auto insurance rates News

State Farm Announces Auto Insurance Rate Cut for Louisiana Customers

Louisiana’s largest auto insurer will cut its rates starting in April by an average of 3.2 percent for its roughly 1 million Louisiana policyholders. Insurance Commissioner Jim Donelon announced the rate decrease for State Farm on Thursday. It’s the company’s …

Nevada Motorists Face Auto Insurance Rate Jump Effective July 1

Nevada state officials are reminding as many as 600,000 vehicle owners they could face auto insurance rate increases July 1, when minimum liability coverage requirements go up. Officials announced earlier that almost one in three of Nevada’s 2 million licensed …

Coverage Limit Increase May Impact 600,000 Nevada Motorists’ Car Insurance Rates

About one in three Nevada motorists, or as many as 600,000 people, could face a 9 percent jump in auto insurance rates this summer when the state raises the basic required minimum levels of bodily injury and property damage coverage, …

House Panel Supports Georgia Distracted Driving Bill

With Georgia having experienced a spike in both fatal crashes and auto insurance premiums, legislators advanced a proposal to make it illegal to hold a cellphone while driving. By a non-unanimous voice vote, a House committee on Wednesday voted in …

Report Says Minorities Living in Urban Areas Pay More for Car Insurance

A new report suggests that people living in urban minority neighborhoods could be paying as much as 30 percent more for car insurance, but an industry group says the report’s findings are flawed. Nonprofit investigative news organization ProPublica and Consumer …

Misinformation Leads to Auto Premium Leakage of $29B Per Year

Verisk Analytics estimates that personal lines automobile insurers face at least a $29 billion annual problem from premium leakage—omitted or misstated underwriting information that leads to inaccurate rates. According to the Verisk report, sources of personal auto premium leakage in …

Consumer Group, Insurers at Odds on Reasons for Rate Hike After Not-at-Fault Crashes

Most drivers don’t expect to be hit with a rate hike on their auto insurance after a car accident that wasn’t their fault. But a consumer group says it happens, and it’s a problem. The Washington-based Consumer Federation of America …

Top U.S. Personal Auto Insurers 2015 Underwriting Results Decline

Underwriting profitability for private passenger automobile insurance has deteriorated in 2015 for many leading US writers, says Fitch Ratings. The weakening results through the first nine months of the year reverse a trend in underwriting profitability improvement since 2012. The …

Delaware Insurance Commissioner Outlaws ‘Widow’s Penalty’ in Setting Auto Insurance Rates

The Delaware Department of Insurance will no longer approve any auto insurance company’s rate submission that includes a “widow’s penalty,” under which a widow or widower is charged a higher rate based solely on the change in his or her …

Marriage Cuts Car Insurance Costs

Your driving record seems a legitimate risk for insurers to consider when they price auto insurance. But your marital status? Yes, young men in red sports cars will pay more for coverage than everyone else, but it’s hard to see …