By Dave LaChance, REPAIRER DRIVEN NEWS
October 8, 2021
California’s insurance commissioner has ordered Allstate, Mercury and CSAA to return to drivers more of the excess profits collected from them during the pandemic, or face legal action.
Los Angeles, CA -- While the vast majority of Californians drove far less last year, most California insurance companies continued to charge pre-pandemic auto insurance rates, reaping a windfall of about $5.5 billion, according to an analysis by Consumer Watchdog. Newly published 2020 data show that accident claims plummeted as cars idled in driveways, but insurance companies failed to reduce rates accordingly.
By John Egan and Jason Metz, FORBES
March 30, 2021
Auto insurance companies have been criticized for their refunds to customers that were based on the reduction in driving (and claims) during the pandemic. Now they’re feeling even more heat over their handling of auto insurance premiums.