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☆ Inflation is still a mixed bag, but markets don't care. They see big Fed rate cuts ahead
▼ + stars: | 2024-01-15 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

December's inflation data provided just enough evidence to show that the pace of price increases is continuing to cool while also serving up a reminder that the war isn't won yet. One is that regardless of the headline numbers, the parts of inflation that don't fluctuate as much have been fairly stubborn. So-called sticky inflation, which includes things such as housing costs, auto insurance, medical care services and household furnishings, are indeed holding higher. On a one-month annualized basis, the measure also was at 4.6%, but that's up a full percentage point from the previous month. Fed policymakers also are attuned to the relationship between wages and inflation.

Persons: isn't, Disinflation, Jamie Dimon, cautioning, Krishna Guha, Goldman Sachs, Goldman, Ian Shepherdson, Dan North Organizations: Separate Labor Department, Federal Reserve, Nomura Global Economics, JPMorgan Chase, Evercore ISI, PPI, Citigroup, Commerce, Fed, Pantheon, Atlanta, Allianz Trade Locations: Red

☆ Buying Home and Auto Insurance Is Becoming Impossible
▼ + stars: | 2024-01-14 | by ( Jean Eaglesham | ) www.wsj.com time to read: 1 min

After Allstate suffered billions of dollars in losses and failed to get the rate increases it wanted, it resorted to the nuclear option. The insurance giant threatened last fall to stop renewing auto insurance for customers in three states that hadn’t given in to its demands, which would have left those policyholders scrambling for coverage. The states blinked.

Organizations: Allstate

☆ A Gen Z college student who drives for Uber Eats and DoorDash shares how he uses 'multi-apping' to make money
▼ + stars: | 2024-01-11 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

Between his commute to school and gig work, Kaiser said the Nissan Sentra he bought in mid-2021 already has over 85,000 miles on it. Balancing work with school takes practiceKaiser said his food delivery and Kohl's gigs have sometimes left insufficient time for his academics. If he has too much on his plate, he'll sometimes take a whole week off from food delivery. After graduation, Kaiser hopes to land an entry-level IT job and scale back his Uber Eats and DoorDash hours. But for now, he said he values his food delivery gigs, which have provided him not only a flexible income stream but some positive social interactions.

Persons: —, Joseph Kaiser doesn't, Kaiser, Uber, Zers, Gen, who's, Kaiser's, I've Organizations: Service, University of Central, Business, Kohl's, Microsoft, Nissan Locations: University of Central Florida, Kohl's, Kaiser

☆ I left Texas for Wisconsin and took a pay cut. It was worth it because I can now live mortgage-free.
▼ + stars: | 2024-01-10 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +7 min

James McClure and his wife moved from Austin, Texas, to a smaller town in Wisconsin in 2023. Selling their home in Austin's suburbs means they can live without a mortgage in a walkable town. My wife and I just bought a house in Wisconsin. We also wanted to live somewhere with access to entertainment — music, theater, live shows — and the ability to dine out. We're planning to list the Austin house for around $500,000.

Persons: James McClure, McClure, —, Molly Ivins, Austin, She's, it's, she's, we'll, we've, I've, Lady Bird, haven't, McClure's, Bruce Springsteen Organizations: Service, BI, University of Texas, Lawrence University, Austin, Fox Locations: Austin , Texas, Wisconsin, Texas, Austin's, Austin, New York City, South, Southwest, Indiana, Southern California, North Carolina , Connecticut, North Carolina, Connecticut, Appleton, Milwaukee, Madison, Appleton ., Minneapolis

☆ The hidden expense that's sucking $74 billion out of the economy
▼ + stars: | 2023-11-30 | by ( Bartie Scott | ) www.businessinsider.com time to read: +14 min

They said rising costs kept the board from expanding amenities residents wanted, such as a shared composting system. jhorrocks/Getty ImagesRising price for peace of mindIn the constellation of household costs, insurance is often one of the lesser-noticed line items. But recently the rising cost of repairs and the frequency of damaging weather events have made the deal go sour. Rising insurance costs could inflict more pain on another bruised area of the economy: housing affordability. For this reason, insurance companies could decline to cover them or require costly upgrades before agreeing to a policy.

