The automotive landscape is embarking on a transformative journey with electric vehicles (EVs) and high-tech cars steering the course. This electrifying shift is not only redefining transportation but also reshaping the dynamics of auto insurance. As EVs and vehicles laden with cutting-edge technologies become more prevalent, their impact on insurance costs has emerged as a critical issue for drivers and insurers alike. The fusion of sophisticated electrical systems, driver-assist technology, and complex vehicle software has ushered in a new era of challenges in risk assessment and repair costs. Understanding these…
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Property insurance shopping drops into negative figures for first time in 18 months
Property and Auto Insurance Shopping Slows at End of 2021 Despite optimism at the outset of the quarter, property and auto insurance shopping trended below 2020 levels at the end of 2021. TransUnion’s (NYSE: TRU) latest Personal Lines Insurance Shopping Report found auto insurance shopping was down an average of 12.5%, while property insurance shopping dropped an average of 3.4%, compared to the same time period in 2020. Record-breaking prices for both new and used vehicles deterred many consumers from auto shopping, and in turn, reduced insurance shopping by as…
Read MoreAuto insurance rates increase as gas prices drop
There are many reasons that premiums can fluctuate, but this winter it isn’t the storms as much as the affordability. Most drivers see a drop in the price at the pump as being a fantastic way to save money, and this can even encourage more people to head out onto the roads and city streets because it is seen as more affordable, but most also have not taken their auto insurance rates into account. As much as the gas prices, themselves, don’t cause auto insurance to become more expensive, road…
Read MoreWill auto insurance rates rise because of cheaper prices at the pump?
Just as the cost of fueling up with gas goes down, the premiums for coverage might go up. As we watch the price of gas falling, it can be easy to think that we’ll be saving a lot of money, that is until the auto insurance premiums start to make their rise and find us spending in a new area. The price of gas is not directly related to the insurance rates that are charged, but it is indirectly connected. Although the price being advertised at gas stations does not…
Read MoreDrivers may be able to save money on auto insurance coverage
Drivers could be missing out on opportunities to save money on their coverage Drivers in the United States may be missing out on auto insurance savings, according to a new study from InsuranceQuotes.com. The study shows that the average driver has not changes their auto insurance provider for 12 years, with more than a third of drivers never shopping for new insurance policies that may be less expensive. By seeking out new providers, drivers may be able to find better coverage at lower premiums. Loyalty may not be the best…
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