Many car insurers for years have used credit scores, education and occupation to determine your premium rate. Now, that approach is under review for potential racial discrimination. A standards-setting organization for state insurance departments is launching a wide-reaching effort to scour through existing practices—in sales, pricing, underwriting and all other facets of insurance—to identify those… Continue reading NAIC to Scrutinize Insurance Rate Guidelines for Racial Bias
Tag: auto insurance premiums
Auto Insurers Issuing $10.5B in Coronavirus Refunds
With highways and roads abandoned as motorists stay home during the COVID-19 health crisis, the nation’s biggest auto insurers are offering policyholders $10.5 billion in credits and reduced premiums, according to the Insurance Information Institute. Fewer cars on the road typically means fewer accident claims. According to Arity, a data and analytics firm owned by… Continue reading Auto Insurers Issuing $10.5B in Coronavirus Refunds
Geico to Return $2.5 Billion in Credits to Auto & Motorcycle Customers
Warren Buffett’s Geico plans to offer insurance-policy credits to its auto customers as driving declines because of the widespread coronavirus-related shutdowns. Geico, owned by Buffett’s Berkshire Hathaway Inc., will provide a 15% credit to its auto and motorcycle customers when their policies come up for renewal between April 8 and Oct. 7, the insurer said… Continue reading Geico to Return $2.5 Billion in Credits to Auto & Motorcycle Customers
Auto Insurers Give Millions in Coronavirus Refunds
One of the largest car-insurance companies in the country, Allstate Corp., and a smaller Midwestern auto insurer are refunding hundreds of millions of dollars to their policyholders, citing a dramatic drop in accident claims from Americans hunkered down in their homes. Allstate said it would dispatch more than $600 million in shelter-in-place payback checks, while… Continue reading Auto Insurers Give Millions in Coronavirus Refunds
Consumer Groups Call for Lower Auto Rates as Driving Lessens Amid Stay-At-Home Order
Millions of people across the country are at home as the nation tries to flatten the curve. While the roads aren’t empty, traffic has decreased significantly. Nationally, personal travel dropped by 30% from Feb. 28, 2020, to March 20, 2020, according to a report by Inrix, a company that uses car and phone navigation systems… Continue reading Consumer Groups Call for Lower Auto Rates as Driving Lessens Amid Stay-At-Home Order
New Report Ranks Michigan as Most Expensive State for Car Insurance
Insure.com, a comprehensive resource for insurance information, today released its annual ranking of the most and least expensive states for car insurance. For the sixth year in a row, Michigan took the top spot as the most expensive state to insure a vehicle, with a policy average of $2,611, almost 80 percent higher than the… Continue reading New Report Ranks Michigan as Most Expensive State for Car Insurance