Live Insurance News

Driverless Cars Bring Uncertainty to the Car Insurance Industry

April 9, 2013February 8, 2022 Logan B.

Google driverless auto insurance news discount

Most of the time, we don’t need need to think about car insurance. Every now and again accidents occur, forcing drivers to break out those little-used plastic cards for an information swap. It’s how we hold each other accountable on the road. But what if drivers didn’t control their cars’ actions? Talk of futuristic “driverless” cars has insurance companies scratching their heads. Expected to reduce accidents and increase accessibility, driverless cars are one of the latest technologies being developed, according to Mercury News. These motorized cars are already being tested on the…

Allstate remains ahead of Geico in auto insurance market

March 18, 2013March 17, 2013 Dan

Gap between Allstate and Geico begins to narrow Allstate remains the second largest company in the U.S. in terms of auto insurance, but the company may soon lose its position to competitor Geico. Over the past year, the auto insurance sector has seen some volatility due to the frequency of natural disasters and the prevalence of insurance fraud. Despite this volatility, however, several auto insurance companies, such as Allstate and Geico, have managed to generate strong profits. The gap that once separated the two companies is beginning to narrow as…

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),…

Progressive brings a new take on auto insurance and savings

January 1, 2013January 1, 2013 Nordstrom

Progressive continues to generate hype for its Snapshot device Progressive Insurance has been making waves in the world of insurance news with its in-car device that helps calculate the cost of auto insurance policies. In 2011, Progressive introduce an ambitious new auto insurance scheme that provided drivers with a way to save money on their coverage by providing the company with detailed data concerning their vehicles and driving habits. This is accomplished through a device called Snapshot, which can be installed in any vehicle manufactured after the year 1996. Device…

Auto insurance accident claims skyrocket in Texas during the Christmas season

December 19, 2012April 30, 2013

The Accident Forgiveness Showdown - Who Has It and Who Doesn't

A new report has revealed that the number of crashes increases by 20 percent during the holidays. Allstate has just released a review of its auto insurance claims data, which has revealed that in the state of Texas, there are more car crashes than at any other time of the year. This statement was based on data from the five years ranging from 2006 through 2010. What the analysis determined was that the number of auto insurance accident claims rises the most on December 24, increasing by 22 percent when…