Tesla Insurance launches, sending the electric vehicle maker into a new industry

Tesla Insurance - Tesla Car - Steering wheel

At first launch, the auto coverage will be available only in California and for the company’s customers. The Tesla Insurance coverage for the company’s electric vehicles and that was first announced earlier this year has now launched in California. The idea is to make premiums 20 percent to 30 percent more affordable for drivers of Tesla’s electric cars. Elon Musk first announced his intentions to launch the product back in April 2019. At that time, Elon Musk had assumed that the Tesla Insurance product would launch quite quickly. That said,…

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California auto insurance rates will no longer factor gender for premiums calculations

California auto insurance rates - man holding car key

At the start of the new year, outgoing Commissioner Dave Jones banned insurers from using gender. Outgoing California Insurance Commission Dave Jones banned the use of gender to calculate California auto insurance rates. This ban went into effect on January 1, 2019. The ban applies to rate setting for passenger cars throughout the state with the highest population. The ban on using gender to calculate California auto insurance rates does not represent the first time a rule of this nature was put into place. That said, this remains an impactful…

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Man attempts auto insurance fraud an hour after crashing his car

auto insurance fraud - Car Crash

An uninsured California man attempted to purchase a policy an hour after having an accident. A man from California is on his way to prison after having committed auto insurance fraud an hour after a crash. The man has been convicted and will spend 11 years in jail, according to an Insurance Business Magazine report. The man was uninsured at the time of the crash but attempted to buy a policy an hour later. According to prosecutors on the case, the man had an accident in his car, then bought…

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Auto insurance premium discount not in the cards for most low-mileage motorists

Auto Insurance Premium Discount - Low-mileage - car dashboard

Consumer Federation of America research found that drivers who don’t drive much don’t save. Most people would assume that drivers who don’t head out on the road much receive an auto insurance premium discount. However, the Consumer Federation of America (CFA) says otherwise. A recent CFA study shows motorists with low mileage aren’t enjoying car policy savings. The only state where an auto insurance premium discount is applied for low mileage drivers is California. The consumer advocacy group pointed out that the state legally requires insurers to provide the price…

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California auto insurance investigating premiums discrimination

san francisco california auto insurance

The state Department of Insurance launched an investigation into the factors used to calculate rates. The California auto insurance industry may soon be changing the way its rates are calculated in order to reduce discrimination against drivers from minority neighborhoods. The California Department of Insurance launched an investigation into the practices of eight auto policy providers in the state. The investigation is meant to decide whether the insurers are discriminating against people in minority neighborhoods. The California auto insurance rate investigation was launched in response to an article published on…

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Auto insurance rates are strikingly higher in some states than others

michigan auto insurance rates

A new study has revealed a major difference in premiums and Alabama drivers continue to pay more. Quadrant Information Services and insuranceQuotes.com have jointly released an auto insurance rates study. Within it, they named Alabama as the fourth most expensive state for drivers to be insured. The research examined some of the factors that play a role in making this coverage more expensive. What was found was that Alabama drivers pay more in auto insurance rates because of state regulations. Insurance companies in the state are permitted to use driving…

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California approves new auto insurance products for TNC industry

california immigrant auto insurance law

New insurance products will be available for TNC drivers California officials have approved new auto insurance products that will affect the Transportation Network Company (TNC) space. Companies like Uber and Lyft have had a major impact on the insurance space, largely due to concerns that these companies are not providing adequate coverage for their drivers. Insurers are beginning to take note of the rising popularity of TNC and, in order to mitigate risks, have begun offering new insurance policies. State Farm is among these companies. State Farm is among several…

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