Auto insurance customer satisfaction reaches new record, says J.D. Power

Auto insurance customer satisfaction - Thumbs Up

Considerable improvements to policyholder support and services have made the difference. Auto insurance customer satisfaction has reached an all time high, says a new J.D. Power study. The J.D. Power 2018 Auto Insurance Study said there were a number of improvements that led to this positive result. Insurance companies are starting to find their balance with customer interaction, said the study. The study results showed the difference was made by improvements in billing and payments, digital interactions, and offerings. The auto insurance customer satisfaction is improving due to a better…

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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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Pedestrian deaths are becoming explosively more commonplace

Pedestrian deaths - Police Car - Police Tape - Accident

An Insurance Institute for Highway Safety report shows a spike of 46 percent in pedestrians killed. Pedestrian deaths have now risen to their highest point in 28 years, according to a new Insurance Institute for Highway Safety (IIHS) report. The IIHS report showed that the more the U.S. increases its arterial roadway use, the more people are killed. Arterial roadways in urban-suburban areas saw a 50 percent spike in deaths at non-intersections. The IIHS report also showed that there was a 56 percent increase in pedestrian deaths when it was…

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Auto insurance customers in Ontario, Canada overpaying by $5 billion

Auto insurance customers - man holding car key

A new Ontario Trial Lawyers Association says policyholders have paid far too much over five years. Ontario, Canada auto insurance customers may have been overpaying by as much as $5 billion on their premiums. This figure accumulated over the last five years, said a new Ontario Trial Lawyers Association report. Claims continued falling as car insurance company profits grew significantly in that time. At the same time that auto insurance customer were making fewer claims, insurers were making more money. In fact, according to the report, insurer profits rose to…

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Unfair insurance practices earn Wells Fargo a $1 billion fine

Unfair insurance practices - Fine - Law - Gaval

The banking giant’s latest penalties are for having sold unnecessary auto insurance to customers. Wells Fargo has been slapped with a $1 billion fine for its unfair insurance practices. Thousands of the bank’s vehicle loan customers were sold additional unnecessary auto insurance policies. Those car owners ended up paying much more for their vehicles than was necessary. Among those Wells Fargo customers, thousands ended up having their vehicles repossessed as a result of the unfair insurance practices. The fine was laid down by the Consumer Financial Protection Bureau as well…

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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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Allstate drops below third place in the auto insurance market

Auto Insurance Market - Allstate Drops in the auto insurance market - graph down trend

The car policy provider recently lost significant ground according to recent NAIC data. Allstate has lost its previous coveted spot in the auto insurance market. The insurance company had previously been in third place in the country. That said, the National Association of Insurance Commissioners (NAIC) released data showing the provider’s downward slide. Allstate was the third auto insurance company in the United States but fell to fourth place. The reduction of Allstate’s position in the auto insurance market occurred when its share dropped 0.43 points to control 9.29 percent…

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Michigan auto insurance rates are increasing yet again

Michigan Auto Insurance Rates - Graph - Auto Insurance rates on the rise

Drivers throughout the state are bracing to once again pay more for their no-fault coverage. Michigan auto insurance rates are about to head upwards yet again. Motorists are accustomed to seeing their premiums rise as a result of the ever-increasing no-fault coverage fees. Now, many will need to tighten belts even further to help them afford the new rates in the state. The rising Michigan auto insurance rates have been problematically high for several years. The upward trend of coverage costs has been a persistent one. State lawmakers have repeatedly…

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Insurance company technology not yet ready for IoT data use, study

Insurance company technology -Technology News On Apple Ipad Air

LexisNexis Risk Solutions released a report on some of its latest research showing the insurer struggle with new tech. A new LexisNexis Risk Solutions insurance company technology study shoes that insurers aren’t sure what to do with the IoT. The report revealed that insurance companies know the Internet of Things is important. However, they don’t know how to use it for data collection and other purposes. Even though it seems as though the IoT could be the insurance industry’s best tool, it still baffles. IoT could potentially become highly effective…

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Uninsured driver rate rises across the United States

Uninsured driver rate on the rise - graph

The number of motorists without auto insurance is increasing, particularly in five states. Almost one in every eight Americans on the road are a part of the current uninsured driver rate, said a new study. This trend is placing insured drivers at an increased financial risk in the case of a collision, said the research. The research was based on the latest information available regarding auto insurance coverage. The Hanover Insurance Group co-sponsored the research. The Insurance Research Council (IRC) directed the study. Thirteen percent of all American motorists were…

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