The insurance industry has come under fire previously for using other non-driving-related tools to predict risk – most notably, credit scores. In fact, in 2012, three members of Congress – Reps. Hansen Clarke (D., Mich.), John Conyers Jr. (D., Mich.) and Bennie Thompson (D., Miss.) -proposed the Ban the Use of Credit Scores in Auto Insurance Act.
“There is an urgent need for the federal government to protect consumers from powerful auto insurance companies whose rate-setting policies are immoral, illogical, and unnecessary,” said Rep. Conyers at the time the legislation was proposed. (Like similar proposed bills in several state legislatures, the act didn’t receive the requisite support to make into law.)
Of course there was no support. Romney isn’t the only one who doesn’t give a damn about working class folks – you know, the vast majority of the population.
So what is wrong with charging more to higher risk drivers?
The trouble is the lumping of people into boxes that don’t fit. Kurt Vonnegutt’s hilarious grouping of people with the same birthday points out the problem.
Another way of looking at it would be higher rates for people with darker skins. Well why shouldn’t the Obamas and Conyers pay more? 🙂
Women used to be charged more for the identical item of clothing as men when it was bought in the women’s section. I suspect that got fixed when word got around.
Don’t really know if it was fixed. Obama and Larry Summers can tell you that women just are no good at financial matters like men are. [Yes, this is snark. Why do so many nitwits not get that on the internet?]