Live Insurance News

Auto insurance rates calculations may be changing in Massachusetts

May 12, 2023May 11, 2023 Logan B.

Auto Insurance Rates - Calculations - Money

A new bill has been proposed in the state that will alter the way premiums are calculated for drivers. A newly proposed bill in Massachusetts has the potential to greatly change the way auto insurance rates are calculated, and the amount people will be paying for their coverage in the state. The Senate bill is aimed at changing highly influential components used to calculate premiums. Among the factors that are most defining to auto insurance rates in Massachusetts is a driver’s ZIP code. However, the bill in the Senate is…

What Are Insurance Loss Assessors and How Can They Help You?

April 12, 2023 Guest Author

Property damage can be a nightmare to deal with, especially when it comes to filing insurance claims. If you’ve ever had to navigate the complex and often confusing process of filing an insurance claim, you know how frustrating and time-consuming it can be. This is where insurance loss assessors come in. These are the experts who can help you get the compensation you deserve after experiencing damage to your home, property, or vehicle. In this article, we’ll dive into what insurance loss assessors do, how they can make the insurance…

State Farm aims to raise California auto insurance rates by $264 million

April 4, 2023April 3, 2023 Live Insurance News

The insurer is now catching up to other companies in raising their rates to pre-pandemic levels. Drivers in California who have been enjoying lower auto insurance rates than they were paying before the pandemic are likely to be losing that price advantage in the near future. The insurer will be returning the premiums it charges back up from the lows they hit after 2020. As motorists have stopped sheltering in place and are back on the roads, and the majority of people who had been working remotely are now headed…

Florida Senate attempts another bill to eliminate no-fault auto insurance system

March 21, 2023March 20, 2023 H. Cutner

No-fault auto insurance - People after car crash

The system has been plaguing the state and is blamed for keeping rates among the highest in the US. The Florida Senate recently introduced a new bill in an attempt once again to take down the no-fault auto insurance system in the state. The required coverage means that drivers must use their own policy when accident claims are made. In addition to the mandatory no-fault auto insurance coverage, drivers must also carry a minimum of $10,000 in personal injury protection coverage. Though the system was developed to help eliminate a…

Wells Fargo agrees to $3M shareholder settlement over unnecessary auto insurance sales

February 13, 2023February 10, 2023 H. Cutner

The bank agreed to settle a lawsuit from shareholders claiming the bank pushed car loan customers to buy. Wells Fargo & Co. has agreed to a $300 million settlement in order to settle a lawsuit from shareholders, accusing the bank of having pushed unnecessary auto insurance on loan customers, according to recently filed US court documents. The class action suit was launched by the Construction Laborers Pension Trust for Southern California. The auto insurance suit led to a class action brought on behalf of investors. The Construction Laborers Pension Trust…

Auto insurance rates aren’t likely to drop with inflation

February 8, 2023February 9, 2023 G. Turner

Even as rates have started dropping, it is unlikely that drivers will see their premiums easing. Though drivers might be inclined to believe that as inflation starts to fall, auto insurance rates aren’t likely to get any cheaper. In fact, premiums are expected to rise, and in some areas, they’ll be increasing by quite a bit. The average cost of full coverage is $2,014 in the United States, which is 14 percent higher than last year. According to the True Cost of Auto Insurance Report by Bankrate, the average cost…

Agents promise auto insurance is available to Kia and Hyundai owners

February 3, 2023February 3, 2023 G. Turner

Even as some insurers refuse to cover the vehicles in various parts of the country, policies still exist. As was reported last week on Live Insurance News, State Farm and Progressive have announced that they are no longer selling auto insurance to certain models of Kia and Hyundai cars in various cities in the United States because the vehicles are too easy to steal. That said, agents in those regions are promising owners of those models that policies are still available. Kia and Hyundai owners afraid of losing their coverage…