Cuomo's Low IQ (Insurance Quotient)

The State of New York wants to ban the use of occupation or education in rating auto insurance premiums.

“This new protection cracks down on this unfair practice that soaks drivers for not having a college degree or a high-paying job,” Gov. Andrew Cuomo said in a news release. 

As if we needed more evidence of the Governor's ignorance, let's examine this. Insurance data clearly shows that professionals such as military officers, teachers, engineers, accountants and dentists have lower claims costs than other professions.  Why would you NOT want to use that information to price policies? If you ignored the information or followed the Governor's illogic, you would be overpricing policies to, say, teachers, and under-pricing policies to, say, professional athletes. You would sell more policies to higher risk people and fewer policies to lower risk people. This violates the cardinal rule of insurance as surely as Obamacare did. 

Too bad the people of New York can't buy demagogue insurance.