Lawsuit accuses Wells Fargo of having known of auto insurance program flaws

Auto insurance program - Law Case Books - Lawsuit

A class action lawsuit asserts that the bank’s executives were warned about the problems. A class action lawsuit now accuses Wells Fargo executives of having been warned several years ago that the auto insurance program could have been overcharging car loan customers. A judge released this complaint earlier this week, at a time when Wells Fargo faces legal sanctions. The bank is in the midst of dealing with legal sanctions applied against it after it forcibly enrolled approximately two million of its customers in a special auto insurance program. This…

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Uninsured driver rate rises across the United States

Uninsured driver rate on the rise - graph

The number of motorists without auto insurance is increasing, particularly in five states. Almost one in every eight Americans on the road are a part of the current uninsured driver rate, said a new study. This trend is placing insured drivers at an increased financial risk in the case of a collision, said the research. The research was based on the latest information available regarding auto insurance coverage. The Hanover Insurance Group co-sponsored the research. The Insurance Research Council (IRC) directed the study. Thirteen percent of all American motorists were…

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Louisiana car insurance rates are getting higher this year

Louisiana car insurance rates auto

Premiums for auto coverage are rising across the country but this state has particular issues causing a spike. Drivers in nearly every state are watching their premiums rise this year and, due to unique conditions in the state, Louisiana car insurance rates are rising significantly. In fact, the current environment in the state is making sure auto policies are among the most expensive in the U.S. Upon hearing the news of the rate hikes, drivers in the state have expressed significant frustration. Local papers reporting on the Louisiana car insurance…

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New York auto insurance rate calculation factors may soon drastically change

New York auto insurance rate calculations

A new proposed rule would stop education and employment from affecting a policyholder’s premiums. State Financial Services Superintendent Maria Vullo proposed a change to the New York auto insurance rate calculations. The change would stop insurance companies from using a motorist’s education level or job from being used as a factor in determining that driver’s rates. The only exception is if the insurance company can prove the job status or education level directly affects driving. The proposed New York auto insurance rules change would only allow insurers to continue using…

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Auto insurance companies aren’t keeping customers happy

auto insurance rates companies customer satisfaction

A new J.D. Power survey revealed a drop in overall customer satisfaction within this market. J.D. Power has now released its report on customer satisfaction through auto insurance companies. What the J.D. Power 2016 U.S. Auto Insurance Study revealed was that customers aren’t as happy with insurers. The overall satisfaction customers feel is on the decline. This study measures customer satisfaction through the use of a 1,000 point scale broken down into 5 factors. These five factors – in order of importance – are: Interaction, Policy Offerings, Price, and Billing…

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Warren Buffett’s insurance industry forecast might surprise you

Insurance Industry Forecast by Warren Buffett of Berkshire Hathaway

According to the head of Berkshire Hathaway, insurers should worry about self-driving cars, not climate change. At the Berkshire Hathaway shareholder meeting last weekend, Warren Buffett shared his insurance industry forecast and brought up a number of trends and innovations that have been the topic of conversation among experts in this arena. The main point that has drawn the spotlight is that Buffett doesn’t feel climate change will harm the industry. According to the insurance industry forecast he shared, climate change shouldn’t be causing any pain to his business. This…

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Auto insurance discounts are missed by 84 percent of US drivers

storm auto insurance discounts car

A recent study has shown that only 16 percent of American motorists actually take advantage of all savings opportunities. A new report was recently released by insuranceQuotes.com and has shown that a large majority of consumers in the United States are not taking advantage of all of the potential auto insurance discounts for which they might qualify with their providers. The report showed that only 16 percent of drivers had actually asked their insurance company about discounts. Among the types of auto insurance discount that are common are marriage, low…

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