New Legislation Challenges Traditional Insurance Practices New York’s auto insurance landscape could face a striking transformation under legislation recently proposed in the state Assembly. The bill, Assembly Bill A5638, seeks to curtail insurers’ use of credit scores when determining automobile insurance premiums. The initiative aims to make insurance pricing more equitable by eliminating a factor that some lawmakers argue disproportionately penalizes low-income individuals. Under this piece of legislation, insurance providers would be prohibited from utilizing credit history as a primary factor of assessing the risk rate for an individual. Moreover,…
Read MoreFair or Flawed? The Debate Over Credit History and Car Insurance Pricing
