Category: Auto Insurance

News articles concerning car and auto insurance nationwide for both insurance brokers and insurance customers. Learn about changes happening in your state or even global insurance matters.

Florida motorists now pay the most for their auto insurance

Marc
Auto insurance - Florida welcome sign

Though Michigan had been the most expensive state for coverage, Florida drivers now shell out more. Drivers in Florida have a new reason to groan over the cost of vehicle ownership in the state, as the cost of auto insurance there is now more expensive than anywhere else in the country. Everything from the price of gas to the cost of vehicle repairs is on the rise, and so is coverage. The cost of auto insurance is increasing across the United States. Florida certainly isn’t alone in that. What has…

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Wells Fargo agrees to $3M shareholder settlement over unnecessary auto insurance sales

H. Cutner
Auto insurance - Wells Fargo

The bank agreed to settle a lawsuit from shareholders claiming the bank pushed car loan customers to buy. Wells Fargo & Co. has agreed to a $300 million settlement in order to settle a lawsuit from shareholders, accusing the bank of having pushed unnecessary auto insurance on loan customers, according to recently filed US court documents. The class action suit was launched by the Construction Laborers Pension Trust for Southern California. The auto insurance suit led to a class action brought on behalf of investors. The Construction Laborers Pension Trust…

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Tesla Insurance prepares to launch in Europe

Logan B.
Tesla insurance - Tesla car charging - Map of Europe

The electric car company is continuing to grow its coverage as it starts focusing on European drivers. Tesla insurance has been continuing its work to expand into the coverage market for its electric cars, taking aim at the European market in its latest moves. The automaker started setting up a European branch in Malta in December 2020 but hadn’t started selling. Even though the European Tesla insurance branch has been in existence since that time, it hadn’t yet started to offer any products or services to European motorists. However, it…

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Auto insurance rates aren’t likely to drop with inflation

G. Turner
Car insurance - Rise in cost

Even as rates have started dropping, it is unlikely that drivers will see their premiums easing. Though drivers might be inclined to believe that as inflation starts to fall, auto insurance rates aren’t likely to get any cheaper. In fact, premiums are expected to rise, and in some areas, they’ll be increasing by quite a bit. The average cost of full coverage is $2,014 in the United States, which is 14 percent higher than last year. According to the True Cost of Auto Insurance Report by Bankrate, the average cost…

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Agents promise auto insurance is available to Kia and Hyundai owners

G. Turner
Auto Insurance - Kia steering wheel

Even as some insurers refuse to cover the vehicles in various parts of the country, policies still exist. As was reported last week on Live Insurance News, State Farm and Progressive have announced that they are no longer selling auto insurance to certain models of Kia and Hyundai cars in various cities in the United States because the vehicles are too easy to steal. That said, agents in those regions are promising owners of those models that policies are still available. Kia and Hyundai owners afraid of losing their coverage…

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Car insurance rose by at least 25 percent last year in three US states

Live Insurance News
Car insurance - Rise in cost 25 percent

American drivers are braced for more increases in the premiums they’re paying on their auto policy. Across the US, there were three states that experience car insurance price increases by 25 percent last year, and experts are cautioning American motorists that the premiums are expected to continue rising. As much as auto premiums rose last year, 2023 is likely to see policies getting more expensive. Interest rate increases, inflation, the volatility of gas prices, and a spectrum of other causes have sent car insurance rates skyward in the last year.…

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State Farm issues tips for Teen Driver Awareness Month

H. Cutner
Teen Driver Awareness Month - Teen in car with car keys

This January, the insurer is reminding parents that setting a good example can make a difference. State Farm is honoring January as Teen Driver Awareness Month by reminding parents that setting a good example can make a difference to their teen’s driving habits and yes, they will get through this. Parental driving habits are the top influence on the behaviors of new young drivers. Teen Driver Awareness Month data from the National Highway Traffic Safety Administration shows that the driving habits of a young driver’s parents are the top influence…

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