Live Insurance News

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…

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…

Auto insurance premiums to climb by double digits again in 2023

November 14, 2022July 5, 2023 Marc

Auto insurance premiums - Cost of car insurance going up 2023

The cost of insuring a vehicle in the United States is rapidly rising due to several factors. If there’s anything Americans are getting used to seeing at the moment, it’s increases in their auto insurance premiums. Looking back at the trends from 2022 and looking forward to what is expected in 2023 has meant considerably higher costs associated with insuring a new or used vehicle. This year has seen the largest rate increases recorded in the United States since 2019. As was recently reported by Live Insurance News, there have…

Americans are paying more for auto insurance, but millions are underinsured

September 26, 2022September 22, 2022 H. Cutner

Despite how much people are already paying for coverage, it might not be enough if the worst happens. Inflation, among several other factors, has caused auto insurance premiums to climb, this year in particular, but according to experts, millions of drivers still don’t have enough coverage. Despite how much millions of people are paying for their policies, they don’t have the coverage they need. Car insurers have been raising premiums because the cost of paying out claims is higher due to inflation. That said, when it comes to drivers, they…

Michigan falls to 4th place among states with most expensive auto insurance

August 30, 2022August 29, 2022 H. Cutner

The state held the most expensive spot for years and is now falling in the ranks toward affordability. Michigan has fallen to fourth place in the ranking of states with the most expensive auto insurance in the country, according to a report newly released by Insure.com. The report is released annually and provides an examination of car coverage rates. Fourth place is a considerable improvement for Michigan, which long held onto the most expensive spot in the US. This change in rank shows that there are now three states that…

“Regular use” auto insurance exclusion to face Pennsylvania Supreme Court

July 28, 2022July 27, 2022 Nordstrom

Auto insurance exclusion - Person driving vehicle

The court agreed to consider a case that would add limitations to its use in car policies. Pennsylvania’s Supreme Court has agreed to the consideration of a case that would restrict the use of the “regular use” auto insurance exclusion. The reason is that the policy rule may be in violation of the motor vehicle financial responsibility law. This consideration of the case would be a review of a ruling made by a Superior Court, in which it determined that the regular use auto insurance exclusion is in violation of…

Does your auto policy include bodily injury liability insurance?

July 13, 2022July 12, 2022 G. Turner

Bodily injury liability insurance - liability insurance form

Standard auto policies contain this coverage in all but two states, but many consumers aren’t aware of it. Bodily injury liability insurance is a specific type of coverage within an auto policy that covers the medical expenses of others if the policyholder is found to be at fault in a crash. This coverage also provides coverage for additional costs such as legal fees in case of a lawsuit. The bodily injury liability insurance coverage of an auto policy is what covers the loss of income suffered by an injured person…