New Action To Protect Low Income Drivers

New York may soon implement a regulation that would prohibit auto insurers from using a policyholder’s employment status or eductional level as factors in setting premiums.

The proposed regulation was the result of a multi year investigation by the state Department of Financial Services which found drivers with higher education and income pay less for auto insurance with no evidence that they are better drivers.

If adopted insurers would have six month to remove eduction and employment factors from their premium calculation tables.