Tag: Allstate

Car Insurance Costs Explode in 2024 with an Overall Jaw-Dropping 26% Hike

H. Cutner
rising car insurance costs

Car Insurance Premiums Surge in 2024 Car insurance premiums skyrocketed by an average of 26% in 2024, pushing the national average cost for full coverage to a staggering $2,543 per year. This marks a significant rise from $2,014 in 2023 and $1,771 in 2022. Several factors contribute to this surge: The Bureau of Labor Statistics notes that while overall annual inflation was 3.2%, car insurance rates spiked 20.6%. States differ in rate increases, with New Jersey and Missouri seeing hikes of 45.69% and 44.16%, respectively. Florida and California remain among…

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Top Insurance Companies: Unpacking Auto Insurance Claims Criticisms

John B.
claims adjuster examining car

Top Performers in Auto Claims Handling Amica leads in auto insurance claims handling, securing the top spot in J.D. Power’s 2023 Auto Claims Satisfaction Study with 909 out of 1,000 points. Customers praise Amica for quick and efficient claims processing and excellent customer service. Erie Insurance ranks second with a score of 902. Customers highlight the insurer’s professionalism and fast claims process. Erie offers a unique benefit: Coverage for pets injured in accidents Up to $500 per pet $1,000 per accident State Farm stands out for its user-friendly online claims…

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Navigating the New Normal: Home Insurance Deductibles Doubled

Logan B.
insurance companies are raising homeowners' deductibles

In a significant shift that is reshaping the landscape for homeowners, many home insurance companies are raising homeowners’ deductibles from 1% to 2%. This move is prompting homeowners nationwide to reassess their policies and consider the financial implications of higher out-of-pocket expenses in the event of a claim. A Growing Trend in the Insurance Industry The trend of increasing deductibles is becoming more prevalent as insurers recalibrate their strategies to manage the rising costs associated with claims, particularly those related to natural disasters. According to John Cross, a Home Insurance…

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California Homeowners Face 34% Rate Hike as Allstate Follows State Farm’s Lead in Insurance Shakeup

Archie Walsh
California Homeowners insurance rates going up

LOS ANGELES: In a move that mirrors State Farm’s recent actions, Allstate is seeking a substantial increase in its California homeowners insurance premiums. First reported by the Los Angeles Times, Allstate aims to raise rates by an average of 34%, marking the largest rate hike in the state this year. If approved by the California Department of Insurance, this increase will impact over 350,000 policyholders. This latest development follows State Farm’s request for significant rate increases, including a 50% hike for renters and a 30% hike for homeowners. The six-largest…

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Allstate’s National General Accused of Forcing Unnecessary Insurance on 2 Million Cars

Logan B.
auto insurance lawsuit

The U.S. Department of Justice (DOJ) has filed a civil lawsuit against Allstate-owned National General, accusing the auto insurance brand of defrauding customers by force-placing unnecessary Collateral Protection Insurance (CPI) on vehicles financed by Wells Fargo. This lawsuit, filed in the U.S. District Court for the Western District of Pennsylvania, addresses fraudulent activities that allegedly occurred between October 2005 and September 2016. Allstate’s National General and The Forced Placed Insurance Allegations The DOJ claims that National General, which was acquired by Allstate in early 2021, imposed CPI on borrowers who…

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