Self-driving car insurance for electric vehicles lacking in the United Kingdom

Electric car - self-driving car insurance

Axa claims that Great Britain may be lining up to miss out on driverless vehicle technology. A lack of appropriate infrastructure and a shortage of self-driving car insurance is setting up the United Kingdom to face serious challenges if it doesn’t want to get left behind with driverless electric cars, says the Axa insurance company. Autonomous vehicles are facing considerable barriers in the U.K. due to the lack of fast charging bays, among others. Drivers of electric cars are already facing struggles with the fact that there aren’t enough rapid…

Read More

Today is the health insurance deadline for enrolling millions of Americans

health insurance deadline enrollment

The federal government’s shorter end to the open enrollment period cuts off registrations for 2018 today. Americans across the country are being reminded that if they want to enroll before the health insurance deadline for 2018 coverage under the Affordable Care Act (ACA), they need to register today. Officials and ACA supporters are reminding people that if they want a health plan, they must enroll by tonight. State insurance departments are encouraging Americans to act with haste if they don’t want to miss the health insurance deadline for enrolling in…

Read More

Wells Fargo could face additional sanctions due to auto insurance practices

auto insurance practices fine penalty

The bank may be facing even more penalties from a federal regulator due to mortgage and insurance scandals. Wells Fargo & Co. may already have faced penalties for its mortgage and auto insurance practices but they don’t seem to be over yet. A federal regulator may be applying more sanctions to the bank as a result of practices that have come to light over the last few months. Among the car insurance practices was one that forced car loan customers to pay for unnecessary coverage. Last week, the Wall Street…

Read More

States brace for Children’s Health Insurance Program to run out of money

Children’s Health Insurance Program kids

Almost a dozen states are getting ready for CHIP’s funding to run out, leaving kids from low-income families uninsured. Almost a dozen U.S. states are bracing themselves as they watch the Children’s Health Insurance Program (CHIP) rapidly running out of money. The program is designed to provide coverage for children from low-income families and, according to a Washington Post report, it is nearly out of funds. At the moment, there are five states that won’t have enough funding for their programs to get through December. The report indicated that the…

Read More

Homeowners insurance companies caught overcharging 13 million policyholders

homeowners insurance companies

A new U.K. study has revealed that existing customers often pay considerably more than new ones. New Citizens Advice research demonstrates that up to 13 million U.K. customers are being overcharged by their homeowners insurance companies. Loyal customers and senior citizens are particularly victim to this trend. A very high percentage of homeowners over the age of 65 years have been paying more than new customers. The study revealed that 40 percent of home insurance policyholders over the age of 65 years and who have had their policy for over…

Read More

Covered California exchange enrollments experience 23 percent spike

Covered California exchange health insurance coverage

The number of new customers registering for their health insurance is considerably higher this year. The Covered California exchange has experienced a notable increase in the number of new customers enrolling this year. When compared to the first two weeks of open enrollment last year, the same period this year experienced an increase of 23 percent. From November 1 through November 14, there were an estimated 48,000 new customers enrolled. Comparatively, the number of people who signed up on the Covered California exchange in 2016 during the first two weeks…

Read More

Health insurance exchanges start fifth annual open enrollment period under ACA

Health insurance exchanges - American healthcare reforms

The Affordable Care Act is moving forward with its marketplaces despite repeated efforts by Republicans. The last year has represented a consistent Republican effort to stop the health insurance exchanges from moving forward in the form they initially took through the Affordable Care Act. That said, despite the GOP’s attempts, the marketplaces have opened their doors for their fifth annual open enrollment season. The 45 day long window to purchase health insurance opened on Wednesday morning with the start of November. Now, eligible Americans across the country will be using…

Read More

Munich Re profits likely to suffer as a result of 2017 hurricanes

Munich Re profits - Thunderstorm Rolling in

Harvey, Irma and Maria will take their tolls on the insurance and reinsurance giant. One of the largest insurers in the world has stated that hurricanes would cause it to suffer a loss as Munich Re profits prove inadequate. The company said its 2017 third quarter would record a loss as a result of Hurricanes Harvey, Irma and Maria. The insurer predicts that the hurricanes would cost $3.1 billion in its covered insured damages. These damages occurred in the United States and the Caribbean and the size of the losses…

Read More

Lloyd’s insurance claims see rapid response and payments following storms

Lloyd’s insurance claims - Home office building

The massive marketplace has reported quick customer service for customers affected by Harvey, Irma and Maria. Hurricanes Harvey, Irma and Maria left catastrophe and devastation behind, and Lloyd’s insurance claims are being rapidly processed, says the market. The company says it is responding quickly and has even made some advance payments. The storms left behind an estimated $738 million in insured damages to properties and possessions. “It is heartening to see the Lloyd’s market swing into action in this way,” said Inga Beal, the market’s chief executive, when addressing the…

Read More

Standard homeowners insurance policy may not cover short term rental damage

standard homeowners insurance broken window vandalism

Property owners taking part in short term rental programs are often unaware of their lack of coverage. Property owners considering using their homes as a source of income may want to review their standard homeowners insurance policy before getting started. Many don’t realize that renting out their homes through services such as Airbnb and Kid & Coe stops their coverage as long as the renters are there. The reason is that a typical home insurance policy is meant to cover the homeowners as residents and their guests. This has become…

Read More