HB 4064 Summary

• Prohibits automobile insurance risks from being grouped by territory, eliminating territorial rating for auto insurance while maintaining it for home insurance.

• Establishes specific allowable classification factors for automobile insurance based on driver age/experience, driver primacy, mileage, vehicle type/characteristics, commuting distance, household drivers, and insurance amount.

• Requires insurers to establish a merit rating plan for automobile insurance (excluding comprehensive coverage) that applies surcharges for at-fault accidents, traffic violations, and convictions.

• Prohibits rating classifications for automobile insurance based on sex or marital status, and mandates premium discounts for senior citizens age 65+ who drive less than 3,000 miles annually.

• Specifies allowable classification factors for home insurance including coverage amount, safety devices, structural condition, fire protection class, loss history, and distance from fire hydrants.