❌ HB636
Enact the Auto Insurance Transparency Act
Summary
The Auto Insurance Transparency Act requires insurers to provide clear disclosures regarding the use of aftermarket motor vehicle parts in repair estimates. It mandates that consumers be informed of their right to choose original equipment manufacturer (OEM) parts, even if not fully covered by their insurance, and allows for the use of salvage parts under certain conditions. Violations of these provisions are classified as unfair and deceptive acts in the insurance business.
Rationale
The bill promotes consumer choice and transparency in the auto insurance market, aligning with the Libertarian principles of individual rights and free markets. However, it also introduces regulatory requirements that may be seen as government intervention, which could conflict with the Libertarian emphasis on minimal government involvement.
Risks and Concerns
- Increased regulatory burden on insurers and repair facilities
- Potential for higher insurance premiums due to mandated coverage options
- Risk of unintended consequences affecting market dynamics