News
State Farm to settle Arkansas actual cash value lawsuit for $15. 6 million
4+ day, 17+ hour ago (532+ words) State Farm has agreed to settle an Arkansas class action lawsuit over alleged undervalued actual cash values for nearly $15. 6 million. Rose Chadwick, the lead plaintiff, filed the suit in 2021, alleging that State Farm used Audatex North America valuation reports to…...
CCC Crash Course looks at changing consumer claims practices
1+ week, 2+ day ago (568+ words) Affordability challenges are making consumers treat lower-severity claims as optional purchases, a new CCC Crash Course report says." As smaller claims decrease within first-party coverages, the severity mix is reshaping, the report says. This follows decisions by consumers to opt…...
North Carolina Department of Insurance officials to speak at SCRS open meeting in April
2+ week, 4+ day ago (480+ words) During an upcoming open meeting of the Society of Collision Repair Specialists (SCRS), a panel of speakers from the North Carolina Department of Insurance will discuss consumer protections and effective complaint-resolution strategies. The meeting will be held on April 21 from…...
P&C Specialist article focuses on recent State Farm auto claim practice shifts
3+ week, 8+ hour ago (1224+ words) A new P&C Specialist article explores a change in State Farm auto claim practices, which includes cutting labor rates and the use of centralized auto claim audit teams." "The Bloomington, Illinois-based insurer has lowered labor rates by as much…...
Illinois bill that would create auto and home insurance rate review process passes through house
3+ week, 1+ day ago (624+ words) An Illinois bill that would create a rate review process for auto and homeowner insurance in the state has passed the house. The bill, SB 1486, follows Illinois Gov. JB Pritzker calling for legislation in July after State Farm hiked homeowners…...
Illinois right-to-appraisal bill moves out of House Insurance Committee
3+ week, 2+ day ago (459+ words) Illinois is the latest state to consider mandating the right to appraisal for first- and third-party claims in auto insurance policies with a bill moving out of the House Insurance Committee. If passed, HB 4160 would require a provision allowing either…...
State Farm denies North Carolina actual cash value suit allegations, says relief sought not justified
1+ mon, 4+ day ago (494+ words) State Farm has denied all allegations against it in a North Carolina lawsuit regarding actual cash values (ACVs) on total loss claims, aside from confirming the nature of the collision the lead plaintiff was involved in, and is again seeking…...
Oklahoma bill increasing threshold for salvage title passes Senate; Insurance attacks SD total loss bill
1+ mon, 2+ week ago (794+ words) An Oklahoma bill that would increase the threshold for a salvage title from 60% to 70% passed the Senate Monday." SB 1920, sponsored by two senators with insurance ties, passed 48-0. Sen. Aaron Reinhardt (R-District 37), one of the bill sponsors, told the Senate Business…...
State Farm, Plymouth Rock refuse to pay New Jersey auto claim until media involvement
1+ mon, 3+ week ago (505+ words) A New Jersey man's vehicle was totaled while parked in front of his house, and until after a TV news station's involvement, his insurance and the other party's insurance refused to cover the damage, according to a report from ABC…...
Oklahoma bill to increase total loss threshold brought by legislators with insurance ties
1+ mon, 3+ week ago (586+ words) An Oklahoma bill that would increase the threshold a vehicle must reach to be considered a total loss from 60% to 70% passed the Senate Business and Insurance Committee last week." SB1920 was filed by two state legislators with ties to the insurance…...