Auto insurance premiums to climb by double digits again in 2023

Auto insurance premiums - Cost of car insurance going up 2023
Some Oregon home policy rates to ri...
➡️ WATCH TOP INSURANCE NEWS STORIES IN: ENGLISH & SPANISH

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…

Read More

Geico faces California car insurance class action lawsuit

California car insurance - class action lawsuit

The insurer has been accused of overcharging its policyholders early in the COVID-19 pandemic. A federal judge recently decided that a California car insurance lawsuit accusing Geico of having overcharged over 2 million drivers in the state on their premiums early in the pandemic can proceed as a class action. The judge rejected the insurer’s arguments that the lawsuit would lead to “insurmountable manageability problems”. US District Judge Beth Labson Freeman of San Jose rejected Geico’s assertions that a group California car insurance lawsuit regarding the unsatisfactory nature of the…

Read More

California agents seek an end to the auto insurance rate moratorium

Auto insurance - Woman and Man with arms crossed

A group representing the agents says it is having a negative impact in the state. A California auto insurance group has become quite vocal about their opinion against Commissioner Lara’s recent rate moratorium. According to the agents, the commissioner’s moratorium is negatively impacting state consumers. The American Agents Alliance has stated that they are opposed to Lara’s auto insurance rate moratorium in California. The alliance is based in Sacramento, California, and is an association of professionals in the insurance industry. “Commissioner Lara’s Rate Moratorium and his refusal to process automobile…

Read More

The largest auto insurance company in the world is this insurer

Auto insurance company - Progressive - Vehicle

In the rivalry between Progressive and State Farm, there is a clear leader based on GDWP. When it comes to the largest auto insurance company, there are many ways to measure leadership, but it’s clear to most people that the biggest insurer is either Progressive or State Farm. Based on gross direct written premiums, it appears that there was a change in the top spot. Gross direct written premiums (GDWP) for global auto insurance companies last year rose to about $822.5 billion. That year, Progressive managed to overtake State Farm…

Read More

Consumers shopping around for better auto insurance prices

Auto insurance - Blue car

A new JD Power report shows increasing interest in usage-based policies and telematics. A rising number of consumers have been shopping around to find better prices for their auto insurance as inflation and gas prices send the cost of living skyward, says a new JD Power report. Increased costs have led many drivers to find new way to save money on their coverage. The JD Power research showed that higher gas prices and cost issues related to inflation have been sending drivers to compare rates from different auto insurance companies…

Read More

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

Auto insurance - Michigan Sign

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…

Read More

Tennessee parents issued tips for auto insurance as teen drivers return to school

Auto Insurance - Teen holding keys in car

The TDCI has published a list of guidance to help parents navigate the industry for their kids. The Tennessee Department of Commerce and Insurance (TDCI) has published a list of helpful auto insurance tips to help parents shopping on behalf of their teen driver kids during back-to-school season. The goal is to ensure that the right back-to-school coverage will be found at the best price. “As the parent of three young children, I know the back-to-school season can be hectic for students, parents, and educators alike,” said Carter Lawrence, TDCI…

Read More