Trenton – Senate President Pro Tempore M. Teresa Ruiz issued the following statement on the Senate passing S-2654, legislation that would prohibit the use of education, occupation, and credit score as factors in auto insurance rates.
“Under our current laws car insurance companies are assigning insured people and applicants to a rating tier based on their education level, occupation and credit score. These companies are preying on New Jersey’s most vulnerable, charging low income customers significantly more than individuals of higher socioeconomic standing. Insurers should be basing their rates off of the likelihood someone will be in an accident, not their ability to pay for those damages out of pocket. I am grateful the Senate has approved this legislation to level the playing field and protect New Jersey’s citizens from these predatory practices.”