In testimony before the New Mexico House Commerce and Economic Development Committee, the Consumer Federation of America urged the Committee to support HB 80, which prohibits the use of credit information, education, and occupation in auto insurance underwriting, rating, and policy renewals. This bill would make auto insurance more affordable, reduce unfair discrimination, and help combat systemic racism.

CFA’s research shows that insurance companies charge people hundreds or even thousands of dollars more in premiums because of these factors. Insurers can and should set a fair price for drivers without punishing them for their credit history, their education level, and their job or occupation. A consumer’s auto insurance premium should be based on their driving record, not these non-driving related socioeconomic factors.