Tag: car insurance rates

Car insurance savings from pandemic likely to disappear and rates may rise

Marc
Car insurance savings - parked car

Many insurers are likely to begin requesting rate increases, particularly in states such as Florida. Millions of drivers across the United States have been benefiting from car insurance savings in different forms since the start of the pandemic crisis. Some insurers issued refunds, while others provided rebates and yet others lowered their rates. That said, it appears that rates may be returning to normal and some may even be increasing. A recent ABC Action News report pointed to at least one major insurer that would be seeking to raise auto…

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State Farm Ohio auto insurance rates to see 14.3 percent reduction

H. Cutner
Ohio auto insurance rates - cars on road

Drivers in the state will be saving a total of $174.1 million per year from the decreased premiums. State Farm recently announced that it plans to implement another Ohio auto insurance rates reduction. It will slash premiums by an average of 14.3 percent, according to the statement issued on July 29. The impact of the COVID-19 pandemic was cited as the reason for the premiums cut. According to State Farm Insurance, “Driving behaviors across the country continue to evolve during the COVID-19 pandemic. Based on current trends, State Farm is…

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Michigan auto insurance is unaffordable to 97 percent of ZIP codes, says UM study

Nordstrom
Michigan auto insurance - Car Crash

Nearly every ZIP code has car insurance premiums greater than 2 percent of household income. Michigan auto insurance rates are too high to be considered affordable to people living in 97 percent of the ZIP codes across the state, says a new University of Michigan study. The research was conducted by Poverty Solutions, the university’s campus-wide think tank. The study determined that the cost of auto insurance represented too much of a household’s income. What the researchers found was that in 97 percent of the ZIP codes across the state,…

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Nevada car insurance premiums will rise for 1 in 3 drivers

Logan B.
Nevada Car Insurance - Premiums to rise

About 600,000 motorists across the state will be watching their rates rise in the near future. Around one in every three state residents will be affected by the Nevada car insurance rate hikes coming soon. About 600,000 drivers will see a considerable 9 percent spike to their auto policy premiums this summer. The state will be raising the minimum amount of bodily injury and property damage coverage. As a result, Nevada car insurance rates will also be rising in order to reflect the higher coverage. This will become effective as…

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Car insurance rates and clothing prices affect inflation

H. Cutner
clothes car insurance rates

These consumer prices are having a direct impact on the rate of inflation, say economists and analysts. According to recently released American economic data, car insurance rates and clothing prices are impacting the rate of inflation. Not including energy and food, U.S. consumer prices increased by 0.3 percent in January. Food and energy were left out due to their volatility. That most recent price jump represented the fastest monthly increased experienced in a year. The consumer price spike will likely only worsen concerns regarding the financial markets. According to the…

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