The whole concept behind purchasing insurance, whether it be automobile, house, or health coverage, is to have a safety net when disaster strikes. But this kind of safety net can be incredibly expensive even in the best of circumstances, and this means that it may often be out of reach for lower-income workers and their families, as well as for large families with several dependents to provide for. If you need to buy insurance and you also happen to be a member of a wholesale club like Costco, Sam’s, or…
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Auto insurance news concerning consumer tips, company updates and insurance law updates.
Michigan auto insurance $400 refunds will arrive by May 9
Governor Gretchen Whitmer announced that drivers in the state will receive the money by spring. The much-awaited Michigan auto insurance refunds will be headed to driver mailboxes before May 9, according to a recent announcement from Governor Gretchen Whitmer and the Department of Insurance and Financial Services (DIFS). The refund checks for $400 will be headed to motorist mailboxes by this spring. The Michigan auto insurance checks will be issued by the Michigan Catastrophic Claims Association (MCCA). Whitmer and the DIFS chose February 1, National Auto Insurance Day, to issue…
Read MoreNew Jersey auto insurance companies prepare for lawsuit influx
Only days after the new bill was signed in the state, a major insurer was already facing two bad faith lawsuits. After having been signed only a handful of days, a New Jersey statute allowing consumers to file lawsuits accusing auto insurance companies of bad faith had already resulted in one major insurer facing two of those suits. The newly signed bill is expected to greatly alter the shape of the personal injury ecosystem in NJ. According to lawyers representing vehicle accident victims, the new law in New Jersey makes…
Read MoreTypes of Car Insurance Coverage in the U.S.
Car insurance plans, unlike health insurance, consist of various categories of coverage, each of which has a unique set of fees and benefits. Because drivers can typically choose different coverage amounts for various elements, it’s crucial to understand which types of insurance are appropriate for you. Types of Insurance Coverage 101 Before diving in and selecting an insurance coverage plan, you have to ask yourself some questions: How can you know which option to go for? Is it a legal requirement in your state to have coverage? Is there a…
Read MoreGEICO Executive Chair Tony Nicely retiring at the end of 2021
The announcement was made that he would be stepping down at the end of the year after a 60-year career. GEICO Executive Chair Tony Nicely has announced his retirement and that he will be stepping down from his position at the end of the year following his 60-year career in the industry. Before taking his current position with the insurance company, Nicely had been chair and CEO for 25 years. Under Nicely as CEO, chair and GEICO executive chair, the insurance company experienced its most powerful growth period, becoming one…
Read MoreWill decorating your car for Christmas invalidate your auto insurance?
Will adding lights, antlers or dangling decorations mean your coverage isn’t what it should be? Many of us absolutely love to decorate everything we touch as the holidays progress, but it’s important to understand your auto insurance coverage before you get too festive in your car. Just because you’ve seen other people adding twinkly lights to their car, it doesn’t mean you should. Every year when we head out on the road at this time, there are more cars lit up and reindeer antlers and Rudolph noses on SUVs. Companies…
Read MoreAllstate hikes auto insurance rates as it leans on telematics
The insurer has announced that drivers “just about everywhere” will be paying more for coverage. Allstate has announced that it is increasing its auto insurance rates “just about everywhere” while it adjusted its focus on boosting returns in the car policy market following a drop in its net income during Q3 2021. The insurer shared this information during a recent earnings conference call with analysts. The fall in Allstate’s underwriting income was associated with higher loss costs from settling car claims, said company officials. Now, Allstate has raised its auto…
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