Consumer Reports: Consumer and Civil Rights Groups Urge Colorado Legislators to Address Systemic Racism in Insurance
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SB 21-169, sponsored by Senator
"Following the murder of
The groups pointed to auto insurers use of numerous socioeconomic characteristics such as credit history, ZIP code, gender, education, occupation, homeownership status, and marital status to calculate premiums as examples of factors that would be subject to review under the new law. Using data it acquired with auto insurance premiums for every ZIP code in
Coloradans with clean driving records pay 33% more, on average, for coverage if they have a FAIR credit score rather than an EXCELLENT credit score, all else being equal;
Drivers with POOR credit scores are charged 72% more than EXCELLENT credit drivers for the same coverage. For minimum liability coverage, that is a
35 year old WOMEN face, on average, 3% higher premiums than MEN in
(All data cited come from the profile of a driver who is 35 years old, unmarried, has a perfect driving record, rents their home and has a high school diploma, drives a 2011 Honda Civic LX, and has a 12 mile commute and drives this commute 5 days per week)
"It is long past time to stop this harmful bias and systemic racism in auto insurance markets," said
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