Tag: auto insurance news

Auto insurance dissatisfaction drives usage-based coverage growth

H. Cutner
Auto insurance - Usage-based coverage increasing

About one third of covered US consumers said they had experienced a rate increase in the last year. Across the United States, around one in three drivers with coverage experienced a rate increase within the last year, said a new JD Power 2023 US Auto Insurance Study. This has pushed them to look for new ways to save money on their policies that they might not have tried before. Mainly due to the rising expense associated with covering their vehicles, customer satisfaction with this coverage fell by 12 points to…

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State Farm auto insurance claims data shows catalytic converter theft skyrocketing

Marc
Auto insurance claims - catalytic converter - hands

Since the start of the pandemic, this type of crime has been taking off at a staggering rate. State Farm has released auto insurance claims data showing that there is a sharp upward trend in catalytic converter thefts that has been taking place since the second half of 2020. Though car theft and car parts theft are nothing new, the trend in this one specific part is. The average households in many US cities have more than one vehicle. As a result, stolen parts have become a valuable black-market item…

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Allstate announces its agreement for SafeAuto acquisition

Nordstrom
SafeAuto acquisition - business deal - contract

The insurer’s subsidiary National General will be acquiring the low-cost auto insurance carrier. Allstate has announced that it has come to an agreement for a SafeAuto acquisition through its subsidiary, National General. This purchase will help Allstate to expand a spectrum of its capabilities and distribution. Through the SafeAuto acquisition, Allstate will add the auto insurer’s capabilities and distribution to its own offering, including its 24/7 customer contact centers at SafeAuto’s 1-800 number, as well as through its website. By bringing the low-cost auto insurer into National General, it will…

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Wells Fargo auto insurance scandal escalates with accusation of lying to Congress

Nordstrom
Wells Fargo insurance scandal

Senator Sharrod Brown put forth the allegations against the bank during a recent Senate hearing. The Wells Fargo auto insurance scandal has just escalated to a new level after accusations of lying to Congress last year. At a Senate hearing this week, Senator Sherrod Brown alleged that the bank failed to disclose a growing problem within the bank’s car insuring business. This has only worsened the situation for the bank which is already facing considerable scandal. “The company pure and simple lied to this committee — and lied to the…

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Auto insurance rates are headed skywards nationwide

Nordstrom
Auto Insurance Rates Rise

After an extremely deadly year in 2015, premiums are experiencing their largest rise since 2003. Across the United States, auto insurance rates have been rapidly climbing, with a six percent spike having occurred in April that represents the largest increase in the average premiums since 2003. The reason for the climbing car insurance premiums is that the last few years have been especially deadly on roads. According to Rocky Mountain Insurance Information Association Executive Director Carole Walker, “Unfortunately, out on our roadways, we’re seeing a collision course of all of…

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