For years, we’ve told you that many insurers use your level of education and job title to help set your auto insurance premiums.
Now if New York has its way, that practice will be banned!
5 jobs that mean lower car insurance—and 4 professions that mean the opposite!
With the average annual cost of an auto insurance policy pushing $900, we all need any help we can get to lower that premium.
The Wall Street Journal is reporting that state regulators in New York are weighing the merits of banning the use of questions about occupation to set insurance rates.
(Other legitimized factors insurers use to quote your premium include age, gender, driving history, vehicle type and mileage projections.)
Despite the prevailing public sentiment against using occupation to set rate, insurers have been steadfast in relying on this practice.
So with that in mind, here are several occupations that can either help you or hurt when it comes time to get an insurance quote, according to the Wall Street Journal.
|Occupations that can help you||Occupations that can hurt you|
|Military Officers||Retail workers|
Whatever the outcome of the inquiry in New York, this much is certain: Insurance is regulated at the state level—not the federal level. So if the Empire State does decide to stop insurers from asking about your occupation to set rates, it will only impact customers in that state.
What happens in the Empire State stays in the Empire State!
But hopefully, if we do see some positive movement in this direction for consumers, it will be echoed around the country by other state insurance regulators.