With everyone cutting back on their driving in the face of sky-high gas prices, should auto insurers be cutting their rates to reflect this reality? The evidence is far from clear.
Indeed, some in the industry warn that regulators and the public should not jump to any conclusions about gas prices, miles driven and insurance exposure.
As reported by our own Dan Hays, “the Property Casualty Insurers Association of America last week said New Yorks insurance regulator is wrong to assume reduced mileage by auto policyholders will automatically translate into lower claim costs.”
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