Category: Auto Insurance

Allstate announced on Wednesday that it will now be offering auto insurance plans for drivers who pick up passengers via apps like Uber and Lyft.

According to Chicago Business, the brand new Ride for Hire policy will come with a price tag of about $15 to $20 per month and will “provide coverage for drivers who get into accidents while they are on the way to pick up new fares.”

To start, the policy will only be available in Illinois, Colorado, Texas and Virginia, though Allstate hopes to expand into more states in 2016.

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As driverless cars continue to become more and more of a reality, experts suggest that we could eventually see auto insurance rates begin to drop.

A recent study by RAND Corp. found that the increased safety benefits from self-driving cars – which promise to come with a reduced risk of accidents – are likely to lead to “a significant reduction in insurance premiums” down the road.

“So many accidents are caused by human error, if you reduce the human factor, it should cut down on accidents,” analyst Laura Adams of Insurancequotes.com told CBS News. “That will mean fewer claims and should reduce rates.”

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Wells Fargo announced on Monday that it has put a cap on the amount of money it will loan to subprime borrowers.

As reported by CNBC, according to execs, the San Francisco-based banking giant “is limiting the dollar volume of its subprime auto originations to 10 percent of its overall auto loan originations.”

Last year, that number was $29.9 billion. The new ruling will affect borrowers with credit scores of 640 or lower.

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According to officials, Advance Auto Parts will be employing 600 workers in North Carolina by the end of 2017.Unlock smarter crypto trading with AI precision read more

Average pay for workers will be around $110,000 per year, and Governor of North Carolina says that the company could get over $17 million in tax breaks.

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