Tag: auto insurance coverage

Auto insurance rates calculations may be changing in Massachusetts

Logan B.
Auto Insurance Rates - Calculations - Money

A new bill has been proposed in the state that will alter the way premiums are calculated for drivers. A newly proposed bill in Massachusetts has the potential to greatly change the way auto insurance rates are calculated, and the amount people will be paying for their coverage in the state. The Senate bill is aimed at changing highly influential components used to calculate premiums. Among the factors that are most defining to auto insurance rates in Massachusetts is a driver’s ZIP code. However, the bill in the Senate is…

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Could high auto insurance from EVs boost appeal of hydrogen cars?

H. Cutner
Auto insurance - H2 Car

As electric vehicles become increasingly popular, drivers are finding coverage to be costly. Battery electric vehicles have been skyrocketing in popularity as drivers look for ways to reduce their emissions, but high auto insurance premiums are proving to be an unappealing feature of those cars. Over time, the battery electric vehicles are expected to drive up losses for insurers causing rates to rise. According to a recent Moody’s Investor Service report titled “Electric vehicles to drive up costs, pricing for auto insurers as they grow more popular,” drivers can expect…

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This auto insurance company was rated the top option by Consumer Reports

Logan B.
Auto insurance - Top Rated Company

The most recent survey identified a spectrum of new trends including the top four insurers. Consumer Reports has conducted two recent auto insurance surveys, one of which had a more limited sample, while the second had a notably more substantial number of participants. Each of the surveys looked into the way consumers feel and interact with their insurers. The first Consumer Reports survey was limited to its own subscribers, thought that is still a respectable figure higher than 40,000 people. The participants offered almost 50,000 responses on factors associated with…

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Consumers are shopping for better auto insurance rates more than ever before

H. Cutner
Auto insurance - Shopping for car insurance

A new JD Power study showed that comparison shopping has reached an all-time high among consumers. More than ever before, consumers have been comparison shopping for better auto insurance rates, according to a new JD Power report. The report showed that over 40 percent of drivers had experienced an increase in cost after using telematics. The report also indicated that some drivers are finding that there are fewer new rates available to them than they expected. Consumers hit by rising auto insurance rates have been searching for cheaper alternatives more…

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Wells Fargo agrees to $3M shareholder settlement over unnecessary auto insurance sales

H. Cutner
Auto insurance - Wells Fargo

The bank agreed to settle a lawsuit from shareholders claiming the bank pushed car loan customers to buy. Wells Fargo & Co. has agreed to a $300 million settlement in order to settle a lawsuit from shareholders, accusing the bank of having pushed unnecessary auto insurance on loan customers, according to recently filed US court documents. The class action suit was launched by the Construction Laborers Pension Trust for Southern California. The auto insurance suit led to a class action brought on behalf of investors. The Construction Laborers Pension Trust…

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Auto insurance rates aren’t likely to drop with inflation

G. Turner
Car insurance - Rise in cost

Even as rates have started dropping, it is unlikely that drivers will see their premiums easing. Though drivers might be inclined to believe that as inflation starts to fall, auto insurance rates aren’t likely to get any cheaper. In fact, premiums are expected to rise, and in some areas, they’ll be increasing by quite a bit. The average cost of full coverage is $2,014 in the United States, which is 14 percent higher than last year. According to the True Cost of Auto Insurance Report by Bankrate, the average cost…

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Auto insurance premiums to climb by double digits again in 2023

Marc
Auto insurance premiums - Cost of car insurance going up 2023

The cost of insuring a vehicle in the United States is rapidly rising due to several factors. If there’s anything Americans are getting used to seeing at the moment, it’s increases in their auto insurance premiums. Looking back at the trends from 2022 and looking forward to what is expected in 2023 has meant considerably higher costs associated with insuring a new or used vehicle. This year has seen the largest rate increases recorded in the United States since 2019. As was recently reported by Live Insurance News, there have…

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