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AdvertisementAdvertisementIn the end, I found I could save almost $600 by switching my auto insurance alone to another highly-rated insurance company, Travelers. And if I switched auto and homeowners insurance coverage to this insurer, I could save $1,335 annually. Compare auto insurance quotes from multiple providers with Coverage.com. Getting auto insurance quotesI'm a financially savvy person, but I still found shopping for car insurance quotes and switching plans rather daunting. Switching insurance companies was easier than I thoughtOne point of contention I had with switching companies is the fact I had already prepaid auto insurance coverage for the year.

Persons: I'm, Ashley Brown, Connor, That's Organizations: Allstate, Service, Travelers, Cincinnati Financial, Connor Insurance, Company Auto, Travelers Insurance Locations: Wall, Silicon, Indianapolis

☆ Inflation may be cooling — but drivers can’t seem to catch a break
▼ + stars: | 2023-08-12 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +9 min

Another hefty expense is car insurance, up 17.8% from a year ago. Car repairs and car insurance were the second- and third-largest annual price increases, respectively, tracked by the CPI. Paul Baxter, a mechanic who owns Bullet Proof Off-Road & Auto, a car repair shop in Mesa, Arizona, said he’s paying 30% more for car parts compared to before the pandemic. To keep the lights on, he marks up car parts he sells to customers by 20% to 30%, he told CNN. Paul Baxter, who opened his auto shop in 2016, has had to raise prices due to the rising cost of car parts.

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After college, I got into the habit of just switching my car insurance to whichever policy was cheapest. But while I've never had difficulty filing a claim, I have had less favorable customer service experiences. Recently, I've compared prices and thought about switching providers to save money. The customer service is excellent, and we also get free roadside assistance, which I've already used once this year due to a faulty transmission. While finding ways to save money is always a top priority of mine, financial savings sometimes come with a different price: risk.

Persons: I've, J.D . Powers, we've, Stuart Winchester, Winchester Organizations: Service, J.D Locations: Wall, Silicon, J.D .

☆ The top 10 most expensive states to live in based on living expenses — Hawaii is 50% above the national average
▼ + stars: | 2023-08-06 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +3 min

This amounts to 35% of the annual US household average income of $70,784. Hawaii residents, however, pay around 50% above this national average — forking out an average of $3,070 for their monthly expenses. Getty ImagesMonthly bill expense per household: $2,7274. Getty ImagesMonthly bill expense per household: $2,5696. Getty ImagesMonthly bill expense per household: $2,41310.

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After our car insurance premiums doubled, we looked at how much each provider would cost our family. See Insider's picks for the best cheap car insurance for teenagers »1. I got quotes from multiple carriers and eventually went with Allstate's car insurance, as they offered the best bundle with our homeowners insurance policy. Others were more punishing — the Liberty Mutual car insurance quote went up by $140 a month. Progressive went up by $116, though they offer a teen driver discount for customers of a year or more.

Persons: I'm Organizations: Service, . Insurance, Tacoma, Liberty Mutual, Progressive Locations: Wall, Silicon, —

☆ The most—and least—expensive U.S. states based on the average cost of monthly expenses
▼ + stars: | 2023-08-02 | by ( Celia Fernandez | ) www.cnbc.com time to read: +3 min

The doxo United States of Bill Pay: State by State Bill Pay Market Report found that Hawaii's average monthly cost for household bills is 50% above the national average. The doxo report found that the average monthly bill for a mortgage in Hawaii is $2,247, while the average rent is $1,856. The average monthly bill cost for San Ramon is $4,390. According to the doxo report, the average mortgage in the state is $879, while the average monthly rent is $785. Denistangneyjr | E+ | Getty ImagesTop 10 least expensive states based on monthly expenses

Persons: Bill Pay, doxo, Doxo Organizations: State, Utilities, Auto insurance Cable, Mobile, Hawaii, Swiet, Hawaii California New Jersey Massachusetts Maryland Connecticut New, San, United, West Virginia Locations: United States, Hawaii Hawaii, Hawaii, States, O'ahu, Kailua, Hawaii California New Jersey Massachusetts Maryland Connecticut, Hawaii California New Jersey Massachusetts Maryland Connecticut New York Washington Colorado Alaska California, California, San Ramon, San Francisco, Virginia, West Virginia, Appalachian, Mountain, West

☆ Americans flocked to Florida for low taxes and sunshine, but an under-the-radar cost of homeownership keeps rising: insurance
▼ + stars: | 2023-07-29 | by ( Jennifer Streaks | Senior Personal Finance Reporter | Read More | ) www.businessinsider.com time to read: +7 min

Florida homeowners are dealing with rapidly increasing homeowners insurance rates. Due to inflation and severe weather, Florida insurance rates are expected to increase by 40% in 2023. The Insurance Information Institute projects that property insurance rates in Florida will increase by at least 40% in 2023. Increase your insurance deductibleIncreasing your homeowners insurance deductible generally will lower your insurance premiums. Were you in the military, or a member of an alumni association or employment association that offers insurance discounts?

