Live Insurance News

Auto insurance rates are strikingly higher in some states than others

August 24, 2016August 22, 2016 Logan B.

A new study has revealed a major difference in premiums and Alabama drivers continue to pay more. Quadrant Information Services and insuranceQuotes.com have jointly released an auto insurance rates study. Within it, they named Alabama as the fourth most expensive state for drivers to be insured. The research examined some of the factors that play a role in making this coverage more expensive. What was found was that Alabama drivers pay more in auto insurance rates because of state regulations. Insurance companies in the state are permitted to use driving…

California approves new auto insurance products for TNC industry

January 26, 2016January 24, 2016 Marc

New insurance products will be available for TNC drivers California officials have approved new auto insurance products that will affect the Transportation Network Company (TNC) space. Companies like Uber and Lyft have had a major impact on the insurance space, largely due to concerns that these companies are not providing adequate coverage for their drivers. Insurers are beginning to take note of the rising popularity of TNC and, in order to mitigate risks, have begun offering new insurance policies. State Farm is among these companies. State Farm is among several…

New auto insurance policy designed for drive-share companies approved in California

October 16, 2015October 14, 2015 Marc

State Insurance Commissioner approves new auto insurance policy for drivers California Insurance Commissioner Dave Jones has approved the state’s first official auto insurance policy designed specifically for Lyft and Uber drivers. The policy has been formed to address the problems associated with drive-share companies and the insurance coverage that they offer to their drivers. The insurance policy is coming from MetLife Auto & Home. The policy will provide individual coverage for Uber and Lyft workers, providing them with the protection they have may have been lacking in the past. Coverage…

Electric vehicles also come with higher auto insurance premiums

October 7, 2015February 27, 2021 S.Vagus

electric vehicles insurance premium and how they defer

Research shows that those with electric vehicles pay more for their insurance coverage Research from NerdWallet suggests that those with electric vehicles have higher auto insurance premiums. The organization has compared the premiums that drivers of electric vehicles and those with conventional vehicles experience. The reason why electric vehicles are attached to higher auto insurance premiums is due to the relatively high costs associated with operating and maintaining these vehicles. Repairing an electric car can be a costly process, which could lead to financial losses for insurance providers, which has…

Geico agrees to pay $6 million auto insurance settlement in California

August 28, 2015August 27, 2015 Logan B.

Geico has agreed to pay a settlement concerning accusations of discriminatory practices Geico, one of the most prominent auto insurance providers in the United States, has agreed to pay $6 million in order to settle bias charges made against it, which were first raised by the Consumer Federation of California. The charges have to do with the insurer discriminating against drivers regarding their gender, education level, and occupation when they sought out quotes for policies online. The insurers will be paying the $6 million settlement over the course of three…

Massive insurance fraud scam involves 33 people crashing cars

July 21, 2015July 18, 2015 Julie Campbell

In Santa Clara County auto insurers were scammed by a huge number of their policyholders. According to the Office of the District Attorney in Santa Clara County, there were 33 people involved in a tremendous insurance fraud scam, as they deliberately crashed older cars into each other in order to be able to file claims. The insurance companies were the victims of an alleged scam that had them paying for the deliberate crashes. The majority of the defendants were from San Jose. Each of them has now been charged with…

California law aims to address ride-share auto insurance

July 8, 2015July 6, 2015 Marc

New law approved in California will have an impact on the ride-share market A new law in California will bring changes to the ride-share industry and how it makes use of auto insurance. Ride-share companies like Uber and Lyft have been at the heart of controversy concerning insurance coverage. These companies provide their drivers with coverage, but only when they are transporting a passenger, not when they are on the way to retrieve that passenger. As such, there may be significant coverage gaps that place drivers at risk because they…