Allstate Insurance reports an excellent bump in Q4 2020

Allstate auto underwriting - hand holding money

The insurer’s positive outcomes were linked with solid results and positive investment returns. As a result, Allstate Insurance, the industry leader has had a very strong in Q4 2020 which showed a rise in its income, lowered underwriting costs and strong investment returns during that quarter. The company announced that their net income had increased by 52 percent year over year. The revenues for the quarter came to $2.6 billion when compared to the equivalent quarter in 2019, when the net income for the company was $1.7 billion. In the…

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Progressive Insurance Snapshot program may make it easier to lower auto premiums

progressive insurance news

The insurer is temporarily tweaking the rules of its UBI to better serve policyholders during the pandemic. The Progressive Insurance Snapshot program is being temporarily altered as a part of a strategy to make it easier to reduce a customer’s premiums throughout the COVID-19 pandemic. This usage based insurance program was designed to help good driving habits to be reflected in premiums. The Progressive Insurance Snapshot program uses either a mobile app or a device installed in the vehicle to track a policyholder’s driving behaviors. It detects occurrences such as…

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Allstate auto insurance market share tanking at fastest pace in 20 years

Allstate auto insurance market share - down arrow

This slip has occurred despite the priority the insurer has placed on growth and gains in this category. Top priority was given to the Allstate auto insurance market share last year, but despite its efforts, 2020 caused the company to see sizable growth rate reductions. In fact, the insurer saw the lowest policy renewal rates it has experienced since at least 2001. One of the factors having the hardest impact on the Allstate auto insurance market share last year was the sudden price competition driven by the 2020 COVID-19 pandemic…

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What You Need To Know About Car Insurance Fraud

car insurance fraud and how to avoid it

While you may typically think of car insurance as a way to protect you in case of an accident, others may look at car insurance as a way to make money off of others. Car insurance fraud occurs when someone purposely tries to gain money or benefits that they know they are not eligible to receive.  Even if you do not participate in car insurance fraud, you can still be a victim of someone who does. By understanding these facts about car insurance fraud, you will be able to protect…

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State Farm auto insurance rates rise as Allstate reins them in

State Farm auto insurance rates - Person with car key

The Bloomington-based insurer is raising premiums for drivers in at least 5 major states. State Farm auto insurance rates will be on the increase as the insurer begins to withdraw some of the considerable price cuts it put into place last summer. The insurance company slashed premiums for drivers during the pandemic to reflect reduced driving. In fact, the decreased State Farm auto insurance rates were the first among the major vehicle insurers to make the nationwide cuts. The company reduced premiums by an average of 11 percent across the…

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AAA offers car insurance policyholders another $90 million in coronavirus financial relief

Coronavirus financial relief - mask and money

Members with coverage through this insurer last year will be receiving an additional refund. AAA has announced that members who had auto insurance in effect from October 1, 2020 through December 31, 2020 will be receiving additional coronavirus financial relief. These policyholders will receive a 10 percent policy refund for the length of that coverage period. The coronavirus financial relief is being issued to AAA members whose vehicles are covered through the Interinsurance Exchange of the Automobile Club as well as its affiliate insurers. The company’s total refund to all…

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Understanding the Cost Of Insurance: Trike Versus Standard Two-wheel Motorcycle

Auto insurance credits - person riding motorcycle

There is little that can compare to the feeling of freedom you get when on your motorcycle. The road winds ahead, a series of curves to be negotiated and mastered. Stress and issues disappear as you merge yourself with your machine and disappear into the horizon. But, there is a set procedure that needs to be followed in order to get a motorcycle license. Some people choose to skip this and, because they already have a car license, opt for a trike instead.  Once you’ve decided which type of machine…

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