Elon Musk announces another attempt at Tesla car insurance

Tesla car insurance - Tesla car logo

This time, he is promising a “major insurance company” despite the failure of last year’s rollout. Tesla is pushing forward for a full Tesla car insurance product that will use data collected using its vehicles about the habits of its drivers. The goal is to use real driving data to provide policyholders with lower premiums than traditional insurers. “We’re building a great, like a major insurance company,” said CEO Elon Musk when speaking about the Tesla car insurance to investors during the second-quarter earnings conference call. This occurred on the…

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More time available to COBRA insurance applicants

COBRA Insurance - Woman Looking at Phone sitting on bench wearing mask

New rules give furloughed and laid-off workers considerably more time to decide on coverage. Americans who have been laid off or furloughed from their jobs now have more time to decide if they want to sign up for COBRA insurance. A recent federal rule is giving people more time to choose whether they want to keep their health insurance. COBRA insurance law usually grants people 60 days after having been furloughed or laid off to decide if they want to keep their employer-sponsored health plan. However, a new federal rule…

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State Farm auto insurance rate cut gets the nod in Louisiana

Auto insurance rate cut - Jar of pennies

State Insurance Commissioner Jim Donelon gave his approval to the decrease of 9.6 percent. Last week, Live Insurance News reported that State Farm had requested permission for an auto insurance rate cut. Now, state Insurance Commissioner Jim Donelon has given the necessary approval for the rate to be reduced by an average of 9.6 percent. This means that Louisiana drivers who are covered by State Farm have more savings ahead. State Farm’s auto insurance rate cut follows several others that have occurred over the last while. In 2018, the insurer…

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Unemployment insurance fraud spikes as identity theft rises in pandemic crisis

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North Dakota is a clear example of this troubling trend throughout the first half of 2020. Identity theft has become much more prevalent during the pandemic crisis, leading to a tremendous surge in unemployment insurance fraud filings. Claims of identity theft have taken off during the first six months of 2020. The Consumer Protection Division of the North Dakota Attorney General’s Office has processed more claims relating to identity theft in the first half of this year than in any other complete year on record, said attorney Parrell Grossman, speaking…

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Younger Americans are seeking long term care insurance policies

Long Term Care Insurance Policies - Hospital room

vA MassMutual survey showed that the demand continues to remain solid among consumers. Long term care insurance policies continue to hold their appeal among younger Americans, according to the results of a recent MassMutual survey. Insurers have been withdrawing from this market which comes with expensive chronic care benefits. Despite the concerns among insurers, many consumers are still very interested in investing in long term care insurance policies. The research showed that consumers also like the idea of being able to purchase this coverage as a part of a package…

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Commissioner Lara doesn’t want easier rate changes for home insurance companies

Home insurance companies - home, money, calculator

The California Insurance Commissioner is siding with consumer activists to halt legislation. California Insurance Commissioner Ricardo Lara is taking the side of consumer activists in an effort to stop a bill that would make it faster and easier for home insurance companies to change their rates. AB 2167 passed the state Assembly on Monday by a vote of 56-3. That said, the bill’s opponents say that this would set the stage for home insurance companies to impose substantial premiums spikes for homeowners in parts of the state hardest hit by…

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IIHS Autonomous vehicle risk study criticized by automakers

Autonomous vehicle risk - car crash

The low crash estimates from new research underestimate the tech’s capabilities, say critics. Automakers involved in developing and manufacturing self-driving cars have criticized recent insurance industry research measuring the autonomous vehicle risk of crashes. The study suggested that only about one third of crashes on American roads would be prevented if the cars were driving themselves. The automakers argue that the study doesn’t take into account the full capability of the technology. The research was conducted by the Insurance Institute for Highway Safety (IIHS). It involved an analysis of 5,000…

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