Does usage-based car insurance require more oversight in the US?

Usage-based car insurance - man studying report

A report by the Consumer Federation of America calls for state regulators to keep closer tabs. The Consumer Federation of America has published a report strongly urging regulators across the United States to apply greater oversight to usage-based car insurance. These programs use telematics to measure policyholder driving habits and apply discounts for safe behaviors. The consumer advocacy group has been pushing state regulators to take this step with usage-based car insurance programs while adopting a number of other consumer protections. It sought to have those regulators apply greater scrutiny…

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Allstate announces its agreement for SafeAuto acquisition

SafeAuto acquisition - business deal - contract

The insurer’s subsidiary National General will be acquiring the low-cost auto insurance carrier. Allstate has announced that it has come to an agreement for a SafeAuto acquisition through its subsidiary, National General. This purchase will help Allstate to expand a spectrum of its capabilities and distribution. Through the SafeAuto acquisition, Allstate will add the auto insurer’s capabilities and distribution to its own offering, including its 24/7 customer contact centers at SafeAuto’s 1-800 number, as well as through its website. By bringing the low-cost auto insurer into National General, it will…

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California wildfires may need to be a way of life, say insurance officials

California wildfires - forest on fire

After 2020’s record-breaking fire season, officials warn that this may be an ongoing trend. California wildfires caused the destruction of over 10 million acres in 2020 according to a progress report from the U.S. Department of Agriculture outlining the resilience strategy. The progress report’s focus is on efforts to reduce fire fuel through forest thinning strategies. Details from the strategy show that federal efforts will be rising by “two to four times more” than the current levels for reducing destruction from the blazes. This plan was released by the Biden…

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Three more Florida property insurance companies cancel policies

Florida property insurance - damage from hurricane

Over 53,000 additional homeowners’ policies across the state are being cancelled due to hurricane claims. Three Florida property insurance companies have added their names to the list of insurers that have been cancelling policies in the state due to hurricane claims. Together, the three insurers will either cancel or not renew over 53,000 policies starting in June. These Florida property insurance cancellations are occurring just before the start of the 2021 hurricane season. Affected customers will be receiving a letter to advise them of the fact that their policies will…

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Unemployment fraud up 17,000 percent says Allstate Identity Protection

Unemployment fraud - man using computer - binary code - scam

AIP found that as the pandemic sent more Americans online, cybercriminals took advantage of the opportunity. Since the start of the COVID-19 pandemic, Americans used the internet more frequently and for more purposes than ever before, while cybercriminals took the chance to steal identities for unemployment fraud. The simple fact that people were using the internet so often and broadly opened many doors to criminals. According to Allstate Identity Protection (AIP) data, unemployment fraud took off by over 17,000 percent year over year, a staggering figure to say the least.…

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Study shows insurance shopping saved Americans 76%

Insurance shopping - Piggy Bank

A ValuePenguin.com survey showed that people who put in a few minutes of research notably saved. Many consumers who practice good insurance shopping habits ahead of purchasing a policy or before renewing an existing one know that rates aren’t the only factor worth considering. However, at the same time, a recent survey showed that American consumers who put in 15-30 minutes of time to compare policies were able to save money on their monthly premiums. These study findings suggest that there is a lot to be said about comparing rates…

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State Farm rates are headed higher for drivers shortly after reductions

State Farm rates- Person Driving

The auto insurance rates were recently cut but are now headed for an increase in some states. Shortly after State Farm rates were cut for motorists across the country, some auto insurance customers will now be seeing higher premiums on their monthly bills. Only months after the last decreases it issued for auto insurance, the insurer has received a hike approval. The increases were requested in certain states. For instance, Louisiana recent approved of the request for a State Farm rates increase. The insurer is now increasing its rates by…

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