Board Members Weigh In on Lawsuit Filed Against Auto Insurers for Rates during the Pandemic
In light of recent suits related to auto premiums during the pandemic, we asked the board members to weigh in with their opinions.
March 01, 2021 at 06:56 AM
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Recently class action lawsuits have been filed in Nevada against ten major auto insurers over premiums charged during the pandemic. The suits claim that insurers failed to account for a drop in driving and auto accidents, and that rates should have been adjusted accordingly. While acknowledging that some insurers dropped rates and offered some refunds, the suits are claiming that the reduced rates weren’t sufficient and violated state regulations against excessive premiums.
Suits have been previously filed in Illinois for the same reason; with belief that the drop in traffic and accidents during the course of the pandemic did not result in a large enough decrease in premiums to the insureds, netting the insurance industry millions of dollars in extra profits.
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