Senior auto insurance rates drop $200 for Delaware drivers

Senior auto insurance - Senior Driver - Mercedes-Benz

A house bill signed into law last year went into effect on May 1 and will bring savings to seniors. House Substitute 1 for House Bill 80 (HS 1 for HB 80) will bring considerable senior auto insurance premiums reductions this year. The bill was signed August 1, 2017. The legislation became effective as of May 1, 2018. The new law prohibits car insurance companies from boosting rates for certain specific reasons. The senior auto insurance law stops car insurers from hiking premiums just because a person has turned 75…

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Distracted drivers pay as much as 41 percent more for auto insurance

Distracted Drivers Pay More for Auto Insurance - Driver texting

Talking on a mobile phone, texting, checking a location on a map, and eating distracts motorists. It doesn’t come as much of a surprise to find out that distracted drivers are extremely commonplace on the road. Some are talking on their mobile phones. Others send texts. Some fuss with their coffee cups or drive-thru meals. Others are turned around to shout at their misbehaving children in the back seat. Whether you’re surfing through radio stations or choosing your GPS locations, you may pay more. Those distracted drivers may or may…

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Car insurance market will be 70 percent smaller in 2050, study

Car insurance market

A new KPMG report showed that autonomous vehicle technology will have a tremendous impact on this sector. The car insurance market will wither by up to 60 percent by the year 2040 and by 70 percent of its current size by 2050, according to a recent KPMG study. Autonomous vehicle technology will drive the decreasing size of the marketplace, said the report. According to the KPMG research, the reason the car insurance market will fall by about $137 billion by 2050 is because of driverless vehicle tech and ride-share transportation.…

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Warren Buffet says the auto insurance industry will suffer from self-driving cars

auto insurance industry - berkshire hathaway warren buffett

The Berkshire Hathaway CEO’s predictions are in direct opposition to previous thoughts on the subject. While most of the auto insurance industry predictions about self-driving cars have had to do with reduced rates, Warren Buffett has taken a different perspective. Instead, the Berkshire Hathaway CEO believes it should be considered a significant threat. The billionaire investor revealed that he feels the launch of the technology will negatively impact car insurers. The reasoning behind Buffett’s prediction is that if autonomous cars are actually safer than traditional vehicles, premiums will tumble. Charging…

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Auto insurance companies aren’t keeping customers happy

auto insurance rates companies customer satisfaction

A new J.D. Power survey revealed a drop in overall customer satisfaction within this market. J.D. Power has now released its report on customer satisfaction through auto insurance companies. What the J.D. Power 2016 U.S. Auto Insurance Study revealed was that customers aren’t as happy with insurers. The overall satisfaction customers feel is on the decline. This study measures customer satisfaction through the use of a 1,000 point scale broken down into 5 factors. These five factors – in order of importance – are: Interaction, Policy Offerings, Price, and Billing…

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Auto insurance company websites are a big fail, say consumers

mobile car auto insurance company

A recent J.D. Power survey showed that customers aren’t satisfied with the sites run by their insurers. As a whole, the customer satisfaction level a customer feels from his or her auto insurance company has actually been quite strong, according to a J.D. Power survey. However, that feeling doesn’t necessarily carry over to the experience provided by the websites of those insurers. Only slightly more than one half of all auto insurance customers have said they “definitely will” return to the site. Considering the number of people who use websites…

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Self-driving cars could have a major impact on the auto insurance space

Driverless self-driving car Google auto insurance

Report highlights the disruptive potential of self-driving vehicles Self-driving cars may soon become a reality, and they could have a major impact on the auto insurance space. A new report from Moddy’s Investors Services suggests that there are many liability implications for those involved in the development of self-driving vehicles. Both manufacturers and technology suppliers could face significant risks, with consumers likely facing fewer risks as liability shifts away from them. This is because self-driving cars take human error out of the transportation space, which is likely to lead to…

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Driverless vehicles may be a threat to the auto insurance industry

Driverless self-driving car Google auto insurance

Allstate predicts that autonomous cars will have an impact on the insurance industry Driverless vehicles may pose a potential threat to the auto insurance industry, according to Allstate. The company has filed its annual 2015 report, suggesting that autonomous cars could impact the industry in a significant manner. These vehicles are equipped with technology that take the human equation out of driving. Most car accidents are caused by human error, which makes the need for insurance coverage quite abundant. Allstate is concerned that autonomous vehicles will reduce the need for…

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

Car Crash Statistics auto insurance

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…

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Evolution of transportation may change the auto insurance industry

auto insurance woman female

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…

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