Louisiana gives State Farm the green light to raise auto insurance rates

Auto insurance rates - Green light - Louisiana

Drivers in the state are already facing high premiums for their homeowners coverage. Homeowners have already been watching their premiums rise in Louisiana, and now drivers can expect that their auto insurance rates will be rising there as well. State Farm recently requested a hike of 17 percent in the state, and it now has its approval. Drivers are starting to wonder how they will be able to afford their auto insurance rates following hikes that have already been applied to their home coverage. “It’s not nice to be a…

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Could Tesla car insurance become the largest auto insurer in the US?

Tesla car insurance - Tesla vehicle on road

According to a recent valuation by CEO Elon Musk, the company is headed in that direction. If a recent valuation of the Tesla car insurance offshoot of the electric vehicle company is to be believed, it could eventually become one of the largest auto insurers in the United States. Musk dropped several hints of this nature during a recent quarterly earnings call. Musk discussed the Tesla car insurance unit in terms of comprising a substantial portion of the company’s auto business. “Obviously, insurance is substantial. So, insurance could very well…

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Driverless cars may be a problem for the auto insurance industry

auto insurance car transportation hybrid

Self-driving vehicles need legislative attention Driverless vehicles could be a disruptor for the auto insurance market, but they will have to overcome several legislative hurdles before they can do so. When it comes to the law, self-driving cars become a very complicated matter. For instance, when such a car is involved in a collision, where the blame can be placed for the incident can be difficult to determine. This is something that auto insurance companies and lawmakers are grappling with. Insurers are forming a better understanding of self-driving cars and…

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Auto insurance highest in Louisiana yet again

Louisiana Auto Insurance rates

The latest comparison of rates among the states has held the state as the most expensive, once more. According to the latest statistics from Insure, a comparison of the average auto insurance rates in March have shown that Louisiana drivers pay the highest amounts in the entire country. The next state after Louisiana in terms of the highest expense for coverage was Michigan. Louisiana drivers pay an average annual auto insurance rate of $2,699, while Michigan motorists pay an annual average of $2,520. In third place was Georgia, where the…

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Usage based insurance patent granted to Progressive for sixth time

usage based insurance measure

The Snapshot program has now received another level of protection for its mobile device technology. Progressive has just received yet another patent in connection to its usage based insurance program, which covers the specific mobile device that is used by the insurers to obtain driver data. The insurer was awarded U.S. Patent Number 8,311,858 for its mobile device. The wireless device is installed into the vehicle of the usage based insurance policyholder in order to provide data to the insurer that can be used in order to determine that motorist’s…

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