Monthly Archives: January 2016

Insurance Department Tally on California Wildfires $1B

Damage from two destructive Northern California wildfires that killed six and sent thousands fleeing their homes topped $1 billion in insured losses, according to a preliminary estimate by the state’s insurance department.

The two fires started days apart in September, burning more than 200 square miles of remote, mountainous territory north and northeast of San Francisco.

The preliminary figure announced Monday includes $700 million from a fire centered largely in Lake County that killed four and destroyed nearly 2,000 structures, including some 1,300 homes. The so-called Valley Fire is the third most destructive wildfire in state history, based on the number of structures lost, and the fifth-costliest based on insured losses.

Another fire
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California Commissioner OKs New insurance Products to Fill Ridesharing Gap

California Insurance Commissioner Dave Jones approved a new insurance product by USAA designed to close the gap in insurance coverage for drivers driving for all ridesharing companies.

The product is now available to USAA’s California drivers for all ridesharing companies, such as Uber and Lyft.

Ridesharing insurance is divided into three periods, with both ridesharing drivers and rideshare companies required to purchase coverage.  Period 1 is when the driver has the ridesharing app open and is waiting for a match, Period 2 is when a match accepted but the passenger has not yet been picked up and Period 3 is when the passenger in the vehicle and until the passenger exits the
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PIFC’s Priorities

Prelude

California’s rules for establishing home and auto insurance rates are uniquely complicated. But, in this case, being different is not a badge of honor.

Creating a fair system for calculating adequate insurance rates is one of the most important issues to PIFC.  Without a reasonable and predictable ratemaking process, California consumers have fewer choices than are available in other states, with much less ability to find the products, services, premium, and coverages that best fit their individual and family needs.

California’s insurance rating law has not been updated in nearly 30 years, despite dramatic advancements in the auto industry, computer technology, and analytics. The current law, established by ballot measure (Proposition 103) in
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61 vehicles earn top IIHS safety ratings for 2016

ARLINGTON, Va., Dec. 30, 2015 /PRNewswire-USNewswire/ —  Nearly 50 vehicles meet tougher criteria for 2016 to take home aTOP SAFETY PICK+ award from the Insurance Institute for Highway Safety, earning good ratings in all five crashworthiness evaluations and an advanced or higher rating for front crash prevention. An additional 13 vehicles qualify for TOP SAFETY PICK in this initial group of winners. See full list: http://www.iihs.org/iihs/ratings/TSP-List.

“We asked auto manufacturers to do more this year to qualify for our safety awards, and they delivered,” says Adrian Lund, IIHS president. “For the first time, a good rating in the challenging small overlap front crash test is a requirement to win, in addition to
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