Live Insurance News

Self-driving cars expected to disrupt the auto insurance market

February 9, 2016February 7, 2016 Logan B.

Autonomous vehicles predicted to have a severe impact on the cost of auto insurance Autonomous vehicles could have a major impact on auto insurance premiums in the future. While these vehicles are not yet readily available, insurers already see the potential disruption self-driving cars could have on the market. Self-driving vehicle take human error out of the equation, which is expected to significantly cut down on the number of accidents that are seen on the roads every year. This will lead to a dramatic decrease in auto insurance premiums in…

Safety ranking for auto insurance sees better scores in vehicles made in Japan

December 15, 2015December 12, 2015 Julie Campbell

Japanese automakers have taken the top spots for safety vehicles throughout the 2016 model year ranks. The Insurance Institute for Highway Safety (IIHS) has now revealed information that is extremely handy to consumers and auto insurance companies, alike, and has stated that there were 48 vehicles from the 2016 model year that earned the “Top Safety Pick Plus” highest possible rating. This is a considerable improvement over the figure from 2015, when only 33 vehicles received the top rating. The three automakers that earned the highest number of “Top Safety…

Evolution of transportation may change the auto insurance industry

November 5, 2015November 4, 2015 Nordstrom

Auto insurers will be impacted by self-driving cars Safer roads could have a major impact on the auto insurance industry, and self-driving cars may be the cause, according to a new report from KPMG. The report predicts that the rise of driverless vehicles will have a significant impact on the auto insurance market, causing a shift in liability that some insurers may find it difficult to cope with. These vehicles have yet to see a widespread commercial release, but that may change in the coming decades. 60% decline in vehicle…

Could a smartphone app soon be as important as auto insurance to drivers?

June 22, 2015June 20, 2015 G. Turner

land rover sport mobile app auto insurance

Will there one day be a time when a mobile device battery will be a critical part of a daily commute? The latest mobile trends are starting to make their way into the territory of driving and auto insurance to an increasing degree, as electronic proof of coverage cards are allowed in the majority of states, and now Range Rover has announced that a smartphone app can drive one of its vehicles. Jaguar Land Rover is currently testing an SUV that can be controlled by way of a smartphone application.…

Telematics – A new business model

February 22, 2013April 14, 2014 Rose Stuart

Much has been written about the pros and cons of using telematics… and many insurers have made a business case for implementing usage-based insurance in the auto industry. However, the challenge often ignored is how to store and analyze this explosion of data created by these activities. First of all, let’s consider the amount of data automotive telematics devices are expected to generate. Every second a telematics device will produce a data record. This data record will include information such as date, time, speed, longitude, latitude, acceleration or deceleration (g-force),…