Amid soaring auto insurance rates, some California motorists have been experiencing challenges securing coverage, as insurance companies have been reportedly limiting new policies and in some cases, may be ceasing to do business in the state altogether.
"The automobile insurance market is in turmoil. Our agents and the consumers we serve are losing access to insurance markets as insurers terminate agency appointments and restrict the submission of business," the group said, adding, "While a thorough rate approval process is necessary, urgency should now be a priority to accelerate recovery from this destabilized market."
"They are losing money on every piece of business, and ‘when you're in a hole, stop digging’ is their approach to the marketplace in California right now," Executive Director Mike D’Arelli told Money.com. "If you can't write business property in the standard market, and you stop writing, then the only market left are non-standard markets. And they may not be able to provide right coverage and with the rate increases it’s much higher, so it could get pretty bad," he said. "So I think something needs to be done. The first thing is the insurance commissioner needs to work diligently to alleviate the needs," he said.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
More than a dozen earthquakes rock Southern California amid Tropical Storm HilaryDid you feel it? A preliminary 5.0-magnitude earthquake was reported near the Ojai area of Southern California.
Baca lebih lajut »
California parents protest for protection of their children amid controversial billsSeveral controversial California bills making its way through the legislature triggered local advocacy groups, parents, and churchgoers to protest.
Baca lebih lajut »
Baby in California born by candlelight amid evacuation in Los Angeles hospital during Tropical Storm HilaryA power outage early Tuesday morning forced the evacuation of critical patients to nearby facilities. During the outage, a baby was born by candlelight.
Baca lebih lajut »
California Democrats emulate Ohio GOP to undermine tax limit ballot measureA chess move by California Capitol leadership last week could undercut a pending ballot measure seeking to restrict new taxes.
Baca lebih lajut »
California Democrats emulate Ohio GOP to undermine tax limit ballot measureIt’s exactly what Republicans tried to do in Ohio – something that the president of the United States denounced as a “blatant attempt to weaken voters’ voices.”
Baca lebih lajut »
Semitruck driver arrested in fatal auto-pedestrian crash in West WendoverA semitruck driver who allegedly hit a pedestrian in a crosswalk, dragged him and then left his body on an on-ramp before driving off, has been arrested.
Baca lebih lajut »