Consumer Watchdog says Insurance Commissioner Lara’s approval last week of a $263.7 million rate hike by California’s largest insurer, State Farm, marks the latest in a flurry of approvals of unjustified 2023 auto insurance rate hikes by the top 6 auto insurers, collectively totaling over $1 billion. These companies insure approximately 48% of the state’s insured vehicles. Hardest hit by the rate hikes are low-income workers who, under some auto insurers’ job-based rating plans approved by Lara, will pay up to 25% more than professionals with college degrees.
The group said that after months of inaction on the proposed rate
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