Advocates sent a letter to the Department of Banking and Insurance last month.
Consumer activists want New Jersey to prohibit insurance companies from using certain non-driving information in setting rates for motorists.Consumer activists want New Jersey to prohibit insurance companies from using certain non-driving information in setting rates for motorists.A group of New Jersey advocates is urging the state to prohibit auto insurance companies from using a person's job, education or credit score to determine pricing.
They're not what your driving records should be based on. They have little or no connection to whether you're a safe driver.considering a bill “Huge numbers of people have poor credit because of circumstances beyond their control. You could have a poor credit score because you grew up in a low-income family and didn't have access to credit cards or other financial instruments, you could also have poor credit because you went through a medical crisis and were in a bankruptcy,” DeLong told Gothamist.
The data also show New Jersey drivers living in majority Black or Latino zip codes pay about 50% higher premiums than motorists residing in majority-white zip codes. Delong said Black and Latino residents on average tend to have lower credit scores, lower education levels and lower-paying jobs due to systemic discrimination.Basing auto insurance policies on those same factors only exacerbates the wealth gap, advocates say.
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