Many consumers have complained about their auto insurance premiums increasing, as a state law gets set to take effect later this year that requires drivers to carry coverage. However, state Senator Tim Carpenter (D-Milwaukee) says why that’s happening remains unclear since the insurance industry doesn’t share how they determine they calculate premiums.
Carpenter is introducing legislation that would require insurance companies to disclose those factors. He says they’re “calling the bluff” of the industry, so everyone can see the hidden secrets that go in to setting insurance rates.
The Milwaukee Democrat says that information should help consumers figure out the best price available.
Carpenter believes transparency won’t hurt business for providers, since disclosure would be required from all insurance companies.
AUDIO: Andrew Beckett reports (:56)