Persons: that'd, Mark Pauly, Tim Quinlan, you'll, Quinlan, it's, Francesco D'Acunto, D'Acunto, Pauly, they've, Nature, John Coletti, That's, Bartie Scott Organizations: Insurance, Research, Bank of America, Global, American, Casualty Insurance Association, University of Pennsylvania's Wharton School of Business, Insurance Information Institute, Georgetown University's McDonough School of Business, Social Security, National Flood Insurance, Business Insider's Locations: Logan, Chicago, Florida, Wells Fargo, California

Keeping my credit score high will also help if I take out a small business loan as an entrepreneur. I decided to ask certified financial planner Patrick Marcinko for ideas for how I could leverage my high credit score to help with future financial goals. "With a high credit score, lenders are more willing to give you a better deal on mortgage rates. How I can keep my credit score highSince it's taken me quite some time to achieve this high credit score, I asked Marcinko for ways that I can maintain it in the new year. Additionally, Marcinko says that with a high credit score, I might have access to perks and benefits that credit card companies reserve for those with strong credit.

Persons: —, I've, Patrick Marcinko, Marcinko Organizations: Service

☆ 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.

Persons: Mark Bova, lurched, “ I’m, ” Bova, policyholders “, Elon Musk, Musk, Bova, he’s, Tesla, ”, Musk’s, Virginia –, Phil Fioresi, Tesla’s adjusters, adjusters, ” Zachary Kirkhorn, ” Kirkhorn, Teslas, InsureMyTesla, it’s, It’s, Chanda Santiago, ” Santiago, Lester F, Aponte, haven't, Understaffed, “, —, Policyholders, Jonathan Garcia, Garcia, adjuster, Scott Sawyer, Sawyer, Lauren Lee Sawyer, ” Sawyer, –, Steve Stecklow, Koh Gui Qing, Norihiko, Mike Scarcella, John Emerson, Brian Thevenot Organizations: Green, U.S . Army Special Forces, Tesla Insurance, Tesla, Reuters, Bureau, Twitter, U.S, SpaceX, Ohio Department of Insurance, California Department of Insurance, Data, AAA, The Auto Club Group, Liberty Mutual Insurance Co, Liberty Mutual, Markel, National Insurance Company, State National, State, Facebook, Better, policyholders, Better Business Bureau Locations: Maryland, That’s, California , Utah , Illinois, Virginia, South San Francisco , California, California, Draper , Utah, Texas, policyholders, InsureMyTesla, U.S, Illinois, Colorado, Ohio, Florida , Georgia, Washington, Santiago, Los Angeles, Draper, North Carolina, Riverside , California

☆ Worried About Inflation? Move to Alaska, Sell the Car and Become a Vegetarian
▼ + stars: | 2023-11-17 | by ( Tim Smart | ) www.usnews.com time to read: +7 min

The consumer price index for October showed inflation at a 3.2% level, while the producer price index came in with an annual rate of 1.3%. Perhaps the most interesting and relevant facts about inflation are that the overall number means little to the average person. “Although the overall consumer price level was flat in October, shelter inflation continued,” said Danielle Hale, chief economist for Realtor.com. Overall inflation among select urban areas was highest in the Miami to West Palm Beach corridor, up by 7.4% in October. Their inflation rate was 1.1%.

Persons: Jerome Powell, Richard McPhail, Doug McMillon, McMillon, ”, Kayla Bruun, Joe Biden, PublicSquare, Tony Welch, Danielle Hale, Shawn Ashworth, Ashworth, Maxx, Jeff Bezos Organizations: Federal, Walmart, New York Jets, Realtor.com, Berkeley Research, Goods, Auto Locations: U.S, ”, Florida, Miami, West Palm, Anchorage , Alaska

But the steady ebbing of inflation hasn't translated into good news for either President Joe Biden or the Federal Reserve when it comes to public opinion. They're just going up at a slower rate," Fed Governor Christopher Waller said last week when asked at a research conference about common public misconceptions. Inflation expectations have fallen, according to a New York Fed survey but remain well above the central bank's 2% target. Both Waller and Fed Governor Lisa Cook took note of the public mood last week in similar comments about the expectation for prices to fall, which they don't frequently do. Reuters GraphicsBut if inflation readings continue to show a slowdown, the Fed could put more weight on sustaining the strength of the job market.