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It's a good idea to get several quotes from a few different insurance companies looking to make sure that the coverage is the same. Related: The best homeowners insurance companies »2. Review payment optionsMany insurance companies charge more for dividing your premium into monthly payments, so you can save money by paying upfront. According to FICO, many insurance companies will look at your credit based insurance score as a part of setting rates. If you pay your insurance premium on a monthly basis, add the extra amount into your budget now. When I owned my home in Washington, D.C., I would use part of my annual bonus to pay my homeowners insurance premium upfront and in full.

Persons: weathers, you've, FICO Organizations: Service, Allstate, Washington , D.C Locations: Wall, Silicon, Washington ,

Farmers Insurance will stop offering insurance in Florida. Compare homeowners insurance quotes with Policygenius »Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. News 6 Orlando reported that this change will affect about 100,000 Farmers-branded home, umbrella, and auto insurance policies. However, the bulk of insurance policies offered by Farmers in Florida are under other brands, like BristolWest and Foremost Signature. "Affected customers will receive notifications detailing when their coverage will end and will be advised of options for replacement coverage," Farmers told News 6 in a statement.

Persons: Policygenius, it's Organizations: . Farmers Insurance, Farmers, Service, Farmers Insurance, Orlando, Farm, Allstate Locations: Florida, Wall, Silicon, California

☆ Mexico stocks are surging this year on reshoring bets, but big risks can knock down the rally
▼ + stars: | 2023-07-12 | by ( Sarah Min | ) www.cnbc.com time to read: +5 min

The Mexico nearshoring play is real, but investors should be aware of some pitfalls. Nearshoring — also called reshoring, onshoring, inshoring or backshoring — is helping drive Mexican stocks higher this year. For U.S. companies, there are compelling advantages to moving operations to Mexico from Asia, including geographical proximity, as well as low labor costs. "There is no nearshoring industrial revolution without electricity," according to a March note where Lippmann discusses Mexico's need to revamp its electricity infrastructure. According to Nace, the firm is the largest auto insurance company in Mexico, "similar to a Progressive in the United States.

Persons: —, Andrés Manuel López Obrador's, Meagan Nace, Nace, Morgan, Nikolaj Lippmann, Lippmann, Lippman, López Obrador, Tesla Organizations: U.S, Grupo, Artisan Partners, Companies, Partners, Semiconductor, New York Stock Exchange Locations: Mexico, Asia, Mexican, nearshoring, Baja California, United States, Monterrey, Nuevo Leon, U.S

Read our review Read Our Review A looong arrow, pointing rightThe Ink Business Preferred® Credit Card offers a huge welcome bonus and solid earning and benefits for a moderate annual fee. Chase Ink Business Preferred Review: Is It the Best Credit Card for You? Read our review Read Our Review A looong arrow, pointing rightChase Ink Business Preferred Annual Fee and Other CostsThe Ink Business Preferred® Credit Card has a $95 annual fee, but if you can take advantage of the bonus categories and benefits, it's well worth it. The Ink Business Preferred® Credit Card is a small business card, so you must have a business (even a part-time one, or a side gig) to qualify. Methodology: How We Reviewed the Chase Ink Business PreferredThe credit card experts at Insider reviewed the Ink Business Preferred® Credit Card in comparison to other small-business cards with similar annual fees and features.

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Read our review Read Our Review A looong arrow, pointing rightThe Automobile Club of Southern California is a regional AAA insurance provider. Automobile Club of Southern California (AAA) ReviewThe Automobile Club of Southern California is a regional AAA insurance provider. Read our review Read Our Review A looong arrow, pointing rightAutomobile Club of Southern California (AAA) Car Insurance FAQsIs the Automobile Club of Southern California the same as AAA? How the Automobile Club of Southern Calfornia ComparesAutomobile Club of Southern California vs. USAALike AAA, USAA is a members-only insurance provider. Read our Allstate car insurance reviewAutomobile Club of Southern California vs. ProgressiveProgressive is a well-known insurance provider with coverage in all 50 states.

