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Building on top of this, many states limit how much increases can be, which makes it difficult for insurers to respond to quickly changes market forces like we
by richwater 2y ago
Building on top of this, many states limit how much increases can be, which makes it difficult for insurers to respond to quickly changes market forces like we saw in COVID.
Labor + Parts became so much more expensive but coverage costs were unable to be increased.
https://www.npr.org/2024/03/07/1236504265/auto-insurance-costs-more-everywhere-but-the-problem-is-especially-bad-in-califo https://www.npr.org/2024/03/07/1236504265/auto-insurance-cos...
- themaninthedark 2y agoSounds like the car insurance companies should have taken out policies for sudden events beyond their control. Other types of insurance companies do so; For example, State Farm might take out a policy to backstop their cash reserves where the terms are if they exceed over $100million in claims in a 2 week period of time.