Tag: proposition 103

Allstate Changes Down Payment After Insurance Settlement

Logan B.
allstate downpayment reinstated

Allstate, the insurance giant based in Northbrook, Illinois, has made a significant change to its down payment policy for new auto insurance policies. The move comes after a settlement with the California Department of Insurance regarding the insurer’s rate increase application. The Former Down Payment Restriction In July 2022, Allstate began requiring consumers to pay a 50% down payment on new auto policies. This policy represented a substantial upfront cost for consumers, given that the average annual cost for car insurance in California ranges from $1,500 to $1,999, according to…

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Discount initiative for car insurance moves onward to November ballot

H. Cutner

When voters in California head to the ballot in November, they will also face the issue of a discount initiative for auto insurance, called the 2012 Automobile Insurance Discount Act, which was over 99 percent funded by the chairman of Mercury Insurance. The initial sponsorship for the proposal was from the American Agents Alliance, a trade group. This initiative would allow motorists who change their insurers to obtain a discount if they have already had insurance on their vehicles. The proposal had received nearly 505,000 signatures (a random sample of…

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Mercury’s controversial Prop 17 finds its way back to the Californian ballot

Marc

Mercury Insurance’s controversial Proposition 17 has been resurrected and made its way to California’s November ballot. The proposition received funding from George Joseph, the billionaire chairman of the insurance company. The money was enough to bring the proposition back to life after it had been struck down by voters in 2010. Now, voters will have another opportunity to weigh in on the proposition, but there may be no guarantee that their efforts will put an end to the insurer’s plans for good. The proposition aims to make changes to Proposition…

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Consumer Watchdog chastises California’s Mercury Insurance for supposed illegal practices

S.Vagus

Mercury is looking to raise its auto insurance rates by $89 million in California, a move that consumer advocates are calling “illegal.” Consumer Watchdog, a group concerned with making the California insurance industry more consumer friendly, claims that the insurer is looking to pass a new law that would allow it to raise rates for good drivers that have, simply, not driven for a period of time for any reason. Mercury Chairman George Joseph claims that the legislation the company is backing would save policyholders money, but Consumer Watchdog calls such…

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