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, with state regulators doing little to stop them.
Tag: car insurance
LexisNexis: Record High Shopping Activity Continues for Auto Insurance
New policy growth, or the rate at which consumers either switched or purchased new coverage, continues to be a big story, according to LexisNexis.
Study: Auto Insurance Prices Up 17% Since 2020
Drivers in the U.S. have been paying about 17% more for car insurance since 2020.
NICB Report: Vehicle Thefts Continue to Skyrocket in Many Areas of U.S.
According to the National Insurance Crime Bureau’s (NICB) Hot Spots Report, vehicle thefts continue to skyrocket in many areas of the U.S. Nationwide, 932,329 vehicles were reported stolen to law enforcement in 2021, a 6% increase over 2020, and a 17% increase since 2019. Colorado led the nation in 2021 with the highest overall theft… Continue reading NICB Report: Vehicle Thefts Continue to Skyrocket in Many Areas of U.S.
U.S. Traffic Deaths Jumped About 7% in the First Three Months of 2022
According to a preliminary estimate released on Wednesday, traffic deaths in the United States increased by about 7% in the first three months of 2022 to 9,560, the highest first-quarter number since 2002. The National Highway Traffic Safety Administration (NHTSA) says traffic deaths have increased since the COVID-19 pandemic began. In 2021, traffic deaths in… Continue reading U.S. Traffic Deaths Jumped About 7% in the First Three Months of 2022
Allstate Profit Weakens as Accidents, Claim Costs Increase
Allstate Corp. reported a 61 percent drop in its closely watched adjusted net income compared to the previous year, as the auto-insurance industry in the United States grapples with rising accident volumes and sharply higher claims costs. Allstate’s first-quarter adjusted income fell to $726 million from $1.87 billion a year earlier, primarily because of the… Continue reading Allstate Profit Weakens as Accidents, Claim Costs Increase
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
Lemonade to Buy Metromile
Lemonade, an insurance company powered by AI and social good, and Metromile, a data science company focused on auto insurance, have entered into a definitive agreement under which Lemonade will acquire Metromile in an all-stock transaction with a fully diluted equity value of approximately $500 million, or slightly more than $200 million net of cash.… Continue reading Lemonade to Buy Metromile
Backlog in Federal Safety Rules Amid U.S. Car Crash ‘Epidemic’
As traffic fatalities spike in the COVID-19 pandemic, the federal agency in charge of auto safety is struggling with a growing backlog of safety rules ordered by Congress that are years overdue and estimated to save thousands of lives. A governors’ highway safety group says the United States faces a “car crash epidemic” at the… Continue reading Backlog in Federal Safety Rules Amid U.S. Car Crash ‘Epidemic’
Consumer Watchdog Urges Tougher U.S. Oversight of Insurance Costs, Discrimination
U.S. regulators should strengthen their oversight of insurers to prevent potential overcharging and discrimination in selling coverage for cars and homes, a consumer watchdog group said on Thursday. The campaign by the Consumer Federation of America (CFA) comes after an industry group removed protections that required rates for coverage to reflect the costs, a principle… Continue reading Consumer Watchdog Urges Tougher U.S. Oversight of Insurance Costs, Discrimination