Tag: affordability

State Farm 2025 California Auto Insurance Rate Hike Affecting Millions

Angela Linders
State Farm 2025 California Auto Insurance Rate

State Farm, California’s largest auto insurer, has received approval to increase its auto insurance rates beginning in January 2025. This marks the second consecutive year of double-digit rate hikes for the company, following a 21% increase implemented earlier this year. The upcoming adjustment, averaging 17.7%, will affect approximately 4 million policyholders across the state. The increase aligns with broader trends in the auto insurance industry, both in California and nationwide, as companies grapple with rising claims, vehicle repair costs, and inflationary pressures. Factors Driving State Farm Auto Insurance Rate Hike…

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Auto insurance shopping increases as high rates send consumers elsewhere

Logan B.
Auto insurance - Shopping around online

Drivers are looking for new ways to make their coverage affordable, including leaving current insurers According to a new report from JD Power and TransUnion, for the first quarter of 2024, drivers were increasingly shopping for new auto insurance policies in the hopes of saving money on their monthly premiums. These drivers felt there were no more ways to save on existing policies Consumers started comparison shopping for new auto insurance policies because they didn’t see any new ways to be able to apply discounts to their existing coverage, said…

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Gen Z’s Truth About Lying: A Tech Revolution in Insurance

G. Turner
Gen Z - Masks

In an unexpected twist, the high rate of insurance application falsifications by Gen Z has become a catalyst for technological advancements within the insurance industry. NerdWallet’s 2024 Insurance Dishonesty Report reveals that 42 percent of Gen Z-ers have admitted to lying on insurance applications to secure better rates. This trend, while initially alarming, is driving significant innovation in how insurers handle data and assess risk. Generational and Gender Perspectives on Insurance Dishonesty Emerging trends highlight a generational and gender divide in attitudes towards insurance dishonesty. Men are generally more inclined…

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