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  AUTO INSURANCE COMPANY REFUNDING $315,000 TO 1,600 MINNESOTA DRIVERS
  Article Posted On: (03/26/2018)
   
 
   
  More than 1,600 Minnesota drivers will be receiving refunds from Farmers Insurance Exchange after the insurance firm was accused of unfair pricing practices.

The Minnesota Commerce Department examined Farmers Insurance Exchange’s pricing practices and found that the company had been charging renters higher auto rates than homeowners, the agency said in a statement released Tuesday.

It is illegal in Minnesota to set auto insurance rates based on residential status.

Farmers Insurance Exchange has agreed to issue around $315,317 in refunds and credits to the 1,620 policyholders identified, according to the Commerce Department.

In addition, the company will pay a $75,000 penalty and discontinue the pricing policy that favored homeowners over renters, the agency statement said.

“You should not be forced to buy a house in order to get a fair price on your auto insurance,” said state Commerce Commissioner Mike Rothman, whose department regulates the insurance industry in the state.

A Farmers Insurance representative could not be immediately reached for comment.

Those with questions about their insurance can email consumer.protection@state.mn.us or call 651-539-1600.

As told by (Source)

   
 
     
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