Allstate auto insurance rates are jumping sharply in these 3 states

auto insurance - three state flags

New York, New Jersey, and California regulators have all given the green light to double-digit hikes. Allstate recently announced that it had received the go-ahead for double-digit auto insurance rate increases in New York, New Jersey and California. The approvals follow President and CEO Tom Wilson’s comments regarding dropping customers. Wilson had previously stated that if the auto insurance rate increases were not approved, the company would be dropping customers in those states. The approvals did come through, and they were for very large increases in all three states. New…

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Allstate to Scale Back in New York and New Jersey Following Lower Rate Increases

Allstate Auto Insurance rate increase

Allstate’s Partial Auto Rate Increase Approval and Its Impact Allstate Insurance, a titan in the auto insurance industry, has recently been thrown into a strategic conundrum. After receiving approval for lower-than-requested rate hikes in both New York and New Jersey, the company is now reconsidering its presence in these states. Despite lobbying for a 29% rate increase in New Jersey and an 18.3% hike in New York, regulatory authorities only concurred to rate increases of just under 17% and 14.6%, respectively. This partial approval has led Allstate to question its…

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How EV Insurance is Transforming the Insurance Market Landscape

evs high tech vehicles insurance costs

The automotive landscape is embarking on a transformative journey with electric vehicles (EVs) and high-tech cars steering the course. This electrifying shift is not only redefining transportation but also reshaping the dynamics of auto insurance. As EVs and vehicles laden with cutting-edge technologies become more prevalent, their impact on insurance costs has emerged as a critical issue for drivers and insurers alike. The fusion of sophisticated electrical systems, driver-assist technology, and complex vehicle software has ushered in a new era of challenges in risk assessment and repair costs. Understanding these…

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These are the top auto insurance complaints, says California Deputy Commissioner

Auto insurance - Complaints loading

The DOI’s Tony Cignarale recently discussed the leading issues filed about coverage or insurers. The California Department of Insurance (DOI) Deputy Commissioner Tony Cignarale recently spoke about the most common auto insurance complaints handled by his department. The discussion also announced a special session in which repair shops could file complaints. The special session for auto insurance complaints was held at a Society of Collision Repair Specialists (SCRS) open board meeting. It was held in Palm Springs, California ahead of the Collision Industry Conference (CIC). Cignarale is the Consumer Services…

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Auto insurance prices are a major US inflation driver

Auto insurance Prices - Inflation

Though there are many factors that have combined to push inflation rates paid by motorists are a large one. Though there has been an easing in the growth rate of inflation in the United States during the last twelve months, auto insurance premiums have been identified as a notable driver of the ongoing trend. Rapid growth in rates paid for coverage has played a role in stopping consumer prices from falling. In December 2023, consumers prices increased by 3.4 percent on average when compared to the same month in 2022,…

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