In most of America, your job can affect how much you pay for car insurance. Now, a state regulator is weighing whether to ban the practice. The New York Department of Financial Services has told Allstate Corp., Berkshire Hathaway Inc.’s Geico unit, Liberty Mutual and Progressive Corp. to explain why the practice of using occupation and education in pricing shouldn’t be prohibited, according to people familiar with the matter. The move has reopened a long debate among regulators, insurance companies and consumer advocates about...
The New York Department of Financial Services has told four insurance companies to explain why "using occupation and education in pricing shouldn’t be prohibited" for drivers, according to reports. Liberty Mutual, Progressive, Allstate and Berkshire Hathaway’s Geico unit, have been asked for the information by New York Department of Financial Services Superintendent Maria Vullo, as she ponders a possible ban on using job information in motor insurance. State regulators have found people in "unfavourable jobs" can pay more, while attempts to use more measured data, such as telemetrics, has met with resistance from drivers.