☆ Auto insurers are raising rates, even as car prices ease. 'The pandemic has been really disruptive to the auto repair business,' economist says
▼ + stars: | 2023-06-16 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

About a third (31%) of U.S. auto insurance customers say they experienced a rate increase during the past year, according to a recent study by J.D. Many factors have conspired to push up the cost of car repairs, which ultimately feeds through to insurance prices, economists said. "The pandemic has been really disruptive to the auto repair business," he said. Auto insurers lost 12 cents on each dollar of customer premiums paid in 2022, on average, according to J.D. Vehicle prices moderate after pandemic-era surgeFurther, vehicle prices began rising at a rapid clip in the first half of 2021.

Persons: Mark Zandi, Power, Zandi, Charlie Chesbrough, Chesbrough Organizations: Moody's, U.S . Department of Transportation, Auto, Cox Automotive, U.S . Federal Reserve Locations: ., U.S

Our experts answer readers' insurance questions and write unbiased product reviews (here's how we assess insurance products). When I got renters insurance, I guessed how much I needed. Compare the best renters insurance policies. I've had my share of car accidents and auto insurance claims, but this was my first time having a major loss and filing a renters insurance claim. An emergency fund is a mustAn insurance claim takes time.

Persons: —, I've, adjuster, I'm Organizations: Service Locations: Atlanta

☆ New York City files lawsuit blaming Hyundai, Kia for 'spiraling epidemic' of car thefts after 'Kia boys' viral TikTok thefts cause spike in stolen cars
▼ + stars: | 2023-06-08 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +6 min

New York City joins a growing list of cities and states taking legal action against Kia and Hyundai. New York City has joined a growing list of cities and states to take legal action against Hyundai and Kia. TikTokers have suggested a "hack" to get a Kia or Hyundai car started without the key. In New York City, the suit cited, Kia thefts increased about 241% between 2021 and 2022. Hyundai thefts similarly increased by 179%.

Persons: Kia, Kias, Louis, Hyundais, TikTokers Organizations: Kia, Hyundai, Morning, Progressive, European Union, America, New York Police Department, Mercedes, Apple Locations: York City, New York City, Cleveland, Milwaukee, San Diego, Columbus, St, Seattle, New York, Canada

State Farm and Allstate are no longer accepting applications for new home insurance in California. Existing State Farm and Allstate homeowners insurance customers in the state will retain their coverage. Compare homeowners insurance quotes with PolicygeniusGet the latest tips you need to manage your money — delivered to you biweekly. State Farm cited both high construction costs in the state and the increasing risk of wildfires as the reasons behind its decision. This won't affect State Farm auto insurance customers in California, either; applications for car coverage will remain open and nothing will change for existing policy holders.

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☆ 8 things you shouldn't cut back on during a recession
▼ + stars: | 2023-05-30 | by ( Jen Glantz | ) www.businessinsider.com time to read: +7 min

Financial experts say there are eight things worth every penny that you shouldn't stop spending on. If you're starting to plan what items you should cut back on, take a look at what these financial experts say are worth every penny — even during a recession. If you're struggling to afford your internet or phone service during a recession, Lalonde recommends calling your current provider and asking for discounts or looking for lower-cost options with other providers out there. To prepare for a looming recession, Lalonde recommends making sure your coverage is up-to-date and researching if there are any government or community programs that can assist you with the cost of healthcare costs. If you're prioritizing what to cut back on, Nelson recommends cutting spending elsewhere to ensure debts are being paid off first.

☆ State Farm will no longer offer new home insurance policies in California over wildfire concerns
▼ + stars: | 2023-05-29 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

State Farm said it won't accept new applications for business and personal lines of property and casualty insurance in California. The change won't impact those with personal auto insurance, and current property and casualty insurance holders can still file claims for property that's already covered by State Farm. "Insurance companies prioritize their short-term financial goals, the long-term goal of the Department of Insurance is protecting consumers," California Department of Insurance spokesperson Michael Soller told CNN. Soller continued: "It's important to note that current State Farm customers are not affected, and no non-renewals are being issued as a result of this announcement." "We pledge to work constructively with the CDI and policymakers to help build market capacity in California," Friday's statement from State Farm said.

☆ State Farm stops home insurance sales in California, citing wildfire risks
▼ + stars: | 2023-05-28 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —State Farm is stopping new home insurance sales in California, citing wildfire risks and skyrocketing construction costs, the company announced Friday. The insurance giant stopped accepting applications for all business and personal lines property and casualty insurance in California on May 27. “State Farm General Insurance Company made this decision due to historic increases in construction costs outpacing inflation, rapidly growing catastrophe exposure, and a challenging reinsurance market,” the company said in a statement. While “insurance companies prioritize their short-term financial goals, the long-term goal of the Department of Insurance is protecting consumers,” California Department of Insurance spokesperson Michael Soller said. “However, it’s necessary to take these actions now to improve the company’s financial strength,” State Farm said, adding it will reevaluate according to market conditions.

