Live Insurance News

Texas Class Action Lawsuit Accuses GEICO of Failing to Honor Accident Forgiveness Program

March 5, 2025March 4, 2025 Tate Ellison

A class action lawsuit has been filed against GEICO in Texas, claiming the insurance giant misrepresented its Accident Forgiveness program, resulting in significant financial hardships for some policyholders. The lawsuit, brought by Texas resident Christopher Cude on February 25, alleges that GEICO raised his auto insurance premium by over 91% following a minor, first at-fault accident involving his wife. According to court documents, Cude’s premium increased from $1,358 to $2,664 upon policy renewal, despite the fact that his policy included Accident Forgiveness, which GEICO promotes as a safeguard against rate…

Why Louisiana Is One of the Most Expensive States for Insurance

January 24, 2025January 24, 2025 Live Insurance News

Louisiana - the Most Expensive States for Insurance

Legislative Efforts in 2024 Signal Progress, but Challenges Remain Louisiana’s insurance market has long been fraught with challenges, and while legislative reforms in 2024 represented a step toward stabilizing the market, deeper systemic issues still require attention. According to the Insurance Information Institute’s (Triple-I) recent report, Trends and Insights: Louisiana Insurance Market, residents continue to face some of the highest auto and homeowners insurance costs in the nation. Triple-I’s findings revealed striking numbers that underscore this affordability crisis. For auto insurance, the average annual expenditure in Louisiana stood at $1,588…

Texas Slaps Allstate Owned Arity with Privacy Violation Notice

December 19, 2024December 21, 2024 Angela Linders

Texas Attorney General Accuses Arity of Violating Data Privacy Laws Texas Attorney General Ken Paxton has issued a notice of violation to Arity, a data broker owned by Allstate, for allegedly failing to comply with the Texas Data Privacy and Security Act (TDPSA). The notice, sent on November 29 and later made public, accuses Arity of failing to clearly notify consumers about the types of data it gathers and processes. It also claims the company sold sensitive data without user consent, raising concerns about privacy and ethical use of personal…

Can Allstate Balance Growth and Risk in Today’s Unpredictable Insurance Landscape?

November 27, 2024November 27, 2024 Logan B.

Allstate Corp. (NYSE:ALL): Facing Challenges and Opportunities in Insurance Allstate Corp., one of the largest insurance companies in North America, is navigating a mix of opportunities and challenges in today’s evolving market. Valued at roughly $53.88 billion as of late 2024, the company has spent the last five years shifting its focus to better connect with customers, particularly through its direct-to-consumer (D2C) offerings. Recent earnings reports show that Allstate is performing well in some areas, with profits coming in higher than expected. However, these successes have been overshadowed by large…

How Rising Insurance Rates Are Squeezing California Homebuyers

October 31, 2024October 31, 2024 Tate Ellison

California’s Home Insurance Challenges: A Growing Concern In recent years, the California real estate market has faced increasing challenges, with one of the most pressing issues being the difficulty in securing home insurance. According to a recent survey by the California Association of Realtors (CAR), the problem has intensified, impacting home sales and affecting both buyers and sellers across the state. Escrow Hurdles and Home Sales Impact The CAR survey, which included nearly 3,000 Realtors, highlighted that 13% experienced a home sale falling through due to the buyer’s inability to…

The Alarming Rise of Hyundai and Kia Theft Rates in the United States

September 23, 2024September 22, 2024 G. Turner

In 2023, Hyundai and Kia vehicles have become disproportionately popular targets for car thieves. During the first half of the year, these vehicles were stolen at a concerning rate of 11.2 per 1,000 insured vehicles, significantly surpassing the 1.6 per 1,000 theft rates for other brands. The Hyundai Elantra, Hyundai Sonata, and Kia Optima emerged as the top three most stolen vehicles, underscoring a troubling trend for the owners of these models. Why Are Hyundai and Kia Cars Targets? The surge in theft can be attributed to certain vulnerabilities in…

Catalytic Converter Theft Drops by 74%: State Farm Insights

September 12, 2024September 12, 2024 Loreen

Auto insurance claims - catalytic converter - hands

A Significant Decline in Catalytic Converter Thefts Brings Relief to Car Owners In a remarkable turnaround, catalytic converter thefts in the United States have seen a substantial decline in the first half of 2024. State Farm, the nation’s leading auto insurer, reports a 74% drop in catalytic converter theft claims compared to the same period in 2023. This is a welcome relief for car owners and insurance holders who have been grappling with rising theft incidents over the past few years. Understanding the Impact Catalytic converter thefts have been a…