Live Insurance News

Florida Senate attempts another bill to eliminate no-fault auto insurance system

March 21, 2023March 20, 2023 H. Cutner

No-fault auto insurance - People after car crash

The system has been plaguing the state and is blamed for keeping rates among the highest in the US. The Florida Senate recently introduced a new bill in an attempt once again to take down the no-fault auto insurance system in the state. The required coverage means that drivers must use their own policy when accident claims are made. In addition to the mandatory no-fault auto insurance coverage, drivers must also carry a minimum of $10,000 in personal injury protection coverage. Though the system was developed to help eliminate a…

Consumers are shopping for better auto insurance rates more than ever before

March 13, 2023March 10, 2023 H. Cutner

Auto insurance - Shopping for car insurance

A new JD Power study showed that comparison shopping has reached an all-time high among consumers. More than ever before, consumers have been comparison shopping for better auto insurance rates, according to a new JD Power report. The report showed that over 40 percent of drivers had experienced an increase in cost after using telematics. The report also indicated that some drivers are finding that there are fewer new rates available to them than they expected. Consumers hit by rising auto insurance rates have been searching for cheaper alternatives more…

Florida motorists now pay the most for their auto insurance

February 15, 2023February 14, 2023 Marc

Though Michigan had been the most expensive state for coverage, Florida drivers now shell out more. Drivers in Florida have a new reason to groan over the cost of vehicle ownership in the state, as the cost of auto insurance there is now more expensive than anywhere else in the country. Everything from the price of gas to the cost of vehicle repairs is on the rise, and so is coverage. The cost of auto insurance is increasing across the United States. Florida certainly isn’t alone in that. What has…

Wells Fargo agrees to $3M shareholder settlement over unnecessary auto insurance sales

February 13, 2023February 10, 2023 H. Cutner

The bank agreed to settle a lawsuit from shareholders claiming the bank pushed car loan customers to buy. Wells Fargo & Co. has agreed to a $300 million settlement in order to settle a lawsuit from shareholders, accusing the bank of having pushed unnecessary auto insurance on loan customers, according to recently filed US court documents. The class action suit was launched by the Construction Laborers Pension Trust for Southern California. The auto insurance suit led to a class action brought on behalf of investors. The Construction Laborers Pension Trust…

Tesla Insurance prepares to launch in Europe

February 10, 2023February 8, 2023 Logan B.

Tesla insurance - Tesla car charging - Map of Europe

The electric car company is continuing to grow its coverage as it starts focusing on European drivers. Tesla insurance has been continuing its work to expand into the coverage market for its electric cars, taking aim at the European market in its latest moves. The automaker started setting up a European branch in Malta in December 2020 but hadn’t started selling. Even though the European Tesla insurance branch has been in existence since that time, it hadn’t yet started to offer any products or services to European motorists. However, it…

Auto insurance rates aren’t likely to drop with inflation

February 8, 2023February 9, 2023 G. Turner

Even as rates have started dropping, it is unlikely that drivers will see their premiums easing. Though drivers might be inclined to believe that as inflation starts to fall, auto insurance rates aren’t likely to get any cheaper. In fact, premiums are expected to rise, and in some areas, they’ll be increasing by quite a bit. The average cost of full coverage is $2,014 in the United States, which is 14 percent higher than last year. According to the True Cost of Auto Insurance Report by Bankrate, the average cost…

Agents promise auto insurance is available to Kia and Hyundai owners

February 3, 2023February 3, 2023 G. Turner

Even as some insurers refuse to cover the vehicles in various parts of the country, policies still exist. As was reported last week on Live Insurance News, State Farm and Progressive have announced that they are no longer selling auto insurance to certain models of Kia and Hyundai cars in various cities in the United States because the vehicles are too easy to steal. That said, agents in those regions are promising owners of those models that policies are still available. Kia and Hyundai owners afraid of losing their coverage…