To require the Federal Insurance Office of the Department of the Treasury to conduct a study to identify disparities between communities in auto insurance costs and payout amounts based on the predominant racial makeup of such communities, and for other purposes.

Fair Auto Insurance Ratemaking Reporting to Allow a Transparent Evaluation of Statistics Act of 2018 or the FAIR RATES Act of 2018 This bill directs the Federal Insurance Office (FIO) of the Department of the Treasury to collect private passenger automobile insurance data from certain automobile insurers, federal and state agencies, or other intermediaries. FIO must report on any racial disparities in premium costs and claims payment amounts.