☆ State Farm to stop accepting homeowners insurance applications in California due to wildfires, construction costs
▼ + stars: | 2023-05-27 | by ( Ashley Capoot | ) www.cnbc.com time to read: +1 min

State Farm General Insurance Company on Friday announced that it will stop accepting new homeowners insurance applications in California, citing "rapidly growing" catastrophe risks like wildfires, "historic increases" in construction costs and a challenging reinsurance market. State Farm said it will stop accepting new business, personal lines property and casualty insurance applications starting Saturday. The company said it will work with the California Department of Insurance and other policymakers to improve conditions in California, but that State Farm decided to take action to improve its "financial strength. "We will continue to evaluate our approach based on changing market conditions," State Farm said. State Farm did not immediately respond to CNBC's request for comment.

But the 20% rebate on travel purchases (up to $200 back) easily makes this superior to the Chase Sapphire Reserve® offer. Meanwhile, those with a Chase Sapphire Reserve can book travel through the Chase Travel Portal at a rate of 1.5 cents each. Winner: Chase Sapphire Reserve®Consider statement credits and complimentary membershipsThe Chase Sapphire Reserve and Amex Green Card offer various credits that can effectively reduce the annual fee you pay to be a cardholder. The Chase Sapphire Reserve's $300 travel credit is much more versatile than the Amex Green card's annual statement credits, since it applies to virtually any travel purchase. The Chase Sapphire Reserve carries a $550 annual fee, while the Amex Green Card charges $150 per year.

☆ Should college graduates be financially independent? Parents and young adults disagree
▼ + stars: | 2023-05-19 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

watch nowYoung adults face financial challengesIn part, millennials and Gen Z face financial challenges that their parents did not as young adults: On top of carrying larger student loan balances, their wages are lower than their parents' earnings when they were in their 20s and 30s. Soaring food and housing costs pose additional hurdles for young adults just starting out. Now, 68% of parents with children over age 18 are making a financial sacrifice to help support them, according to Bankrate's report. For parents, however, supporting grown children can be a substantial drain at a time when their own financial security is in jeopardy. Kids have to realize that the quid pro quo here is that they're going to be expected to take care of their parents.

Wells Fargo has operated since 2018 under consent orders from the Federal Reserve and two other financial regulators requiring that it improve governance and oversight. The San Francisco-based bank denied wrongdoing, and settled to eliminate the burden and cost of litigation, court papers show. "While we disagree with the allegations in this case, we are pleased to have resolved this matter," Wells Fargo said in a statement on Tuesday. Wells Fargo has since 2016 paid or set aside several billion dollars to resolve regulatory probes and litigation over its business practices. The case is In re Wells Fargo & Co Securities Litigation, U.S. District Court, Southern District of New York, No.

☆ Wells Fargo reaches $1 bln settlement with shareholders over recovery from scandals
▼ + stars: | 2023-05-16 | by ( ) edition.cnn.com time to read: +2 min

Wells Fargo & Co has agreed to pay $1 billion to settle a lawsuit accusing it of defrauding shareholders about its progress in recovering from a series of scandals over its treatment of customers. Wells Fargo (WFC) has operated since 2018 under consent orders from the Federal Reserve and two other financial regulators requiring that it improve governance and oversight. Wells Fargo did not immediately respond to requests for comment outside business hours. The San Francisco-based bank denied wrongdoing, and settled to eliminate the burden and expense of litigation, court papers show. Wells Fargo has since 2016 paid or set aside several billion dollars to resolve regulatory probes and litigation concerning its business practices.

☆ How to Deal With Rising Auto Insurance Rates
▼ + stars: | 2023-05-05 | by ( Ann Carrns | ) www.nytimes.com time to read: +2 min

The federation supports eliminating the use of credit scoring in insurance rating, saying it especially harms lower-income customers and people who live in minority neighborhoods. (At least three states — California, Hawaii and Massachusetts — bar the use of credit scoring in setting these premiums, and a few others limit its use.) Insurers defend giving better rates to drivers with good credit, saying it makes sense because those customers are less likely to file insurance claims. “The vast majority of customers get a better rate because we’re using credit scoring,” Mr. Passmore said. While many people “would rather get a root canal,” he said, getting auto insurance quotes isn’t difficult.

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