Allstate pay per mile insurance rolls out for New Jersey drivers

Pay per mile insurance - Speedometer - Miles

The Milewise program makes it possible for low-mileage drivers to pay based on their usage. New Jersey drivers now have a new pay per mile insurance policy available from Allstate. The auto insurance company has rolled out Milewise in the state. This insurance policy is designed to appeal to drivers who don’t go very far in their vehicles. The Allstate Milewise pay per mile insurance policy allows drivers to reduce their coverage expenses by driving less. The less these motorists use their vehicles, and the shorter the distances they travel,…

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Unfair insurance practices earn Wells Fargo a $1 billion fine

Unfair insurance practices - Fine - Law - Gaval

The banking giant’s latest penalties are for having sold unnecessary auto insurance to customers. Wells Fargo has been slapped with a $1 billion fine for its unfair insurance practices. Thousands of the bank’s vehicle loan customers were sold additional unnecessary auto insurance policies. Those car owners ended up paying much more for their vehicles than was necessary. Among those Wells Fargo customers, thousands ended up having their vehicles repossessed as a result of the unfair insurance practices. The fine was laid down by the Consumer Financial Protection Bureau as well…

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The Wells Fargo scandal continues to bite with 38,000 erroneous letters mailed

wells fargo scandal letter

The auto insurance scam involved selling unnecessary coverage and now includes sending letters containing mistakes. The Wells Fargo scandal that rocked the financial services company in the second half of last year just became more unpleasant. As the bank attempts to recover from the latest damage to its reputation in which auto loan customers were sold insurance policies they didn’t need, they’ve now made another mistake they didn’t need. The bank accidentally sent out letters about the auto insurance scam containing erroneous information. The Wells Fargo scandal involved requiring car…

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Wells Fargo insurance scheme brings lawsuit from customers

lawsuit Usher’s insurance broker company

Borrowers forcibly made to purchase auto coverage they didn’t need are suing the bank for scamming them. Wells Fargo & Co has been accused of running an insurance scheme, as was reported yesterday by Live Insurance News, and now affected customers are filing a lawsuit against the bank. Customers allege the bank forced them to pay for auto insurance they didn’t need and that caused financial hardship. In yesterday’s article, it was pointed out that the insurance scheme caused many customers to face expenses they couldn’t afford. This led several…

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Auto insurance laws in Minnesota change for 2016

car auto insurance

Drivers should be aware of the new requirements and make sure to have their proof of coverage handy. For anyone in Minnesota who is getting set to purchase a new car, is purchasing a new auto insurance policy or who is renewing a policy will need to be ready to comply with the new laws. Part of those new regulations involve having to provide proof of insurance information at certain times. For instance, for residents of the state who are looking to renew their license tabs on an existing vehicle,…

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Auto insurance study identifies the worst drivers in the US

child kid auto insurance bad worst drivers

Recent research has identified Montana as being the state that has the worst drivers on its roads. As the Thanksgiving holiday weekend came to a close and the weather starts to turn slightly less friendly to drivers, an auto insurance study has determined exactly where the worst drivers in the country live, regardless of how bad or great you think your local road users might be. Montana took the unwanted top spot of having the drivers on its roads that are the most dangerous. The auto insurance research was conducted…

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Auto insurance industry may be 40 percent of its current size in 25 years

auto insurance refund Senior Man Driving A Toy Racing Car

In a quarter of a century, the car policy market could shrink by as much as 60 percent, says KPMG. A recent report issued by the KPMG consulting firm has suggested that by the time the millennials who are only just entering into the auto insurance industry as professionals now become top execs in 25 years, the market will be 60 percent smaller than its current size. The private passenger automobile industry is expected to experience a massive decrease in size. While that doesn’t sound like good news for the…

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The average auto insurance customer hasn’t switched companies since 2003

auto insurance premiums

According to recent research, one in every three drivers has not shopped around at all for a policy. A recent study was conducted by insuranceQuotes.com, which has now issued its results in a report that showed that the average American driver hasn’t changed the auto insurance provider covering their vehicle in over a decade. In fact, the average length of time since the last change in insurance companies was 12 years, said the report. Furthermore, about one quarter of all drivers have been sticking with the same auto insurance company…

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Usage based insurance is not appealing to most Americans

usage based insurance auto car tracking gps

A recent study has shown that over half of the drivers in the country aren’t sold on having their habits monitored. The results of a study conducted on the popularity of usage based insurance, also known as a pay as you drive plan, have recently been released, and they have shown that 51 percent of Americans will not even consider enrolling in this type of program. The majority of consumers are resistant to being monitored in order to be able to obtain possible discounts. The results of the study that…

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Insurance technology could place US drivers at risk, says hacker

Increasing auto insurance premiums technology

Tech expert, Corey Thuen, will be speaking at the S4 conference to show that pay as you drive dongles aren’t secure. Corey Thuen is a Digital Bond Labs security researcher, who has been working for a number of weeks on the subject of the insurance technology of onboard network dongles that are connected to the OBD2 ports of vehicles as a component of usage based auto policies. The findings of the research have been striking and they will soon be presented in a talk entitled “Remote Control Automobiles”. Thuen looked…

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