State Farm auto insurance claims data shows catalytic converter theft skyrocketing

Auto insurance claims - catalytic converter - hands
Florida insurance market reaches cr...
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Since the start of the pandemic, this type of crime has been taking off at a staggering rate. State Farm has released auto insurance claims data showing that there is a sharp upward trend in catalytic converter thefts that has been taking place since the second half of 2020. Though car theft and car parts theft are nothing new, the trend in this one specific part is. The average households in many US cities have more than one vehicle. As a result, stolen parts have become a valuable black-market item…

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Allstate announces its agreement for SafeAuto acquisition

SafeAuto acquisition - business deal - contract

The insurer’s subsidiary National General will be acquiring the low-cost auto insurance carrier. Allstate has announced that it has come to an agreement for a SafeAuto acquisition through its subsidiary, National General. This purchase will help Allstate to expand a spectrum of its capabilities and distribution. Through the SafeAuto acquisition, Allstate will add the auto insurer’s capabilities and distribution to its own offering, including its 24/7 customer contact centers at SafeAuto’s 1-800 number, as well as through its website. By bringing the low-cost auto insurer into National General, it will…

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Wells Fargo auto insurance scandal escalates with accusation of lying to Congress

Wells Fargo insurance scandal

Senator Sharrod Brown put forth the allegations against the bank during a recent Senate hearing. The Wells Fargo auto insurance scandal has just escalated to a new level after accusations of lying to Congress last year. At a Senate hearing this week, Senator Sherrod Brown alleged that the bank failed to disclose a growing problem within the bank’s car insuring business. This has only worsened the situation for the bank which is already facing considerable scandal. “The company pure and simple lied to this committee — and lied to the…

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Auto insurance rates are headed skywards nationwide

Auto Insurance Rates Rise

After an extremely deadly year in 2015, premiums are experiencing their largest rise since 2003. Across the United States, auto insurance rates have been rapidly climbing, with a six percent spike having occurred in April that represents the largest increase in the average premiums since 2003. The reason for the climbing car insurance premiums is that the last few years have been especially deadly on roads. According to Rocky Mountain Insurance Information Association Executive Director Carole Walker, “Unfortunately, out on our roadways, we’re seeing a collision course of all of…

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Allstate launches usage-based auto insurance program in Alberta

usage based auto insurance

New insurance program could net drivers savings on premiums A new auto insurance program in Alberta, Canada, could give drivers a chance to save money on their coverage. Allstate has launched a new usage-based insurance policy in the province. The policy involves the use of telematic technology, which is designed to collect data on how a vehicle is being driven. This may be good news for safe drivers, as they will be able to obtain discounts on their insurance coverage. This data is collected over six months, giving Allstate the…

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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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Auto insurance legislation targeting ride-share companies has failed in Hawaii

rideshare auto Insurance accident crash

New legislation fails to pass committee New legislation in Hawaii that would require drivers working for transportation network companies like Uber and Lyft to have a higher level of auto insurance coverage has been struck down by the House Consumer Protection and Commerce Committee. The legislation would have introduced more regulation to the transportation network company industry, which is growing quite rapidly throughout the United States. Both Uber and Lyft have been targeted by such legislation before, with lawmakers in some states showing concern over potential insurance gaps. Legislation would…

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