Elon Musk to cover Tesla directors and officers liability insurance himself

Directors and Officers Liability Insurance - Tesla charging station

The company cited “disproportionately high” D&O policy premiums quotes from insurers. Electric vehicle maker Tesla Inc has stated that it will be forgoing directors and officers liability insurance for the 2019-2020 policy hear. The reason they gave for skipping the coverage is that insurer premiums quotes were “disproportionately high.” That said, Tesla won’t be without any form of D&O coverage at all. Elon Musk, the company’s CEO, has stated that he will personally provide coverage “substantially equivalent” to the directors and officers liability insurance Tesla would receive from traditional insurers.…

Read More

Leo Burnett creative agency and Allstate part ways after sixty years

Leo Burnett and Allstate Part Ways

The insurance company is moving ahead with Droga5 from Accenture Interactive. Technically speaking, Allstate insurance moved away from Leo Burnett and toward Accenture Interactive’s Droga5 as its creative agency several months ago, but the businesses have now officially ceased working together. At first, the door was left open for the continued handling of projects, but that has now ended. When Allstate insurance first started looking elsewhere, it had left the door open to Leo Burnett to continue handling projects. However, the insurer has now chosen Droga5 and the door is…

Read More

Coronavirus auto insurance discounts may harm customer loyalty instead of helping

Coronavirus auto insurance discounts - Man Looking at Computer Thinking

J.D. Power data shows that the refunds and credits are increasing a policyholder’s odds of switching. Across the country, insurers are offering their various versions of coronavirus auto insurance discounts. These are meant to help make sure policyholders aren’t paying more than what their risk level justifies as many people drive far less than they usually would. A new J.D. Power study indicates that providing this savings is making customers more prone to leaving. The study showed that the coronavirus auto insurance discounts are not improving customer loyalty. In fact,…

Read More

Consumer groups call for higher auto insurance rebates in the US

Auto insurance rebates - Driving

The Consumer Federation of America and Center for Economic Justice say insurers aren’t doing enough. The Consumer Federation of America (CFA) and the Center for Economic Justice (CEJ) have recalculated their figures for insurers and say auto insurance rebates are not large enough. Some insurers have issued discounts and credits to policyholders in the face of COVID-19. However, the CFA and CEJ have concluded that some of the largest insurers have fallen short of fairness in the auto insurance rebates they’ve issued in the United States. Both consumer groups calculated…

Read More

Eased truck insurance premiums enforcement gives much needed relief in pandemic

Truck insurance premiums - Trucks on road

The goods transportation industry is fighting hard to keep up with new demands in a changing landscape. The trucking industry has stepped up to meet rapidly shifting needs in an evolving arena, but new relaxed truck insurance premiums regulations is offering some relief. This transportation is critical to making sure businesses and individuals have access to essentials. That said, while many truckers are certainly keeping busy, the truck insurance premiums that have been rising over the years have placed substantial pressure on these businesses as they fight to keep up.…

Read More

A new mode of transport is on the horizon between LA and Vegas

Could high-speed rail finally reach the Nevada desert?

The auto insurance industry will be awaiting the potential after-effects of a new high-speed rail link between Los Angeles and Las Vegas that could drastically cut the number of tourists requiring temporary auto insurance on their vacations. The $5 billion Virgin Trains-Brightline project has been given the green light following the approval of a private bond worth $600 million to enable construction to begin. The line, which will transport passengers from LA to ‘Sin City’ at up to 200mph, could revolutionize the way tourists travel internally to and from Las…

Read More

Geico to offer $2.5 billion in auto insurance credits due to coronavirus stay-at-home orders

Auto insurance credits - person riding motorcycle

The car insurer announced that it would be offering these discounts to motorcycle and vehicle policyholders. Geico announced this week that it would offer about $2.5 billion in auto insurance credits. The offers will go out to 19 million vehicle and motorcycle policyholders whose policies will renew between April 7 and October 7, 2020. The announcement was made by the car insurer in a published statement as well as in a tweet. The statement explained that Geico customers don’t need to take any additional action to take advantage of the…

Read More