California: Auto Insurance measure loses

Wed, Jun 9 2010 — Source: San Francisco Chronicle

California voters defeated a measure Tuesday that would have changed state law to allow insurance companies to raise rates on drivers who let their coverage lapse while allowing insurers to award discounts to those who maintain continuous coverage. Supporters of Proposition 17 said the ballot initiative, sponsored mainly by Mercury Insurance, would lead to more competition and better rates for consumers who take advantage of “continuous coverage” discounts by sticking with insurers.

Read the story from the San Francisco Chronicle