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☆ Tesla launched its own car insurance. These drivers say it's a lemon.
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +20 min

Tesla Insurance, launched in 2019 by the electric-car company, has promised policyholders “vastly better” service than rivals, as Tesla chief Elon Musk put it in April 2022. “What do they have, three people answering phone calls?”Complaints about Tesla Insurance are drawing scrutiny from state regulators and the plaintiffs’ bar. And there’s no way to know exactly how many have been made against Tesla Insurance and how its record compares with competitors’. That fall, Tesla launched InsureMyTesla, a new insurance offering for U.S. Tesla owners, in partnership with Liberty Mutual Insurance Co. Lester F. Aponte, a Los Angeles attorney who signed up for Tesla Insurance in August, described a maddening ordeal to obtain proof of insurance.

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Florida and California homeowners have been dealing with high property insurance premiums due to severe weather. Louisiana is now the third-most expensive state for insurance according to Insurify , an insurance comparison website. The average annual premium for Louisiana is $5,353, which is three times the national average homeowners insurance cost. Car insurance and flood insurance premiums are also rising within the state. Louisiana has the least affordable car insurance rates in the nation, according to the Insurance Research Council .

Persons: Mark Friedlander Organizations: Farm, Allstate, Service, Privacy, Insurance, Institute ., Insurance Research Locations: Florida, California, Louisiana, Wall, Silicon, Institute . Florida, Louisiana Louisiana, . Louisiana, Hawaii —

Personal Finance Insider conducted a 2023 winter travel insurance survey of 971 US adults in December through Momentive AI Audience. It found most travelers who bought travel insurance were concerned about their travel provider or their health. About 11% said they always buy travel insurance out of habit, and just 5% said a friend had recommended it. Of those who responded to the survey, about 18% had purchased travel insurance and made a claim, while 24% had not made a claim on their coverage. As we continue to see travel delays and disruptions, travel insurance will become more important and will be viewed as a necessity and not just an expense.

☆ Inside the stunning unraveling of Bright Health, a health-insurance upstart that rocketed to an $11.2 billion valuation and then cratered as it grew too fast
▼ + stars: | 2022-12-05 | by ( ) www.businessinsider.com time to read: +11 min

Bright Health Group grew fast. "We're just starting to realize the full potential of our differentiated model, and we're excited about the future of Bright Health Group," Bright CEO G. Mike Mikan told analysts at that investor event. Bright Health is one of a handful of upstarts trying to take on the health-insurance industry. Clover Health; Bright Health; Oscar Health; Olivia Reaney/Business InsiderBreaking into the health-insurance industry is tough. Bright moves to cut expensesAs losses mounted in 2021, Bright scrambled to raise capital.

☆ 'It's a work in progress.' How Covid has changed the life insurance marketplace
▼ + stars: | 2022-12-01 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +6 min

But for the life insurance industry, experts say the long-term effects aren't yet known. Faced with a staggering loss of life, insurance firms saw payouts soar during the pandemic. The demand for life insurance policies also jumped as consumers rushed to protect loved ones. Individual U.S life insurance application activity increased by 3.4% in 2021, following a record-breaking year-over-year growth of 3.9% in 2020, according to the MIB Life Index's 2021 annual report. However, the life insurance industry is still wrestling with mortality changes and how these shifts may affect the underwriting process.

☆ How Much Car Insurance Do I Need?
▼ + stars: | 2022-11-13 | by ( ) www.wsj.com time to read: +11 min

We’ll guide you through how to decide what car insurance works for you––making sure you get the coverage you need without breaking the bank. Required coverage amounts vary by state, but often match the minimum liability insurance coverage requirements. At the same time, if you have collision insurance (more on this below) and a low deductible on your health insurance plan, this insurance could be largely redundant—and you may well be safe with your state’s minimum. How much collision insurance coverage do I need? Also just like collision insurance, the coverage limit for comprehensive insurance is typically the cash value of your car.

While going through a costly divorce earlier this year, Cavanaugh's flood insurance coverage lapsed. Many people in the small coastal community, which faces the Gulf of Mexico southwest of Fort Myers, did not have flood insurance coverage. It appears that, despite an increased occurrence of devastating flood events, a declining percentage of people nationwide have flood insurance policies. Chuck Larsen / SantivaChronicle.com via APOne significant issue is that many homeowners assume a typical homeowner's insurance policy covers floods. The average cost of flood insurance from the National Flood Insurance Program is $995 a year, according to Forbes Advisor analysis.

Insider's Featured Life Insurance Companies Lemonade Life InsuranceNationwide Life InsuranceGuardian Life Insurance Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. We will look at term life, whole life, and a relatively new option called return of premium term insurance. The difference between term and whole life insuranceThe two most basic types of life insurance are term and whole life, also referred to as permanent insurance. While term life insurance is cheaper, it goes away after the term is up. Let's stop for a minute and compare these two term life insurance approaches and see what options we have.

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