Calif. Insurance Commissioner Gives Praise For Rate Amendments
Friday, August 3, 2007
California's Insurance Commissioner is praising car insurance companies that have changed rate structures nearly a year ahead of a state-imposed deadline. About 10 percent of the state's car insurance companies have changed their policies to base rates on drivers' records rather than their zip codes.
Commissioner Steve Poizner says other companies should adopt the changes before the deadline approaches.
Poizner : There's over 200 auto insurance companies in California and a lot of the big ones haven't done it yet. So today I'm calling on all of them: hey -- let's not wait until next year, let's implement these new rules which treat consumers the right way, as quickly as possible.
GEICO and Triple A of Southern California are the largest companies to make the changes. GEICO's cuts saved drivers an average of $150.
Poizner says he expects all the companies to fully comply by next year's July 15 deadline.
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