U.S. commercial auto insurance premiums increased year over year in the first quarter of 2023, with Liberty Mutual Holding Co. Inc. and Auto-Owners Insurance Co. Inc. posting the biggest growth, according to an S&P Global Market Intelligence analysis.
Tag: auto insurance premiums
State Farm Gets Biggest Bump as California Approves More Auto Rate Hikes
State Farm Mutual Automobile Insurance Co. was the biggest beneficiary of California regulators approving more personal auto rate hikes in the first quarter.
Nation’s Biggest Car Insurers Raising Rates Again
Two of the nation’s biggest car insurers say inflation continues to hurt their auto-insurance businesses, and are pushing ahead with additional premium-rate increases for vehicle owners.
Auto Insurance Shopping Reaches New Highs as Premiums Surge: J.D. Power Finds
There’s a sharper focus on saving money as large numbers of auto insurance customers shop for new policies and switch to new carriers, largely based on price.
Auto Insurance Companies’ Rising Rates Are No Accident
Auto insurers are scrambling to keep up with rising claim costs.
Geico Faces California Class Action Suit for Overcharging for Auto Insurance
A federal judge ruled that a lawsuit against Geico Corp for overcharging for auto insurance during the COVID-19 pandemic may move forward as a class action.
COVID-19 Relief Ends: Auto Insurance Rates Back on the Rise
The Zebra, the nation’s leading insurance comparison site, released its 2022 State of Auto Insurance Report revealing the national average annual cost for car insurance to be $1,529, up 3% over last year’s reduced rates from the COVID-19 pandemic. The Zebra’s sixth annual State of Auto Insurance Report provides an under-the-hood look at more than… Continue reading COVID-19 Relief Ends: Auto Insurance Rates Back on the Rise
Auto Insurance Premiums Expected to Accelerate in 2022
The cost of auto insurance is rising, as is the cost of many other things right now. According to Insurify, the average national cost of car insurance in 2022 is expected to rise 5% to $1,707 per year, up from $1,663 in 2021. Our forecast for 2022 is in line with projected inflation rates, and… Continue reading Auto Insurance Premiums Expected to Accelerate in 2022
Auto Insurance Rates Decreasing in 2021 for the First Time in a Decade
Auto insurance rates have fallen for the first time in over a decade — decreasing by 1.7% across the U.S. for 2021 according to ValuePenguin.com’s State of Auto Insurance in 2021 report published today. The rate decrease in 2021 is an anomaly caused by fewer Americans driving in 2020 due to the COVID-19 pandemic. Less… Continue reading Auto Insurance Rates Decreasing in 2021 for the First Time in a Decade
Root Car Insurance Will Stop Using “Discriminatory” Credit Scores to Set Rates
The color of your skin can affect how much you pay for your car insurance, Root Insurance says, and it wants to change that. Using financial security as a means of deciding rates is one factor in the disproportionately high insurance rates for members of racial minorities, the company says. The trouble is, Root will… Continue reading Root Car Insurance Will Stop Using “Discriminatory” Credit Scores to Set Rates