Choice in Auto Insurance: Updated Savings Estimates for Auto Choice

Topics:
Insurance
Tags:
Business Operations,
Corporate Insurance,
Finance,
Financial Planning,
Insurance,
U.S. House Of Representatives
Source:
U.S. House of Representatives

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Overview: The auto insurance system in the country suffers from several major failings, including excessive cost, uneven compensation for injuries, extensive fraud and abuse, perverse incentives generated by pain-and-suffering damage awards, and the negative impact on the poor and welfare recipients. One remedy to these problems is the Auto Choice reform. Auto Choice would produce a number of benefits. This study estimates the potential impact of Auto Choice. The chief findings include: Total potential savings from Auto Choice could reach nearly $48 billion in 2003 and premiums for private passenger auto insurance would decline by 21 percent on average.

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Format: PDF | Size: 273KB | Date: Jul 2003 | Pages: 28

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