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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Auto insurance minimum coverage required in Ohio may rise

car insurance auto claims

Drivers in the state may see a number of changes to their vehicle coverage over the next while. Ohio auto insurance customers have just discovered that there may be a number of different coverage changes that they will be seeing over the next year and beyond. This is due to the fact that House Bill 278 was passed by the Ohio House of Representatives. Should the bill be approved, it will mean that the minimum auto insurance amounts that are required for valid proof of financial responsibility in the state,…

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Auto insurance estimates for damage from Sandy reach 230,000 vehicles

Homeowners flood Insurance

The NICB has released its preliminary estimates from the superstorm, showing most is in NY. The National Insurance Crime Bureau has now revealed its preliminary auto insurance estimates for vehicles that were damaged when Sandy came crashing through. The NICB believes that there were around 230,000 vehicles affected by the storm. The auto insurance estimates have indicated that of that total, around 130,000 are located in the state of New York, while another 60,000 are in New Jersey. The remaining 40,000 vehicles in that total are from Maine, Washington D.C.,…

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Ohio insurance shows that its rates in many sectors are highly affordable

Ohio homeowners Insurance

A recent study compares auto and homeowner policies over a span of three years. Though the storms that Ohio has faced over the last few years have made insurance news in their ever increasing effect on rates, despite the rises in premiums, the state is still among the most affordable places to purchase both auto and homeowners coverage. Homeowners premiums have risen in Ohio by an average of 6,2 percent since 2011. This, according to the latest Ohio Department of Insurance news data. Similarly, statistics from that department have also…

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Negligent parking makes insurance news as innocent drivers pay the price

A recent study is making insurance news as it indicates that the cost of collisions has now added £1.3 million worth of damage to cars – A cost which must eventually be paid through the premiums of policyholders. Moreover, the study showed that only 1 in every 6 drivers said that they would leave their insurance information for the damaged car owner, and among them, 45 percent said that they would do so only if it looked like the damage was serious. Most of the careless parking incidents appeared to…

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