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Insurance Rates Based On Zip Code?

Auto insurance companies trying to set rates by zip codes, according to a recent article in Palm Beach Post. This was an attempt by a group of car insurance companies to have a state law that would allow them to set rates in a territory as small as one zip code. Since the Florida legislature is no longer in session, this attempt appears to be a dead bill that will have to wait another year. According to the Consumer Federation of America, this dead bill was a good thing. According to this think tank, there could have been a high potential for abuse, and potentially creating pockets of high rates, in effect shutting out customers from the wrong side of the tracks. It was "not credible and therefore not actuarially sound," said Bob Hunter, director of insurance for the group.


As The Palm Beach reported in February, State Farm lobbyist Mark Delegal said it was time to revise a law that might have made sense 30 years ago but needs a makeover. A bid to stick it in a bill failed, but the Post warns it's readers to not be surprised if this pitch comes back in one form or another, because of advances in actuarial tech. Delegal told legislators technology can break up the entire state and nation into one-kilometer squares with enough data to be credible.




Source: http://protectingyourpocket.blog.palmbeachpost.com/2015/05/06/car-insurers-cant-set-rates-by-single-florida-zip-code-yet/

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