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Consumer advocate calls for auto insurers to provide more premium relief

The Consumer Federation of America (CFA) has requested that auto insurers in Michigan further reduce premiums for their customers to account for reduced driving activity and accidents during the COVID-19 pandemic.

Earlier this month, Michigan Governor Gretchen Whitmer and the state’s Department of Insurance and Financial Services (DIFS) ordered all auto insurers to either issue refunds or premium waivers to consumers.

Read more: Governor, Department of Insurance mandate insurer rebates

But the CFA believes that insurers can do more to compensate drivers, especially since the pandemic-driven lockdowns have led to drastically reduced driving activity and less roadside collisions – while insurers continued to charge regular rates.

“They are sitting on this coronavirus windfall, and they need to give it back,” CFA national insurance expert Doug Heller told MLive.

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Tornados, Floods, Earthquakes and now Hurricane season  is getting under way and expected to be a wild one. Losses this year could be as much as 10 billion or more compared to 2-4 billion avearge in prior years. Guess what this means to us, yes higher premiums!!!! No one really seems to care when the Insurance carriers loose money, but everyone cares when their rates go up 20-40% and will continue like this for 1-2 more years or more. There is no sympathy for Insurance companies when they lose money, but it is a fact and will have to be dealt with. Please call L & S Insurance for all of your Home, Auto,Life, Flood and business policies. Please read the full article below;

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Property Insurance companies even w/ less revenue must become better at technology to keep up. While predicting decreases in revenue they still have to increase in this area. Please read the full story below;