Posted November 21st, 2016 by Ashley Kane
In most of the United States, your occupation can affect how much you pay for auto insurance.
However, that may no longer be the case in New York as state regulators question the practice.
The New York Department of Financial Services has asked major car insurance providers to explain why the practice of using consumers’ jobs and education to price premiums shouldn’t be prohibited. Insurers say that drivers with certain job titles are statistically less risky on the road and some occupations have lower premiums as a result.
The car insurance industry has long used age, gender, education, credit scores and job titles to price premiums and regulators are now questioning how fair some of these practices are. Some states, such as Hawaii and California, prohibit providers from using credit scores and other states like Massachusetts ban the use of occupation and education level as well. New York State may soon join them.
Source: The Wall Street Journal
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