Allstate’s Partial Auto Rate Increase Approval and Its Impact Allstate Insurance, a titan in the auto insurance industry, has recently been thrown into a strategic conundrum. After receiving approval for lower-than-requested rate hikes in both New York and New Jersey, the company is now reconsidering its presence in these states. Despite lobbying for a 29% rate increase in New Jersey and an 18.3% hike in New York, regulatory authorities only concurred to rate increases of just under 17% and 14.6%, respectively. This partial approval has led Allstate to question its…
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What is a No-Fault State?
Article Updated June 1, 2023 – Currently, there are 12 no-fault states in the U.S. These include Florida, Kansas, Hawaii, Massachusetts, Minnesota, Michigan no fault insurance, New Jersey, New York, North Dakota, Pennsylvania, Kentucky and Utah . If you live in a no-fault state, it means that a driver has to first file a claim with their own insurance company if they’re in an accident. Every state sets its own laws as far as who pays for an accident. Sometimes when there’s an accident involving two parties, the goal isn’t…
Read MoreNew Jersey will not stop selling OMNIA health insurance plans
Acting Insurance Commissioner refuses to stop selling OMNIA plans New Jersey’s acting Insurance Commissioner, Richard Badolato, has refused to halt the sale of OMNIA health insurance plans coming from Horizon Blue Cross Blue Shield of New Jersey. Badolato suggests that stopping the sale of these policies would “immediately trigger chaos” in the state’s health insurance market. Earlier this month, 11 hospital systems requested that OMNIA plans no longer be allowed to be sold in the state, but New Jersey officials believe that this would be the wrong move. Consumers are…
Read MoreHealth insurance enrollment center opens in New Jersey
Enrollment center will provide aid to those looking for health insurance coverage A new health insurance enrollment center has opened in New Jersey. The center will be operating six days a week and will provide consumers with assistance in enrolling in the state’s health insurance exchange. Open enrollment for the exchange, as well as those located throughout the country, began at the beginning of November. Consumers looking for coverage will now be able to find the policies that they need through these exchanges, with many expected to qualify for subsidies…
Read MoreNew Jersey Senators take issue with proposed health insurance plans
Senators seek more regulation for insurance plans that will be offered by Horizon Blue Cross Blue Shield Two Senators in New Jersey have filed a request with the state’s Attorney General to delay one of the largest health insurance providers from offering a set of new plans. The plans are meant to be sold as money-saving solutions that would provide better coverage for health care costs. The plans are coming from Horizon Blue Cross Blue Shield and the Senators are concerned that the plans could be a detriment to both…
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