Persons: Joe Biden, They're, Christopher Waller, That's, Biden, Jeff Jones, Waller, Lisa Cook, Derek Tang, Howard Schneider, Dan Burns, Paul Simao Organizations: Federal Reserve, Fed, Reuters, Democratic, Gallup, Reuters Graphics, New, FOCUS, Biden, Thomson Locations: U.S, shutdowns

☆ A millennial who tests out side hustles explains why he recommends making user-generated content and other flexible options to earn some extra money quickly
▼ + stars: | 2023-11-12 | by ( Madison Hoff | ) www.businessinsider.com time to read: +9 min

He wants to cut through the noise to help people understand which side hustles actually work, are relatively easy to start, and can make money. Below are a few of the side hustles Ryan told Insider about in the new interview. iVueitIf you want a side hustle to work around your employment schedule, Ryan recommends trying property inspection app iVueit . AdvertisementAdvertisementUser-generated contentRyan previously told Insider about his success making user-generated content or UGC, using a platform called JoinBrands. Sells said JoinBrands can be a good side hustle because brands are interested in all different kinds of people to make user-generated content.

Persons: Ryan, —, Ryan doesn't, he's, hustles Ryan, I've, Ian Sells, Sells Organizations: Service, Walmart, Amazon, UGC

☆ The most—and least—expensive large U.S. cities based on the cost of monthly expenses like rent, utilities, and more
▼ + stars: | 2023-11-02 | by ( Celia Fernandez | ) www.cnbc.com time to read: +4 min

1 most expensive large U.S. city based on monthly costs: San JoseSan Jose, California is the most expensive large city in the U.S. The average San Jose home value is $1,316,415, down 0.7% over the past year, according to Zillow. 10 most expensive large U.S. cities based on monthly costsSan Jose, Calif. Boston, Mass. The second least expensive large U.S. city based on the average cost of monthly household expenses is Cleveland, Ohio. Cleveland is just one of two cities in Ohio to make doxo's list of the least expensive large U.S. cities based on household bills.

Persons: doxo, Hanwen Chen, Mike Kline, Zillow, Tenn . Saint Louis, Ken Redding Organizations: CNBC, Utilities, Auto insurance Cable, Mobile, U.S . Residents, San, eBay, PayPal, Washington D.C, Getty Images Boston, Harvard, MIT, Detroit, U.S, General Motors, Ford, N.M . Oklahoma City, N.Y, Bank, Getty Locations: United States, Jose San Jose , California, California, Jose, San Francisco, San Diego, Los Angeles, San Jose, Silicon Valley, Calif, Boston, Mass . New York, N.Y, Washington, Seattle, Wash . Los Angeles, Miami, Fla . Portland, Ore, Boston , Massachusetts, U.S, Cavan, Detroit Detroit , Michigan, Detroit, Michigan, Mich, Cleveland , Ohio Dayton , Ohio Albuquerque, N.M . Oklahoma, Okla Rochester, N.Y Tucson, Ariz . El Paso , Texas Memphis, Tenn . Saint, Mo, Cleveland , Ohio, Cleveland, Ohio, Dayton

If you are in a car crash, document the evidence, call your insurance company, and file a police report. Working with your insurance professional will be the best way to handle the aftermath of the car crash. If you find your rates going up after an accident, remember to shop around for affordable car insurance. Be sure to get a copy of the police report, which you will also need to give to your insurance company. Inform your car insurance company that you have been in a car accident and give as many details as possible.

Persons: —, John Fitch, it's Organizations: National, Traffic Safety Administration, Service, Traffic

☆ Here are Wednesday's biggest analyst calls: Nvidia, Apple, Microsoft, Gap, Verizon, Alphabet & more
▼ + stars: | 2023-10-25 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Wells Fargo upgrades Gap to overweight from equal weight Wells said the turnaround is taking shape for Gap. Deutsche Bank upgrades Livent to buy from hold Deutsche said it sees an attractive entry point for the lithium company. Bank of America downgrades TransUnion to underperform from buy Bank of America double downgraded the stock due to concerns about consumer lending. Bank of America initiates Syndax as buy Bank of America said it sees upside for the pharmaceutical company. Monness, Crespi, Hardt & Co. downgrades Alphabet to neutral from buy Monness said it's concerned about regulatory headwinds.

