Consumer Watchdog Study: Public Scrutiny Has Saved Californians Over $5.5 Billion on Home, Auto Insurance Since 2002, Including $885 Million at Year-End
LOS ANGELES, Feb. 1, 2024 /PRNewswire/ -- Consumer Watchdog, a non-profit citizen organization, has saved state consumers $5.5 billion over the last 21 years using a voter-approved law that gives Californians a powerful and direct voice in how much insurance companies can charge – and insurance companies are trying to get rid of it.
- The report finds that insurance companies are primarily responsible for unnecessary delays in completion of rate reviews, not public scrutiny.
- "Consumer Watchdog has blocked insurance companies from overcharging homeowners, renters, drivers and health care providers by $5.5 billion over the last 21 years," said Carmen Balber, Executive Director of Consumer Watchdog.
- "The goal of the opponents of public scrutiny and participation is to allow insurance companies to overcharge Californians.
- Since Insurance Commissioner Lara took office, Consumer Watchdog's rate challenges have saved Californians $2.1 billion.