Price optimization being used by auto insurance companies in Oklahoma is coming under fire

auto insurance car

State senator aims to put price optimization to rest Oklahoma drivers have been seeing their auto insurance premiums steadily grow over the past few years, and one of the state’s legislators want to put an end to a practice that has contributed to this problem. In Oklahoma, many insurers use price optimization as a way to price coverage, which leverages a consumer’s credit score as a factor in determining premiums. Senator Rob Standridge intends to introduce new legislation that will prevent insurers from using price optimization. Senator to introduce new…

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New auto insurance law in Oklahoma may not be an effective solution

traffic car auto insurance

New law aims to encourage drivers to purchase insurance coverage, but it may not be successful A new law has been passed in Oklahoma that allows the state’s law enforcement to seize the vehicle tags of uninsured drivers. The law allows for these vehicle tags to be held for extended periods of time, forcing the vehicle’s owner to pay for insurance coverage every day that the vehicle is being held. The vehicle is released when its driver acquires private auto insurance coverage. The law may be a hit or miss…

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The Oklahoma homeowners insurance industry loses another company

Oklahoma Homeowners Insurance

The Oklahoma homeowners insurance marketplace has now lost its fifth company this year. As the threat of severe weather approached the state from the Kansas boarder yet again, the Oklahoma homeowners insurance industry received news that yet another insurer has decided not to continue selling or renewing policies there. This is not the first time that this type of insurance news has been made within the state this year. In fact, it is the fifth announcement of its kind since the start of 2012. It appears that the state is…

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Ranking the states by the cost of auto insurance coverage

According to the Insure.com study results, which have only just been released, Louisiana is the state in which it is most expensive to insure a vehicle in the entire country, whereas Maine enjoys the lowest insurance rates in the U.S. The average annual cost of insuring a car in Louisiana is $2,536, whereas in Maine the average cost is only $889. The issues that have been driving the rates higher in many states includes the insurance laws within those states, larger numbers of drivers without insurance, the number of different…

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Insure.com releases survey showing where in the U.S. auto insurance is most expensive

Car insurance rates vary wildly from state to state. This is often due to differing regulations throughout the U.S. It is also because driving in some states is more dangerous than driving in others. Insure.com, an online insurance quote system, has conducted a survey to determine where auto insurance is most expensive in the country. The survey has ranked each state in terms of insurance premiums and the availability of affordable plans, using 900 insurance models as a benchmark. The survey found that Louisiana, Oklahoma and Michigan are the leaders…

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Research ranks auto insurance premiums by state and finds uninsured increase costs

An online survey conducted by Insure.com, has shown that drivers in Louisiana, Michigan, and Oklahoma pay highest premiums for auto insurance in the country. On the flip side, Vermont had the lowest car insurance rates, according to the same survey. The findings were based on the rates paid every year by single males who are 40 years old and who commute 12 miles every day to work. This profile would generate a rate of $995 in Vermont, but was much higher in some other states. For example, the same person…

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Which states cost most for car insurance?

Though vehicles cost essentially the same from one state to the next, the same cannot be said for auto insurance policies. Some states have rates up to three times higher than others, even when insuring the same driver with the same vehicle for the same coverage. The following are the states with the highest price for car insurance. It is based on data from the Insurance Research Council. • Michigan is the state with the highest insurance rates in the country. For a 2011 model, the average yearly rate in…

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