Persons: TD Cowen, Freyr, FREY, Goldman Sachs, Goldman, it's, We're, Wells, Needham, Etsy, Piper Sandler, Piper, TRU, SocGen, Bernstein, Deutsche Bank downgrades Corning, 2H24, Jefferies, Monness, Crespi, Hardt, Piper Sandler downgrades Livent Organizations: EV, Apple, BMO, Bank of America, Microsoft, GPS, Alto Networks, Deutsche Bank, Deutsche, Citi, TAM, Barclays, Verizon, Piper Sandler downgrades Regions, Citizens Financial, RF, " Bank of America, Farfetch, Machinery, UBS, Nvidia, Veeva, Commercial, Syndax Pharmaceuticals Locations: EVgo, Cybersecurity, Corning, Albemarle, LTHM

☆ Insurance companies have discovered devious new ways to rip you off
▼ + stars: | 2023-10-23 | by ( Jathan Sadowski | ) www.businessinsider.com time to read: +16 min

Unfortunately, as premiums for everything from home insurance to car insurance skyrocket, more of us are being forced to dwell on the opaque and convoluted insurance industry. AdvertisementAdvertisementTo determine that magic price tag, insurance companies drill down into the nitty-gritty details of your life. I'll go even further: To boost their own profits, insurance companies are becoming increasingly antisocial and antagonistic. To boost their own profits, insurance companies are becoming increasingly anti-social and antagonistic. The stuff of insurance is far too important to be left to the insurance industry.

Persons: Søren Holm, Duncan Minty, Kengo Sakurada, you've, Colm Holmes, —, Holmes, Inga Beale, Beale, ProPublica, Cigna Organizations: Consumers, Caliber, Insurance, Sompo Holdings, Aviva, Allianz Holdings —, of Actuaries, State Farm, Farm, New York Times, of Information Technology, Monash University Locations: London, State

Oct 16 (Reuters) - Nelson Peltz's activist hedge fund Trian Fund Management has built a stake in Allstate Corp (ALL.N), one of the insurers struggling to cope with the fallout of natural disasters such as the Maui wildfire in Hawaii, people familiar with the matter said. It has blamed natural disasters that are sometimes amplified by climate change for its poor performance. Allstate has hired investment bankers to advise it on how to handle Trian, the sources said. Allstate and Trian did not immediately respond to requests for comment. Trian has previously pushed for change at companies such as Procter & Gamble (PG.N), Unilever (ULVR.L) and Invesco (IVZ.N).

Persons: Nelson, Tom Wilson, Carl Icahn, Matthew, Walt Disney, Bob Iger's, Trian, Svea Herbst, Bayliss, David French, Greg Roumeliotis, Rod Nickel Organizations: Management, Allstate Corp, Allstate, Trian, Insurance, Walt, Procter, Gamble, Unilever, Svea, Thomson Locations: Hawaii, Northbrook , Illinois, New York

☆ Insurers are seeking a way to make money from your climate change travel anxiety
▼ + stars: | 2023-10-04 | by ( Ellen Sheng | ) www.cnbc.com time to read: +3 min

More travel and disrupted travel plans have meant more interest in travel insurance, which covers trip cancellation, lost luggage and delays. "The baseline of normal has changed significantly," said Jeff Rolander, vice president of claims at Faye Travel Insurance. More travelers seeking out trip insuranceConsumers are reacting to increasingly extreme and unpredictable natural disasters by more often opting into travel insurance. According to Squaremouth.com, a travel insurance quoting and comparison engine, the travel insurance market has grown significantly since 2020, when travel came to a halt. But increased delays due to extreme weather are also contributing to the growth.

