The cost of auto insurance jumped more than 19% during the year ending in August, while overall inflation was 3.7%, according to the Labor Department Wednesday.
Tag: auto insurance
Auto Insurance Shopping Bolstered by Increased Vehicle Sales and Search for Lower Rates
Auto insurance shopping rates were up 12% in Q2 2023, compared to the same time in 2022. While vehicle sales played a role in this increase, the search for lower insurance premiums was the primary driver, as the Consumer Price Index for motor vehicle insurance rose 17% in June 2023, compared to June 2022.
Kemper Announces Exit from Preferred Home and Auto Business
Kemper Corporation announced on Monday that it is exiting the preferred home and auto insurance market, sold through its Kemper Personal Insurance brand, and will actively reduce the business immediately, with all policies being non-renewed or canceled in accordance with applicable state regulations.
Car Insurance Rates Already Up 17% With More Hikes Likely
Insurify’s Mid-Year Auto Insurance Trends Report reveals inflation, climate catastrophes, and state regulations contribute to rising car insurance rates in 2023.
Car Insurance Rates Are Soaring with Little Relief in Sight
A 40% increase by Allstate in Georgia, a 32% rise sought by Nationwide Mutual Insurance in California, an 11% bump by State Farm in New York. Insurers are imposing steep increases on auto insurance rates,
Auto Insurance: The Uncertain Road Ahead
A new study “Auto Insurance: The Uncertain Road Ahead” released today by the American Property Casualty Insurance Association (APCIA), reveals that insurance claims inflation has continued to rise faster than the underlying consumer price index (CPI), far outpacing increases in auto insurance premiums.
AAA Pulls Back from Offering Insurance in Florida
AAA will not renew the auto and home insurance policies for some customers in Florida, joining a growing list of insurers dialing back their presence in the Sunshine State amid a growing risk of natural disasters.
Farmers Insurance Is Leaving Florida in Latest Blow to Homeowners
Farmers Insurance is the latest insurer to leave Florida, where homeowners are paying more than ever for insurance, despite the state’s attempt to shore up the wobbling market.
Liberty Mutual, Auto-Owners Lead Commercial Auto Premium Growth in Q1
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.
State Farm Hit with Lawsuit Over Luxury Vehicle Repair Coverage
State Farm is facing a class action lawsuit for allegedly failing to foot the bill for the repair of high value luxury vehicles.