New York City drivers living in predominantly Black and low-income communities pay hundreds and thousands of dollars more for auto insurance than drivers living in predominantly white and wealthy neighborhoods, according to a new report.
Consumer advocates and some New York state lawmakers are trying to stop auto insurance companies from using credit scores to set rates, saying the practice is unfair and discriminatory. They argue that allowing insurance companies to use non-driving factors, like credit scores, results in low-income drivers and people of color paying higher premiums even when their driving records are flawless.
About 95% of auto insurers in New York use credit scores to set prices, according to the Consumer Federation of America. The group says drivers with low credit scores may have experienced a job loss or an unexpected medical bill. “Over the years studies have demonstrated that drivers with lower credit-based insurance scores have higher losses and those with higher credit-based insurance scores have lower losses,” Baldwin said.
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