Persons: Jeff Rolander, Squaremouth.com, Nick Lazzari Organizations: Faye Travel Insurance Locations: Rhodes, North America, Mexico

ATLANTA (AP) — A political group linked to Georgia Gov. Kemp announced his plan to back lawsuit limits in August at a meeting of the Georgia Chamber of Commerce. Kemp also argues lawsuit limits could help lower costs for inflation-pinched households, in part by lowering Georgia's high auto insurance rates. Most of that came from a $3.75 million transfer from Kemp's gubernatorial campaign, but a number of large companies and trade associations, including some backing lawsuit limits, made $25,000 contributions. Kemp also is using the money to bolster some Republican state lawmakers in the upcoming 2024 elections, while seeking to defeat some Democrats.

Persons: Brian Kemp, Kemp, ” Cody Hall, Burt Jones, Jon Burns, Donald Trump Organizations: ATLANTA, Georgia Gov, Georgia Chamber of Commerce, Georgia General Assembly, Gov, Leadership Committee, gubernatorial, Republican Party, Senate Locations: Georgia, Georgians

☆ What Warren Buffett learned from his past investment mistakes, including IBM and airlines
▼ + stars: | 2023-10-01 | by ( Yun Li | ) www.cnbc.com time to read: +5 min

In the years after Buffett sold IBM, he dramatically raised Berkshire's stake in Apple, becoming the largest shareholder outside of index and exchange-traded fund providers. As of the end of June, Berkshire's Apple stake was worth more than $177 billion, accounting for nearly half of Berkshire's entire equity portfolio. Buffett also admitted it was a mistake not being an early investor in Amazon , saying he underestimated the brilliance of founder Jeff Bezos. Some said that Buffett sold them too early and missed the subsequent rebound when the economy reopened. "It could've been worse, but it was a mistake," Buffett said during 1995 annual meeting .

Persons: Warren Buffett, he's, Buffett, Berkshire's, That's, Ben Graham, Jeff Bezos, Charlie Munger, we'll, I'd, Long, we'd, Richard Branson Organizations: Oracle, HP, Apple, Business Machines, IBM, Berkshire's Apple, Taiwan Semiconductor, Big Tech, Google, — United, Delta Air Lines, US Air, Virgin Atlantic Airways Locations: Omaha, Berkshire, Taiwan, U.S, American, Southwest

☆ How the UAW strikes could rekindle inflation just as its trending lower
▼ + stars: | 2023-09-26 | by ( Hakyung Kim | ) www.cnbc.com time to read: +3 min

The ongoing United Auto Workers strike could present a risk to the fight against inflation, according to Barclays. According to Sriram, this could consequently put upward pressure on auto prices, which have played an outsize role in persistent inflation pressures. "We think upside risks to core inflation are likely to materialize primarily in used car prices in the event of a sharp inventory drawdown," said Sriram. "Used car prices, which account for 3.5% of core CPI (but only 0.5% of core PCE), tend to be sensitive to new car inventories, more so in this post-pandemic period, with car inventories tight and new car prices substantially elevated." She noted that the strike will not likely affect auto prices through October.

Persons: —, Pooja Sriram, Sriram, — CNBC's Michael Bloom Organizations: United Auto Workers, Barclays, — Ford, General Motors Locations: July's

WASHINGTON (AP) — The Federal Reserve is set to leave its key interest rate unchanged Wednesday as it seeks to guide the U.S. economy toward a “soft landing" of cooling inflation without triggering a deep recession. Yet with inflation pressures still underlying the economy, Powell won't be declaring victory on Wednesday, when the Fed's latest policy meeting ends. And those projections will likely also show that the Fed envisions fewer interest rate cuts next year than it did in June, when it projected three rate reductions in 2024. Even as the central bank is winding down its rate hikes, Powell and other Fed officials have said their key rate could remain at its peak well into next year. Powell and other central bank officials have said that while they are making progress, they aren't yet done.

Persons: Jerome Powell, Powell, it's Organizations: WASHINGTON, Federal, Fed, United Auto Workers, Big, European Central Bank, Bank of England, Bank of Japan Locations: U.S, Ukraine

☆ Car insurance rates just had their biggest annual jump in 47 years. This is why
▼ + stars: | 2023-09-13 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +8 min

While that insurance is for a 2022 Porsche Taycan, even friends of his who drive lower-end models are paying more for car insurance, he told CNN. Yet he's seen his car insurance rates increase from $140 a month in 2020 to his current rate of $278 a month. Car insurance rates are increasing for a variety of reasonsTwo months ago, Nationwide notified Darnell Coates-Clark, 55, an EMT based in Baltimore, that he would be hit with a 33% increase in his car insurance. He acknowledged he doesn’t have “stellar credit,” which is known to impact car insurance rates. Darnell Coates-Clark saw his monthly car insurance rates double over the past two years.

