Live Insurance News

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…

Farmers offers new rideshare auto insurance policy in California

June 3, 2015June 1, 2015 S.Vagus

Farmers has received approval to offer new insurance product in California Farmers Insurance Group has launched a new auto insurance product in California, with the approval of the state’s insurance regulators. Now, drivers that work for rideshare companies like Uber and Lyft will be able to obtain more coverage, protecting them from potential worst-case scenarios. The coverage is designed to address gaps in the coverage that these companies provide, though both Uber and Lyft claim that such gaps do not exist. Both companies have received some criticism for what is…

Auto insurance firm hit with $27.6 million fine

January 16, 2015January 15, 2015 S.Vagus

Mercury Insurance is being ordered to pay a large fine for wrongful fees issued to consumers The California Department of Insurance has ordered Mercury Insurance, one of the state’s largest auto insurance providers, to pay some $27.6 million in fines for allegedly charging consumers wrongful fees. This represents the largest fine issued against an auto insurance company in the state. Insurance Commissioner Dave Jones ordered the fine, accusing the insurer of charging broker fees that it did not approve of to begin with. Mercury Insurance believes that the fine is…

Health insurance regulators in California not awarded more power

November 10, 2014November 8, 2014 S.Vagus

California Proposition 45 has been defeated by voters amidst strong opposition to the measure Voters in California have decided to deny the passage of Proposition 45, which would have provided the state’s Insurance Commissioner, Dave Jones, and the state’s Department of Insurance, with the power to review health insurance rate increases. Under current law, state regulators cannot reject rate increases coming from insurers before these increases have been implemented. Commissioner Jones has been advocating for more regulatory power for some time, claiming that tougher regulations would be a benefit to…

Auto insurance for self-driving vehicles is a hot topic in California

September 19, 2014September 19, 2014 S.Vagus

State regulators are beginning to show more attention to insurance issues involving automaked vehicles Self-driving cars could become more common in the future and this may have an impact on auto insurance. The California Department of Insurance is advising the state’s insurance companies to prepare for the eventual proliferation of automated vehicles. Insurance Commissioner Dave Jones has been gathering data about these vehicles and the technology behind them, hoping that insurers will use this data to adapt more quickly to a future where drivers are a thing of the past.…

Health insurance rates are on the rise in California, again

August 4, 2014August 2, 2014 Logan B.

Insurance premiums have grown by 88% so far this year Health insurance rates in California are growing rapidly. Over the past few years, insurers have been raising premiums, trying to offset the financial impact of increasingly expensive medical care and the provisions of the Affordable Care Act. Since the health care reform law was passed in 2010, rates for health coverage have been growing at a rapid pace. According to the state’s Department of Insurance, health premiums have grown by as much as 88% so far in 2014. Higher rates…

Legislation in California raises questions about health insurance coverage

June 25, 2014June 23, 2014 S.Vagus

Regulations targeting insurance rates could put Covered California in a precarious position New regulations targeting health insurance rates in California are raising questions about the state’s insurance exchange, Covered California. The Insurance Rate Public Justification and Accountability Act is set to be included on the November ballot. If approved by voters, it would go into effect on November 5 this year, 10 days before the state’s insurance exchange begins its second open enrollment period. The legislation would have an impact on the cost of the policies sold through the exchange, but…