SALEM, Ore. (AP) — State officials say Oregon residents saved $800,000 last year under a new law requiring insurers to lower premiums if a customer’s credit score improves. The Oregon Insurance Division said Thursday that more than 8,000 customers took advantage of the new state law, saving about $100 per request.
The Oregonian says the law gives customers the right each year to ask their insurer to re-rate their homeowners or auto insurance policies based on their credit history. Under the law, insurers cannot increase premiums if the customer’s credit score got worse. But they must lower rates if the customer’s credit history improved.
The division gathered the information from 11 large insurers.
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Information from: The Oregonian, http://www.oregonlive.com
