An embattled California prosecutor has filed a civil lawsuit against insurance companies USAA and Progressive Corp. alleging that they have carried out a scheme to defraud customers by making “lowball” offers for vehicles totaled in accidents.
Tag: auto insurance
New York Insurance Industry Warns Coverage Crisis Could Be Looming
An April report by the New York Civil Justice Institute finds in most cases, the insurances costs in the state are higher than anywhere else in the country.
Allstate CEO: Personal Auto Legal Costs Accelerate Rate Increases
If Allstate Corp.’s customers “quit getting sued every time they have an accident” the company could ease back on some rate increases, according to Chairman, Chief Executive Officer and President Tom Wilson.
Soaring Insurance Costs Hit as U.S. Buyers Get a Break on Car Prices
Car prices have eased as the supply chain snarls of the pandemic–especially shortages of vital computer chips–have untangled and automakers boost inventories on their lots. Meanwhile, factors including rising costs associated with repairing increasingly complicated vehicles and more storm damage amid climate change is pushing insurance rates higher.
Progressive’s Profit Beats Expectations on Strong Demand for Insurance Policies
Insurer Progressive Corp reported a better-than expected first-quarter profit on Friday, helped by strong demand for its personal and property insurance policies, sending its shares up 2% in early trading.
Claims from Central U.S. Severe Storms Top 27,000
Several insurers have taken in more than 27,000 claims related to mid-March severe convective storms across the middle of the country, from Texas to Ohio.
Auto Insurance Spike Hampers the Inflation Fight
Job growth, wage growth and business growth are all lively, and inflation has steeply fallen from its 2022 highs. But consumer sentiment, while improving, is still sour. One reason may be sticker shock from some highly visible prices — even as overall inflation has calmed. The cost of car insurance is a key example.
The High Cost of Car Insurance for Both Drivers and Insurers
You may have noticed that insuring your car has gotten insanely expensive. It isn’t just happening in the U.S., and it isn’t all about used-car prices either.
Insurers Rake in Profits as Customers Pay Soaring Premiums
The pain for home- and auto-insurance customers is quickly becoming investors’ gain. Insurance giants’ shares and profits are hitting records, thanks in part to steep rate hikes.
Largest U.S. Private Auto Insurers Boost Rates by Double Digits in 2023
The U.S. private auto insurance hard market solidified even more in 2023 as each of the 10 largest underwriters raised their premium rates by double digits, compounding substantial hikes in 2022, according to S&P Global Market Intelligence’s RateWatch application.