Allstate CEO Tom Wilson says ridesharing will upend the auto insurance industry

Allstate CEO - car insurance

Ride hailing and car sharing programs have changed transportation and are now changing coverage. Allstate CEO Tom Wilson explained that the auto insurance industry should expect some substantial changes due to ridesharing companies. These services have altered the way that vehicles are used so that they are no longer defined by auto products. The interview was reported from CES 2019 by a Cheddar article. In it, the Allstate CEO underscored the change ride hailing and car sharing services have made to personal transportation. That said, traditional auto insurance products don’t…

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Lawsuit accuses Wells Fargo of having known of auto insurance program flaws

Auto insurance program - Law Case Books - Lawsuit

A class action lawsuit asserts that the bank’s executives were warned about the problems. A class action lawsuit now accuses Wells Fargo executives of having been warned several years ago that the auto insurance program could have been overcharging car loan customers. A judge released this complaint earlier this week, at a time when Wells Fargo faces legal sanctions. The bank is in the midst of dealing with legal sanctions applied against it after it forcibly enrolled approximately two million of its customers in a special auto insurance program. This…

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Detroit Mayor Duggan files no-fault auto insurance rate lawsuit against Michigan

No-Fault Auto Insurance - Law Books - Lawsuit

The popular local politician is looking to the courts in an attempt to lower skyrocketing premiums. Detroit Mayor Mike Duggan has sued the state of Michigan over no-fault auto insurance rates. The lawsuit is part of an ongoing strategy to try to reduce the premiums paid by drivers in his city and across the state. The state has previously tried and failed to overhaul its extremely costly car insurance system. At the moment, the Michigan no-fault auto insurance system is keeping rates higher for drivers in the state than anywhere…

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Nevada drivers now have new auto insurance liability requirements

Auto insurance liability - Driver

Motorists whose existing policies do not meet these new levels will need to purchase new coverage. Nevada drivers will need to make sure they meet the new auto insurance liability requirements in the state. They have until July 1 to purchase coverage with limits of at least 25/50/20. Some policies will already provide the minimum coverage but drivers are encouraged to check. It has been a long time since drivers in Nevada have had to change their auto insurance liability coverage. For many decades, the minimum requirement had been $15,000…

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Unfair insurance practices earn Wells Fargo a $1 billion fine

Mutual of Omaha - lawsuit

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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Self driving cars receiving technology upgrade to reduce winter auto insurance claims

winter driving self driving cars

The driverless vehicles are being designed to be able to make their way safely along snowy roads. While self driving cars may be the direction the industry will be taking in the future, winter storms and snowy roads continue to be as much of a threat of auto insurance claims for those cars as the ones driven by people. Driverless vehicles currently operate best in cities with clearly marked streets and lanes. Though self driving cars have been performing quite well in their testing phases, they have been developed for…

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Michigan auto insurance headed even higher with no-fault fee hike

michigan auto insurance rates

Drivers in the state are already paying some of the highest premiums in the country and that price is rising. Michigan auto insurance is going to be even more expensive as the no-fault fee increases this summer. Drivers in the state will be paying $10 more to insure their vehicles. The purpose of the no-fault law in Michigan is to make sure that people involved in a collision will have coverage for catastrophic injuries no matter who is at fault. The no-fault law in the state says that a person…

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