California auto insurance buyers are paying less for coverage than they were two decades ago while rates rose substantially for the rest of the country, says the Consumer Federation of America.
The consumer group attributes the decrease to the state's regulatory reform under Proposition 103, which mandates prior approval for rate increases.
"No other state has put in place the kind of strong oversight that California voters created in 1988, and no other state has seen auto insurance prices decline," says CFA Insurance Director J. Robert Hunter.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
