Federal Regulation

Consumer Orgs Call on Federal Insurance Office to Investigate Auto Insurance Affordability and the Sources of Unfairness in the Market

Twenty-two consumer organizations sent comments to the Department of Treasury’s Federal Insurance Office (FIO) on making auto insurance more affordable and accessible. They noted that ‘As the only product that most Americans are required to purchase by law, it is particularly important that auto insurance is available, affordable, and priced fairly in the marketplace.’

The groups called on the FIO to update a 2017 auto insurance study using improved methods and to conduct additional research on uninsured drivers, socioeconomic factors in auto insurance pricing, and how these factors have a disparate impact on people of color.”