Allstate’s Partial Auto Rate Increase Approval and Its Impact Allstate Insurance, a titan in the auto insurance industry, has recently been thrown into a strategic conundrum. After receiving approval for lower-than-requested rate hikes in both New York and New Jersey, the company is now reconsidering its presence in these states. Despite lobbying for a 29% rate increase in New Jersey and an 18.3% hike in New York, regulatory authorities only concurred to rate increases of just under 17% and 14.6%, respectively. This partial approval has led Allstate to question its…
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Home insurance rates are consuming more of Americans’ incomes
Auto premiums are also eating into a larger portion of the typical US budget as well. Millions of Americans have been shopping around for better auto and home insurance rates as these monthly expenses continue to consume a larger portion of their budgets in an increasingly expensive world. The challenge is to find the coverage they need without having to sacrifice protection from their policies. Though inflation appears to be slowing down in a number of important categories, providing welcome ease to the rising strain on families doing everything they…
Read MoreAuto insurance rates in North Carolina may be on their way up
The latest proposal in the state would change the way that the premiums are regulated. A newly proposed change to North Carolina law would make a dramatic change to the way that the state regulates its auto insurance rates, which some are concerned would mean that the premiums will soon be on the rise. At the moment, North Carolina is the only state where a rate bureau caps the rates that can be charged. However, a number of bills have been proposed which would give auto insurance companies the ability…
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