Persons: Kyle Barone, Barone, didn’t, USAA, He’s, “, ”, hasn't, he's, haven’t, Darnell Coates, Clark, Coates, ’ ” Coates, hasn’t, Ryan Ankrom, Clark USAA, Andrew Femath, Stephen Crewdson, Hurricane Ian, Robert Passmore, Crewdson, ” Crewdson, Betsy Stella, Insurify, what’s, “ I’ve, “ I’m, I’ve Organizations: New, New York CNN, Volvo, CNN, Porsche Taycan, Norwegian Cruise Line, Kyle Barone Drivers, Sunshine State, Nationwide, P Global Market Intelligence, Casualty Insurance Association, National, Traffic Safety Administration Locations: New York, United States, Florida, Jacksonville , Florida, Tampa, Norwegian, Sunshine, Southwest Florida, Baltimore, Maryland, Hurricane

NEW YORK (AP) — When the unexpected happens — whether fire, hail, or human error — renters insurance can provide much-needed stability. The average cost of a renters insurance policy in 2023 was $148 per year, or about $12 per month, according to the most recent analysis by NerdWallet. Here's what to keep in mind:WHAT SHOULD I KNOW ABOUT ACQUIRING RENTERS INSURANCE? WHAT’S COVERED BY RENTERS INSURANCE? Most renters insurance policies include:— Personal property protection.

Persons: Linda Klamm, “, Klamm, ” Klamm, you’re, policyholders, ”, Charles Schwab Organizations: Joint Center for Housing Studies, Harvard University, Insurance, Institute, Financial Health Network, Financial Health, Associated Press, Charles, Charles Schwab Foundation, Inc, AP Locations: Oakland , California, California, Florida , Louisiana , Texas, Washington

☆ Potential UAW strike presents a near-term headwind for auto insurers - JPM
▼ + stars: | 2023-09-07 | by ( Reshma Rockie George | ) www.reuters.com time to read: +2 min

A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/File Photo Acquire Licensing RightsSept 7 (Reuters) - J.P.Morgan on Thursday said supply chain disruptions from a potential United Auto Workers (UAW) union strike would cut new vehicle production, drive up used car prices and put pressure on margins in the personal auto insurance business. The automakers "represent about 40% of light vehicle auto sales (by units) in the U.S., and IHS Markit estimates that a strike would disrupt North American vehicle production by roughly 75%," J.P.Morgan said. The brokerage identifies Allstate Corp (ALL.N) and Progressive Corp (PGR.N) as the insurers with the most exposure to a potential UAW strike, with Allstate more susceptible due to its weaker capital position. Used-car prices have had the most impact on auto margins in recent years compared to other factors such as higher spare part costs, labor costs, increased litigation, and severe accidents, the brokerage added.

Persons: Morgan Chase, Mike Segar, J.P.Morgan, Jimmy Bhullar, Reshma Rockie, Tasim Zahid Organizations: Co, New York City, REUTERS, United Auto Workers, UAW, Detroit Three, Ford, Chrysler, General Motors, Allstate Corp, Progressive Corp, Allstate, Anderson Economic Group, Thomson Locations: New York, U.S, Michigan, Reshma Rockie George, Bengaluru

☆ Uber bans most under 25s from driving for the company in California because of rising insurance costs
▼ + stars: | 2023-08-25 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Uber has banned under-25s from working as drivers in California because of rising insurance costs. In a statement to the AP, Uber said its commercial auto insurance costs had risen by more than half in the last two years. It also said personal injury lawyers were driving costs up by suing the company. Uber confirmed to the AP that it will allow under-25s who are currently signed up to transport passengers to continue driving for the company. In March, a California appeals court allowed the company and its rivals to continue doing so, overturning a previous decision by a lower court.

Persons: Uber, didn't Organizations: Uber, AP Locations: California

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