Amid soaring auto insurance rates, some California motorists have been experiencing challenges securing coverage, as insurance companies have been reportedly limiting new policies and in some cases, may be ceasing to do business in the state altogether.
"The automobile insurance market is in turmoil. Our agents and the consumers we serve are losing access to insurance markets as insurers terminate agency appointments and restrict the submission of business," the group said, adding, "While a thorough rate approval process is necessary, urgency should now be a priority to accelerate recovery from this destabilized market."
"They are losing money on every piece of business, and ‘when you're in a hole, stop digging’ is their approach to the marketplace in California right now," Executive Director Mike D’Arelli told Money.com. "If you can't write business property in the standard market, and you stop writing, then the only market left are non-standard markets. And they may not be able to provide right coverage and with the rate increases it’s much higher, so it could get pretty bad," he said. "So I think something needs to be done. The first thing is the insurance commissioner needs to work diligently to alleviate the needs," he said.
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