How EV Insurance is Transforming the Insurance Market Landscape

evs high tech vehicles insurance costs

The automotive landscape is embarking on a transformative journey with electric vehicles (EVs) and high-tech cars steering the course. This electrifying shift is not only redefining transportation but also reshaping the dynamics of auto insurance. As EVs and vehicles laden with cutting-edge technologies become more prevalent, their impact on insurance costs has emerged as a critical issue for drivers and insurers alike. The fusion of sophisticated electrical systems, driver-assist technology, and complex vehicle software has ushered in a new era of challenges in risk assessment and repair costs. Understanding these…

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These are the top auto insurance complaints, says California Deputy Commissioner

Auto insurance - Complaints loading

The DOI’s Tony Cignarale recently discussed the leading issues filed about coverage or insurers. The California Department of Insurance (DOI) Deputy Commissioner Tony Cignarale recently spoke about the most common auto insurance complaints handled by his department. The discussion also announced a special session in which repair shops could file complaints. The special session for auto insurance complaints was held at a Society of Collision Repair Specialists (SCRS) open board meeting. It was held in Palm Springs, California ahead of the Collision Industry Conference (CIC). Cignarale is the Consumer Services…

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Auto insurance prices are a major US inflation driver

Auto insurance Prices - Inflation

Though there are many factors that have combined to push inflation rates paid by motorists are a large one. Though there has been an easing in the growth rate of inflation in the United States during the last twelve months, auto insurance premiums have been identified as a notable driver of the ongoing trend. Rapid growth in rates paid for coverage has played a role in stopping consumer prices from falling. In December 2023, consumers prices increased by 3.4 percent on average when compared to the same month in 2022,…

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California auto insurance delays to face possible crackdown

Auto insurance delays

The state has threatened to penalize insurers for tactics to stall in providing coverage to drivers. California drivers have been registering complaints regarding the challenge they face in trying to obtain the auto insurance legally required to drive in the state. In response, the state commissioner is warning of a potential crackdown against stalling insurers. Commissioner Ricardo Lara announced this week that his department has been receiving “numerous” complaints from auto insurance customers that are dealing with lengthy questionnaires, waiting periods and other stalling practices that are potentially violating Californian…

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Georgia auto insurance rates rose faster than in most other states

Auto insurance - Georgia auto insurance rates increase

A new Bureau of Labor Statistics study showed the average amount by which rates rose in the US. The US Bureau of Labor Statistics recently released the results of an auto insurance prices study in which it showed that rates rose 19.2 percent nationally from October 2022 to the same month in 2023. That said, a new study on Georgia rates showed that drivers in that state saw higher increases. The second study was conducted by MarketWatch and showed that Georgia insurance rates increased by 22 percent from 2022 to…

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