My husband and I live on a fixed income. We have paid our bills, been productive in our work and communities, earned a very good credit rating and have downsized to accommodate our much reduced income now that we are both retired. No one could have predicted the impact of COVID-19 on Washington state.
Our governor declared a statewide state of emergency, which appears to be unending. The impact on jobs, medium and low income citizens has been enormous. Now, the Washington insurance commissioner has passed a ban that prohibits insurance companies from using credit rate scoring in determining rates.
While I applaud the idea of helping those whose incomes were wiped out or severely reduced due to the pandemic, it is apparent someone hasn't truly factored the impact on citizens who are living on fixed incomes. These are the retired senior citizens, those with medical disabilities and others who for a variety of reasons are already struggling to stretch their budgets to increased food and fuel costs, the increases in purchased goods as the companies providing them pass on the costs of fuels, supplies, etc. There is a ripple effect which will only compound the financial insecurity.
When we received a renewal notice from our car insurance company, we were shocked. Our agent is also struggling to comprehend the impact on their clients. How much of an increase? About 25%. Our rates are already increasing because of our ages and it appears will increase every year.
How can the insurance commissioner justify that ban? RCW 448.02.060 (4) appears to tie that action to a time when the governor has declared a state of emergency. Gov. Jay Inslee's state of emergency should have ended quite some time ago. If not, we can only see that one by one, another agency will add another rule, another ban, another mandate, which will destroy budgets already stretched to breaking.
What is being done to end the state of emergency and prevent one left leaning politician to enable others in office to bring greater instability to our citizens? How can the insurance commissioner's ban be revoked? It's been challenged in court and he lost, but somehow it's still happening.
As our insurance agent gently suggested, write to the politicians who represent the citizens of Washington and share the impact of these declarations and bans on your life. We will, and we hope that many of you will do the same.
Fay Ternan
Cinebar
