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Survey: Many Oregonians' insurance premiums have droppedPosted On Thu, February 3, 2011
Oregonians with a good credit history are reaping some financial benefits when it comes to their auto insurance premiums.
According to a survey conducted by the Department of Consumers and Business Services Insurance Division, more than 8,000 Oregon residents have received a discount in their auto insurance premium since January 1, 2010. That's the same time a law was passed by the state requiring insurers to give their customers a discount if customers' credit histories met a certain standard and the insurer based their original premium price on their credit history.
"The law is working as intended and people who have improved their credit profiles are being rewarded with better rates," said Senator Suzanne Bonamici, a Democrat from the Portland, Oregon area.
The survey found that the discounts resulted in approximately $800,000 in savings for consumers.
Lower auto insurance premiums may be on the horizon for a handful of other states. In Wisconsin, Republican lawmakers are trying to repeal a measure that increased coverage levels last summer. The measure was passed by a Democratic-controlled congress, but after the November elections, the GOP obtained the majority.
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