risk - and if it costs to recover from paying out, they that person's premium should be adjusted accordingly. 10% more, i think is not a very good assessment on the actual amount more.
Subject: rating system
well, marital status, education, occupation and homeowner are used in most states as showing responsiblity along with your driving record. it's not meant to price out an individual because of poor income. the more responsible person, in most cases is a better driver.
being competitive w/pricing will save the consumer $$$. but remember, that a risk is a risk - and if it costs to recover from paying out, they that person's premium should be adjusted accordingly. 10% more, i think is not a very good assessment on the actual amount more.