Tag: auto insurance rates

Consumers are shopping for better auto insurance rates more than ever before

H. Cutner
Auto insurance - Shopping for car insurance

A new JD Power study showed that comparison shopping has reached an all-time high among consumers. More than ever before, consumers have been comparison shopping for better auto insurance rates, according to a new JD Power report. The report showed that over 40 percent of drivers had experienced an increase in cost after using telematics. The report also indicated that some drivers are finding that there are fewer new rates available to them than they expected. Consumers hit by rising auto insurance rates have been searching for cheaper alternatives more…

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Inflation sends Illinois auto insurance higher by as much as 30 percent

H. Cutner
Auto insurance - Inflation sign

Drivers can still find opportunities for savings if they compare plans and watch for discounts. Motorists in Illinois can expect to be paying auto insurance premiums that are as much as 30 percent higher next year than they were this year as a result of inflation. Many drivers are seeking ways to save money by comparing quotes and spotting discounts. With expenses rising on all fronts due to inflation, consumers are struggling to make ends meet while still battling with ongoing pandemic-related supply chain issues. Therefore, at the same time…

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Auto insurance companies could face another wonky year in 2022

H. Cutner
Auto insurance companies - Bumpy Road

According to a recent LexisNexis Risk Solutions report, the industry is showing “signs of revolution”. As 2022 reaches the point that its well underway, new analyses are starting to identify trends suggesting that auto insurance companies could be facing another bumpy ride. The trends appear to indicate that both shopping volatility and increased claims severity will continue. The analysis was conducted by LexisNexis Risk Solutions, which released a report indicating that auto insurance companies and the industry as a whole is facing a critical phase. Both heightened claims severity and…

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Allstate hikes auto insurance rates as it leans on telematics

H. Cutner
Auto insurance rates - car driving up coins

The insurer has announced that drivers “just about everywhere” will be paying more for coverage. Allstate has announced that it is increasing its auto insurance rates “just about everywhere” while it adjusted its focus on boosting returns in the car policy market following a drop in its net income during Q3 2021. The insurer shared this information during a recent earnings conference call with analysts. The fall in Allstate’s underwriting income was associated with higher loss costs from settling car claims, said company officials. Now, Allstate has raised its auto…

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How do warnings affect my car insurance rates?

Guest Author

Traffic warnings shouldn’t affect your car insurance, as they usually don’t go on your driving record. Any citation that appears on your driving record may have an impact on your insurance rate; however, getting a warning is just that – a warning and not a violation or citation. In this article, we will highlight everything you need to know about traffic warnings and how they affect your car insurance rates. Why do police officers give out warnings? Police officers are usually faced with a hard choice of either issuing a…

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A State Farm car insurance rate increase coming to 8 states

G. Turner
Car insurance rate increase - Car - money symbols - arrow

Over the summer, the insurer issued decreases since people weren’t driving as much in the pandemic. Drivers in at least 8 states may see a State Farm car insurance rate increase, according to recent filings the insurer made with state regulators. These higher premiums will follow months of decreases due to reduced miles driven. Over the summer, State Farm cut its auto policy rates across many states in the US to reflect the lower risk of coverage due to the pandemic. When the COVID-19 crisis struck, lockdowns, workers staying at…

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Pandemic-reduced Progressive auto insurance rates are getting hiked

Nordstrom
Progressive auto insurance rates - money

As more drivers head back out onto the road again, the insurer is increasing the cost of coverage again. When the pandemic hit, sending drivers across Illinois home and leaving their cars in their driveways, Progressive auto insurance rates were lowered by about 10 percent. That said, drivers are heading back out again, and their premiums are also starting to rise. The insurer is increasing its rates by 4.2 percent for the majority of its customers in Illinois. The new Progressive auto insurance rates were filed with the Illinois Department…

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