WalletHub interviews Lobe on car insurance laws varying across states
Sebastian Lobe, University Foundation Professor of Investment Education and associate professor of finance in the Maine Business School, was featured in WalletHub discussing why car insurance requirements differ widely among U.S. states. Lobe explained that because each state sets its own regulations and minimum policy limits, differences arise from factors such as cost of living, vehicle values and whether the state follows a fault or no-fault system. He noted that as repair and medical costs rise, states like California, North Carolina, Utah and Virginia are adjusting their insurance minimums for 2025, some for the first time in decades. Lobe also advised drivers to purchase more than the minimum required coverage to protect their assets and reduce financial risk in the event of serious accidents.