I know you are all struggling with the current inflation in prices of almost everything. I will be working on that if I am elected.
Here is something I will do to try to get some money back into your pockets from our greedy auto insurance companies.
Consumer Federation of America has estimated that auto insurers overcharged Americans by $30 billion during the COVID pandemic when we all stopped driving in 2020. Only California’s Insurance Department has taken steps to get the money paid back.
If I am elected, I will get that money back for you since our insurance department has failed to act. I will introduce a bill requiring that state insurance departments act to get you those refunds.
(Note: Written as if the candidate was seeking state office. Easy to change for Congressional candidates)
I will also propose a broader bill to fix the terrible auto insurance regulation in our state. I will propose a bill modelled after California’s system, known as Proposition 103.
California drivers have saved $154 billion on auto insurance alone since voters enacted Proposition 103 in 1988. That’s $6 billion a year that stayed in the pockets of Californians. No state has seen smaller increases in auto insurance expenditures than California, which has also become the nation’s second most competitive auto insurance market. For the liability insurance coverage that state law requires all drivers to purchase, Californians have seen the average premium drop by about 6% since the enactment of Prop 103, while drivers around the country pay almost 60% higher prices.
If anyone doubts that voters can make a difference, there is 150 billion dollars of proof in the wallets of Californians who enacted Prop 103 and reined in the insurance industry 30 years ago.
Before Prop 103, Californians spent 36% more on auto insurance than the national average, now Californians spend 5% less than the national average. For liability-only coverage, the coverage you have to purchase, California premiums were 53% above the national average before Prop 103, now they are 9% below average.
Because you the voters passed Proposition 103, Californians keep an extra $6 billion in their wallets every year. I will work to get that same protection in place for you here in our state.