California’s Insurance Commissioner Dave Jones issued a statement on Friday that as part of the Gender Non-Discrimination in Automobile Insurance Rating Regulation, insurers would no longer be allowed to use gender to calculate private auto insurance effective January 1, 2019. “My priority as Insurance Commissioner is to protect all California consumers, and these regulations ensure… Continue reading California Makes It Illegal to Charge More for Auto Insurance Based on Gender
Tag: auto insurance
Impaired-Driving Still A Primary Cause of Highway Deaths
With phones, watches and a growing number of other digital devices vying for drivers’ attention, it is no surprise that the danger of distracted driving has taken center stage in recent years. But impaired-driving is a serious issue that has not gone away. In fact, drivers and motorcyclists under the influence of drugs, alcohol or… Continue reading Impaired-Driving Still A Primary Cause of Highway Deaths
Best’s Market Segment Report: U.S. Nonstandard Auto Market Starts to Show Signs of Improvement
AM Best is seeing initial signs that the private passenger nonstandard automobile segment is beginning to improve after years of unfavorable results, including continued premium growth in 2017 and through mid-year 2018. A new Best’s Market Segment Report, “Early Signs of Improvement in Nonstandard Auto Market,” states that the combined ratio for the population of… Continue reading Best’s Market Segment Report: U.S. Nonstandard Auto Market Starts to Show Signs of Improvement
Assignment Of Benefits Abuse Is Driving Up Insurance Costs In Florida
Florida’s assignment of benefits (AOB) crisis continues to spread statewide and has cost consumers billions of dollars in unnecessary litigation and inflated claim costs, according to an Insurance Information Institute (I.I.I.) study released today. An AOB is a document signed by either an auto or homeowners policyholder which allows a third party, such as an… Continue reading Assignment Of Benefits Abuse Is Driving Up Insurance Costs In Florida
Wells Fargo Fights to Leave Customers Out of Auto Payout Plan
Wells Fargo & Co is fighting to shut some customers out of a sweeping plan to compensate around 600,000 drivers it pushed into car insurance they did not need, according to court documents and a source familiar with the effort. U.S. regulators fined Wells Fargo $1 billion in April over the insurance program and told… Continue reading Wells Fargo Fights to Leave Customers Out of Auto Payout Plan
Lawsuit Claims Wells Fargo Executives Knew Auto Insurance Program Was Flawed
Wells Fargo & Co executives were warned that an auto insurance plan could be overcharging customers four years before the bank scrapped the program, according to a complaint released by a judge this week. Several executives, including then-General Counsel James Strother and chief auditor David Julian, were among the bank officials briefed in 2012… Continue reading Lawsuit Claims Wells Fargo Executives Knew Auto Insurance Program Was Flawed
EMC Insurance Enters into an Agreement with Safeco Insurance for Transition of Personal Lines Business
EMC Insurance Companies (“EMC”) announced today they have entered into an agreement with Safeco Insurance (“Safeco”), a Liberty Mutual Company, to provide EMC-licensed agents an opportunity to transition their EMC personal lines policies to Safeco beginning in the first quarter of 2019. This agreement is a result of Des Moines-based EMC making a strategic decision… Continue reading EMC Insurance Enters into an Agreement with Safeco Insurance for Transition of Personal Lines Business
Wells Fargo Says Auto Insurance Remediation Will Not Wrap Up Until 2020
Wells Fargo & Co will not finish paying back the estimated 600,000 customers it wrongly charged for auto insurance until at least 2020, the bank said in a letter to U.S. lawmakers seen by Reuters. U.S. regulators slapped Wells Fargo with a $1 billion penalty in April when it admitted to wrongly forcing drivers into… Continue reading Wells Fargo Says Auto Insurance Remediation Will Not Wrap Up Until 2020
Study: 80% of Drivers Over Rely on Safety Tech
While advanced safety technology continues to progress and become standard in more vehicles, AAA estimates about 80 percent of drivers overestimate the capabilities of these features. The auto club specifically honed in on blind spot monitoring systems in the study and its Wednesday news release. In the study, AAA said about 80 percent of drivers… Continue reading Study: 80% of Drivers Over Rely on Safety Tech
Travelers Institute Announces Every Second Matters Events to Take on Distracted Driving
The Travelers Institute, the public policy division of The Travelers Companies, Inc., will launch its Every Second Matters fall event series today in Hartford to highlight the serious risks and consequences associated with distracted driving. The series will explore the unexpected causes of distraction behind the wheel and call on drivers to lead by example… Continue reading Travelers Institute Announces Every Second Matters Events to Take on Distracted Driving