Incredible! With two weeks until Election Day, the insurance billionaire behind Prop 33 finally admitted his auto insurance initiative will raise rates on new customers.
When the billionaire writing the $16 million check for Prop 33 speaks about his initiative raising auto insurance rates, voters should listen. But will voters hear Prop 33’s financier over the deceptive television advertising he has bought claiming only that Prop 33 will “reward responsible drivers”?
You can help us get out the word by posting the link to Sunday’s LA Times column (http://lat.ms/TCDqH4) on your Facebook timeline, tweeting it or sharing it with your friends from the newspaper’s site.
In Sunday’s Los Angeles Times, Joseph acknowledged that Prop 33 is a marketing strategy for his insurance company that will allow him to cherry pick his customers “if I could charge new people the proper rate.”
As Hiltzik reports, “He made no bones about the fact that the ‘proper rate’ for customers coming to Mercury as newly insured policyholders is much higher than what he can charge them now.”
Voters banned the power of insurance companies to raise rates on first time drivers and others who did not previously have auto insurance in 1988. Prop 33 would turn back the clock on auto insurance regulation in this state.
Joseph said that if Prop 33 doesn’t pass it will be “a tremendous waste of money.” Better his than ours! Please share this critical news story today.
Posted by Jamie Court, author of The Progressive’s Guide to Raising Hell and President of Consumer Watchdog, a nonpartisan, nonprofit organization dedicated to providing an effective voice for taxpayers and consumers in an era when special interests dominate public discourse, government and politics. Visit us on Facebook and Twitter.