Tag: allstate auto insurance

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

Loreen
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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Allstate CEO says State Farm auto insurance rates will soon increase

Nordstrom
Auto insurance - Rates increasing

Tom Wilson has predicted that his company’s largest competitor will also be raising rates. President and CEO at Allstate Tom Wilson has predicted that State Farm will also be pushing to make auto insurance rate hikes in 2023, when he spoke at the Goldman Sachs 2022 US Financial Services Conference. Allstate has already started requesting rate increases and expects State Farm to do the same. Wilson pointed to the increased prices as a response to inflationary pressures and rising loss costs, and that the move will provide the home and…

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Allstate survey shows motorists shut off nuisance driver assistance technology

Julie Campbell
Driver assistance technology - Car with GPS tech

As vacation season begins in Canada, the insurer is encouraging motorists to use the tech properly. Vacation season is heading into full swing in Canada, where a recent Allstate survey has found that motorists are annoyed by driver assistance technology and have been shutting it off. The insurance company is hoping to emphasize the importance and benefit of using the tech as recommended. To an increasing degree, vehicles are being equipped with driver assistance technology as a standard feature. These include vehicle proximity alerts, rear-view cameras and others. Some of…

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Does usage-based car insurance require more oversight in the US?

Nordstrom
Usage-based car insurance - man studying report

A report by the Consumer Federation of America calls for state regulators to keep closer tabs. The Consumer Federation of America has published a report strongly urging regulators across the United States to apply greater oversight to usage-based car insurance. These programs use telematics to measure policyholder driving habits and apply discounts for safe behaviors. The consumer advocacy group has been pushing state regulators to take this step with usage-based car insurance programs while adopting a number of other consumer protections. It sought to have those regulators apply greater scrutiny…

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Allstate’s attempt to overturn jury verdict for underinsured driver benefits denied

Logan B.
Allstate Insurance News

The Supreme Court of Texas has turned down the insurer’s attempt to overturn the verdict. Allstate Insurance’s efforts to overturn a jury verdict having to do with underinsured driver benefits have been denied by the Supreme Court of Texas. The high court upheld the jury verdict in a 5-4 decision regarding a 2016 claim. The Supreme Court decision upheld the $95,000 jury verdict from the Bexar County court in favor of Daniel Wes Irwin. That verdict required Allstate to pay Irwin the full sum of $50,000 underinsured driver benefits from…

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