New auto insurance policy designed for drive-share companies approved in California

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State Insurance Commissioner approves new auto insurance policy for drivers California Insurance Commissioner Dave Jones has approved the state’s first official auto insurance policy designed specifically for Lyft and Uber drivers. The policy has been formed to address the problems associated with drive-share companies and the insurance coverage that they offer to their drivers. The insurance policy is coming from MetLife Auto & Home. The policy will provide individual coverage for Uber and Lyft workers, providing them with the protection they have may have been lacking in the past. Coverage…

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Electric vehicles also come with higher auto insurance premiums

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Research shows that those with electric vehicles pay more for their insurance coverage Research from NerdWallet suggests that those with electric vehicles have higher auto insurance premiums. The organization has compared the premiums that drivers of electric vehicles and those with conventional vehicles experience. The reason why electric vehicles are attached to higher auto insurance premiums is due to the relatively high costs associated with operating and maintaining these vehicles. Repairing an electric vehicle can be a costly process, which could lead to financial losses for insurance providers, which has…

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Geico agrees to pay $6 million auto insurance settlement in California

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Geico has agreed to pay a settlement concerning accusations of discriminatory practices Geico, one of the most prominent auto insurance providers in the United States, has agreed to pay $6 million in order to settle bias charges made against it, which were first raised by the Consumer Federation of California. The charges have to do with the insurer discriminating against drivers regarding their gender, education level, and occupation when they sought out quotes for policies online. The insurers will be paying the $6 million settlement over the course of three…

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Massive insurance fraud scam involves 33 people crashing cars

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In Santa Clara County auto insurers were scammed by a huge number of their policyholders. According to the Office of the District Attorney in Santa Clara County, there were 33 people involved in a tremendous insurance fraud scam, as they deliberately crashed older cars into each other in order to be able to file claims. The insurance companies were the victims of an alleged scam that had them paying for the deliberate crashes. The majority of the defendants were from San Jose. Each of them has now been charged with…

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California law aims to address ride-share auto insurance

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New law approved in California will have an impact on the ride-share market A new law in California will bring changes to the ride-share industry and how it makes use of auto insurance. Ride-share companies like Uber and Lyft have been at the heart of controversy concerning insurance coverage. These companies provide their drivers with coverage, but only when they are transporting a passenger, not when they are on the way to retrieve that passenger. As such, there may be significant coverage gaps that place drivers at risk  because they…

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Farmers offers new rideshare auto insurance policy in California

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Farmers has received approval to offer new insurance product in California Farmers Insurance Group has launched a new auto insurance product in California, with the approval of the state’s insurance regulators. Now, drivers that work for rideshare companies like Uber and Lyft will be able to obtain more coverage, protecting them from potential worst-case scenarios. The coverage is designed to address gaps in the coverage that these companies provide, though both Uber and Lyft claim that such gaps do not exist. Both companies have received some criticism for what is…

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Auto insurance limit increase sought in NJ for Lyft and Uber

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Rideshare companies and their coverage limits were the focus of a bill that has been discussed in New Jersey. Lawmakers in New Jersey have been discussing an auto insurance bill, this week, that has been focused on increasing the coverage limits that will be required of ridesharing services in the state, such as Lyft and Uber. At the start of the week, a spokesperson from Uber said that its reps would be present in order to testify. Those Uber representatives spoke before the New Jersey Senate Transportation Committee. The bill…

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