Tag: auto insurance premiums

Car insurance rates and clothing prices affect inflation

H. Cutner
clothes car insurance rates

These consumer prices are having a direct impact on the rate of inflation, say economists and analysts. According to recently released American economic data, car insurance rates and clothing prices are impacting the rate of inflation. Not including energy and food, U.S. consumer prices increased by 0.3 percent in January. Food and energy were left out due to their volatility. That most recent price jump represented the fastest monthly increased experienced in a year. The consumer price spike will likely only worsen concerns regarding the financial markets. According to the…

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New federal insurance bill would require racial disparity study in premiums calculations

Logan B.
driver auto pickup truck federal insurance bill

Congressman from California cites ProPublica and consumer reports auto coverage industry analysis. U.S. Rep. Mark Takano (D-CA) introduced a federal insurance bill last week which requires authorities across the country to take a closer look at auto insurance premiums calculations. The bill cites an April 2017 article co-published between Consumer Reports and ProPublica pointing to racial disparities. The auto insurance racial disparity legislation boasted six Democratic co-sponsors. The federal insurance bill was created partially as a reproach to the Trump administration when it sought to alter the Treasury Department’s Federal…

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Wells Fargo auto insurance product scandal will now lead to $130 million in payments

G. Turner
Frustrated Auto insurance product Wells Fargo

The financial giant released a securities filing at the end of last week with its updated estimates. The Wells Fargo auto insurance product scandal has received a fresh update as the bank updated its payment estimates in a recent securities filing. The document revealed the financial giant’s intentions to pay a total estimated $130 million to affected customers. That new figure represents an amount that is $50 million greater than previous estimates it released. The auto insurance product in question has since been discontinued. The premiums associated with its coverage…

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Despite EU auto insurance rates regulations, male drivers still pay more

Nordstrom
EU auto insurance rates stress men male driver

Men are still paying an average of 25 percent more than women, half a decade after the ruling’s implementation New EU auto insurance rates data revealed that men are consistently paying more for their policies than women. This, despite the fact that the European Union introduced a rule to stop gender price discrimination five years ago. The gender directive was meant to stop insurance companies from automatically charging women better premiums. The EU auto insurance rates regulations had been meant to stop the common practice which was costing men hundreds…

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Are Michigan auto insurance companies illegally charging widows and widowers more?

H. Cutner
michigan auto insurance rates

A group defending the state’s coverage system says it has found instances of insurers breaking the law. A group defending the Michigan auto insurance system said it has found cases in which insurers have illegally targeted women and widows for higher premiums. If this is true, those insurers are in direct violation of state laws prohibiting the use of gender and marital status for rate calculations. Coalition Protecting Auto No-Fault found at least three auto insurance companies breaking that law. The group says that this places the spotlight on potential…

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Wells Fargo insurance scheme brings lawsuit from customers

Logan B.
lawsuit Usher’s insurance broker company

Borrowers forcibly made to purchase auto coverage they didn’t need are suing the bank for scamming them. Wells Fargo & Co has been accused of running an insurance scheme, as was reported yesterday by Live Insurance News, and now affected customers are filing a lawsuit against the bank. Customers allege the bank forced them to pay for auto insurance they didn’t need and that caused financial hardship. In yesterday’s article, it was pointed out that the insurance scheme caused many customers to face expenses they couldn’t afford. This led several…

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Georgia auto insurance rates are headed through the roof yet again

Nordstrom
georgia auto insurance news

For the third consecutive year, Georgian drivers will face higher premiums for their coverage. Georgia auto insurance rates are headed skyward once again, making this the third year in a row drivers in the state are paying more. This also makes it the third straight year that Georgia drivers have faced the highest insurance rate increases in the country. For many drivers, this situation has become frustrating but is no longer considered to be surprising. Last year, Georgia auto insurance rates saw the highest increase in personal lines among all…

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