New Mexico lawmakers are considering misguided legislation—HB 80—that could threaten the stability of the auto insurance market and increase premiums for drivers across the state.
If passed, this bill would prohibit the use of credit information in auto insurance pricing, preventing insurers from being able to provide credit based price discounts for many policyholders. Currently, New Mexico drivers with good credit save $185 per year compared to drivers with average credit, while drivers with excellent credit save even more — $537 per year.
Consumers get fair rates and more choices when insurers can assess risk accurately. Banning the use of credit information could make predictions less accurate and lead to higher premiums. HB 80 would undermine that stability and likely increase premiums for New Mexicans, including some of the most respected members of our communities – teachers, nurses, law enforcement, firefighters, and military officers.
Tell the New Mexico Legislature to help keep auto insurance rates down by opposing HB 80.
Dear [legislator name],
As a constituent, I'm writing to ask that you oppose HB 80 and help keep auto insurance rates down. This misguided bill would prevent insurers from being able to accurately predict risk, increasing insurance premiums for most New Mexico drivers like me.
Insurers have used data, including credit information, for decades to accurately predict the likelihood and severity of risk. If passed, HB 80 would prevent insurers from using some of the most accurate information available when determining the cost of auto insurance. By making it harder to properly underwrite risks, this legislation would also make it more difficult for insurers to provide policyholders with accurate rates, more choices, and critical discounts that currently benefit many, if not most, drivers.
Respected members of our communities—including teachers, nurses, seniors, law enforcement, firefighters, and military officers—would likely see similar or even higher-than-average increases.
Please oppose HB 80 and help keep insurance fair and affordable for all New Mexicans.
[Your comment here]
Sincerely,
[Your name here]
