Lowering CAR Insurance Act

Key Points

• This bill would require the government to study why car insurance prices are going up. Every year, the Federal Insurance Office would have to give a report to Congress and the President about the auto insurance industry.
• The report must include specific ideas for new laws that could help lower the cost of car insurance for regular drivers. This is meant to help lawmakers understand what is making rates rise so quickly across the country.
• If passed, the first report would be due by September 30 of each year. The goal is to give the government better data so they can find ways to make driving more affordable for American families.
• The new reporting rules would start 90 days after the bill is signed into law. This would make the auto insurance industry more transparent to federal officials who are looking for ways to reduce monthly bills for households.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.