New York auto insurance rate calculation factors may soon drastically change

New York auto insurance rate calculations

A new proposed rule would stop education and employment from affecting a policyholder’s premiums. State Financial Services Superintendent Maria Vullo proposed a change to the New York auto insurance rate calculations. The change would stop insurance companies from using a motorist’s education level or job from being used as a factor in determining that driver’s rates. The only exception is if the insurance company can prove the job status or education level directly affects driving. The proposed New York auto insurance rules change would only allow insurers to continue using…

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Auto insurance confusion leaves some snowbirds uninsured

auto insurance ride share program

For those who drive south throughout the winter, it’s important to remember state coverage regulations. New information has been released from NerdWallet.com, a consumer financial info provider, which has revealed that snowbirds who drive to warmer states throughout the winter may not have the auto insurance coverage they need as they move from one region of the country to the next. Every year, there are about a million people who head to Florida and Arizona receives another 300,000. While these snowbirds move from Canada and more northern states using their…

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Auto insurance may experience a paradigm shift because of driverless cars

Google driverless auto insurance news discount

Driverless cars could have a major impact on auto insurance coverage and how companies protect drivers and their vehicles Driverless cars may soon be quite common on the roads, and this could have a major impact on auto insurance coverage. According to Allstate CEO Tom Wilson, there will be an ongoing debate over insurance coverage for driverless vehicles for years to come. Currently, there are precious few driverless vehicles on the roads, with Google being one of the only companies in the world to apply such a vehicle in a…

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New regulations target auto insurance laws in North Carolina

north carolina auto insurance

Regulations could benefit drivers in North Carolina New regulations may have a major impact on drivers throughout North Carolina, if they are approved by the state’s lawmakers. These regulations would change the state’s auto insurance laws, which were created in 1957 and have seen little reform over the years. The regulations have managed to win strong support from the state’s insurance companies, many of whom are eager to see changes to insurance laws in order to better manage modern trends and risks in the state’s market. Insurers show support for…

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Auto insurance underwriting losses increase by 77 percent

Manitoba flag auto insurance

In Manitoba, the treacherous winter lead to a notably larger number of vehicle collisions. The compulsory auto insurance carrier in Manitoba, Canada, has now reported that it had experienced underwriting losses of almost $220 million (CAD) within the fiscal year that came to a close at the end of February. Moreover, the total number of claims that were filed with the insurer rose by 15 percent over the previous year. The Manitoba Public Insurance Corporation (MPI) has now released its annual report, in which it produce the figures associated with…

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New auto insurance regulations in California target on-demand ride services

auto insurance car

Regulators are introducing new rules that focus on the on-demand ride service sector California insurance regulators are considering new rules that target on-demand ride services, like UberX and Lyft. These services represent a certain degree of risk when it comes to auto insurance and many insurers have expressed concerns regarding fraud and other issues that have yet to receive regulatory attention by the state. Similar services in other states have been subjected to the same regulatory focus recently, with some of these services actually being barred from operating in some…

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Auto insurance bill amendments in NC isn’t out of the woods yet

auto Insurance bill

There is still opposition being faced by a controversial bill that would change the state regulation system. An auto insurance bill in North Carolina is still facing opposition, as the controversial effort attempts to change the way that the rates in the state are regulated, despite the fact that the bill has been modified in acknowledgement of the objections that have been identified by its opponents. The opponents were not won over by the amendments that were made to this bill, which include the commissioner. Among those who remain opposed…

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Auto insurance cards accepted electronically in only some states

Proof of Auto Insurance

Paper proof of coverage cards are still required in the majority of states, so drivers should inform themselves. Although electronic proof of coverage is starting to make a growing number of auto insurance news headlines, drivers are being cautioned that the majority of states still require the paper cards and will not yet accept a digital version displayed on a mobile device. Many people are becoming confused by the advertising made by certain insurers. Consumers are being cautioned to pay closer attention to these auto insurance commercials, as the service…

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Auto insurance industry backs California Proposition 33

Health Insurance survey

Proposition 33 could have major implications for auto insurance In California, Proposition 33 has won the support of the insurance industry. The legislative measure is designed to allow consumers that have held policies in good standing with the same auto insurance company for five years to switch companies and still receive so called “loyalty benefits.” Though Proposition 33 seems straightforward, it has created some controversy in the world of auto insurance and with some special interest groups. Nonetheless, many in the insurance industry support the measure, claiming that it will…

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Auto insurance in Florida continues to be a problem

Auto Insurance

Lawmakers benefits of new auto insurance laws to be seen soon Auto insurance in Florida has been in flux for some time. State lawmakers have been laboring to make changes to Florida’s auto insurance regulations in the hopes of curbing the prevalence of fraud. Legislators have made significant changes to the state’s personal injury protection (PIP) regulations, which have been hailed both as a remedy for fraud and a financial problem for consumers and businesses. Whatever the case may be, auto insurers are tasked with figuring out ways to lower…

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