Category: Auto Insurance

News articles concerning car and auto insurance nationwide for both insurance brokers and insurance customers. Learn about changes happening in your state or even global insurance matters.

Are Automated Driving Features in Your Car Really Safeguarding You?

G. Turner
who's behind the wheel

The rise of automated driving features has promised a future of hands-free convenience and enhanced safety. But are these advanced systems living up to their assurances, keeping drivers out of harm’s way? A recent study conducted by the Insurance Institute for Highway Safety (IIHS) forces us to confront the efficacy and safety of these technologies head-on. Partial Automation, Full Concerns Study Highlights Only one of 14 partially automated systems tested earned an “acceptable” rating. The majority of systems received a “poor” rating; none received a “good.” Marketing by some automakers…

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Revolution or Invasion? Automakers Sharing Driving Data with Insurance Companies

Live Insurance News
driving data insurance

In the recent article titled, “Automakers Are Sharing Consumers’ Driving Behavior With Insurance Companies,” by the New York Times,  the argument unfolds around the alliance between automakers and insurance firms. The central tenet of the paper uncovers a practice where car manufacturers transmit driving behavior data to insurers. This article explores the potential ramifications on insurance premiums, privacy concerns and consumer habits. The Impact on Insurance Premiums The sharing of driving data stands to revolutionize the insurance industry. On one hand, it can be a boon for safe drivers who…

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Florida motorcycle insurance gains new pay-per-mile player

Logan B.
Motorcycle insurance - Motorcycle on road - Florida flag

The state’s riders now have the added option that Voom has included in their available products Riders in Florida have an additional motorcycle insurance option from which to choose for meeting their coverage needs as Voom Insurance recently announced that it was bringing its pay-per-mile policies to the state. This makes the insurer the only one in Florida selling this type of product Usage-based coverage is available within the state’s automotive market, but this option has been focused entirely on larger vehicles such as cars, SUVs and trucks. The new…

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Insuring Salvage Title Autos: Important Facts for Auto Owners

Loreen
auto insurance for salvage title

When a vehicle gets a salvage title, it means it’s seen better days, often due to significant damage or theft. This label affects everything from auto insurance to resale value, presenting a set of unique challenges and considerations for owners. Understanding the implications of a salvage title is crucial for anyone considering buying or insuring such a vehicle. Understanding What a Salvage Title Means A salvage title is assigned to a vehicle that has been deemed a total loss by insurance companies due to damage or theft. This designation occurs…

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State Farm Registers $6.3 Billion Net Loss in Challenging 2023 Fiscal Year

H. Cutner
state farm insurance news

Despite attempts to improve results following a substantial $6.7 billion loss in 2022, State Farm, a leading insurance giant, ended 2023 with a $6.3 billion net loss. The company cites a surge in catastrophe claims as a significant factor contributing to their financial results. Elevated Claims and Unfavorable Results The Financial Climate State Farm’s financial report for the year reflects a tumultuous period, as total revenue reached $104.2 billion, yet it was not enough to prevent a net loss. The company’s combined ratio, a key measure of underwriting profitability, rose…

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