When it comes to car insurance, a simple answer is no
On Friday, The Associated Press reported that the U.S. Consumer Financial Protection Bureau (CFPB) is taking aim at car insurance companies, saying it will launch a series of actions aimed at making sure consumers can be confident in their coverage.
“The agency is moving aggressively to ensure that consumers have access to reliable and accurate car insurance and to make sure they have the tools to protect themselves when they need it most,” the AP reported.
Insurance companies argue that consumers should be able to make an informed decision about whether to buy insurance, and the CFPB has argued that they have been unfairly penalizing those who do not.
The agency says that when people can’t make an educated decision about how much they can afford, they will often choose to pay less.
The CFPb’s new rule will also make it easier for consumers to get auto insurance quotes through the company’s online insurance marketplace.