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California Says Car...
By Leslie Scism
Updated March 11, 2021 4:23 pm ET
"California regulators are ordering car insurers to refund significantly more money to the state’s vehicle owners, accusing them of overcharging customers as wrecks last year plummeted due to reduced driving during the coronavirus pandemic.
U.S. auto insurers last year had returned more than $14 billion as of June to customers nationwide in response to sharp reductions in mileage, and, in turn, sharp reductions in accident claims, according to a tally by trade group Insurance Information Institute.
But on Thursday, California Insurance Commissioner Ricardo Lara said that insurers’ premium-refund programs for vehicle owners in the state on average should have been nearly double what the industry shelled out from last March through September. The regulator gave auto-insurance companies until April 30 to detail plans for returning premiums to California policyholders that the department contends were over-collected in 2020." And there is a lot more to this article, so read it you subscrbe.
By Leslie Scism
Updated March 11, 2021 4:23 pm ET
"California regulators are ordering car insurers to refund significantly more money to the state’s vehicle owners, accusing them of overcharging customers as wrecks last year plummeted due to reduced driving during the coronavirus pandemic.
U.S. auto insurers last year had returned more than $14 billion as of June to customers nationwide in response to sharp reductions in mileage, and, in turn, sharp reductions in accident claims, according to a tally by trade group Insurance Information Institute.
But on Thursday, California Insurance Commissioner Ricardo Lara said that insurers’ premium-refund programs for vehicle owners in the state on average should have been nearly double what the industry shelled out from last March through September. The regulator gave auto-insurance companies until April 30 to detail plans for returning premiums to California policyholders that the department contends were over-collected in 2020." And there is a lot more to this article, so read it you subscrbe.
