Tag: auto insurance costs

No-fault auto insurance overhaul bill passes Michigan Senate

H. Cutner
Auto insurance - No Fault - Car accident

The state’s Legislature held its first vote to modify the system near the end of last week. The Michigan Legislature voted on a bill to modify the no-fault auto insurance system in the state, approving changes meant to reduce the cost of coverage for drivers while overcoming some of the challenges left behind by the overhaul made in 2019. The 2019 changes cause certain medical providers to stop providing care to car crash victims. The new legislation voted on last week passed the Senate. It was meant to boost reimbursement…

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Home insurance rates are consuming more of Americans’ incomes

Marc
Insurance rates - Eating money

Auto premiums are also eating into a larger portion of the typical US budget as well. Millions of Americans have been shopping around for better auto and home insurance rates as these monthly expenses continue to consume a larger portion of their budgets in an increasingly expensive world. The challenge is to find the coverage they need without having to sacrifice protection from their policies. Though inflation appears to be slowing down in a number of important categories, providing welcome ease to the rising strain on families doing everything they…

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More Americans are shopping for auto insurance than ever before, JD Power

Nordstrom
Auto insurance - Shopping for insurance on computer

An increase in car ownership and rising premiums are among the reasons people are shopping around. The number of households in the US with cars but that don’t have auto insurance increased during the first half of this year, and the percentage of drivers who say they’re shopping for coverage has hit record levels. JD Power released data based on their findings in a recent report based on American households. JD Power recently published an auto insurance intelligence report in which they revealed the trends they identified in this market.…

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US consumers are still shopping around for auto insurance

G. Turner
Auto insurance - shopping - mobile

Q2 data from JD Power showed that switching continued to be as high as in the previous quarter. Rates continued to be an obstacle for auto insurance companies in this year’s second quarter, according to the JD Power Q2 2023 US Auto Insurance Shopping LIST Report. Insurers have been increasing rates to keep up with costs, sending drivers to look for cheaper options. As auto insurance rates keep climbing, drivers have been looking into different coverage options in an effort to find options that will be more affordable. The report…

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Auto insurance affordability is a concern for 40% of US drivers

Logan B.
Auto Insurance - 40%

A recent survey has found that the cost is a major cause of stress for many motorists. The combination of the high annual inflation rate means that the cost of living is a growing challenge for Americans, and auto insurance has become a stressful concern. A recent survey showed that 43 percent of insured drivers had experienced a rate hike since last year. The survey was conducted by PolicyGenius. It showed that 43 percent of drivers were paying more in 2023 for their auto insurance coverage than they did in…

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Could high auto insurance from EVs boost appeal of hydrogen cars?

H. Cutner
Auto insurance - H2 Car

As electric vehicles become increasingly popular, drivers are finding coverage to be costly. Battery electric vehicles have been skyrocketing in popularity as drivers look for ways to reduce their emissions, but high auto insurance premiums are proving to be an unappealing feature of those cars. Over time, the battery electric vehicles are expected to drive up losses for insurers causing rates to rise. According to a recent Moody’s Investor Service report titled “Electric vehicles to drive up costs, pricing for auto insurers as they grow more popular,” drivers can expect…

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Auto insurance rates have risen 17 percent since 2020

G. Turner
Auto insurance Rates - 17 Percent

American drivers are paying considerably more now for their coverage than a couple of years ago. Drivers across the United States are paying around 17 percent more for their auto insurance than they were paying in 2020, according to the results of a new Insurify study. This year, the average annual premiums for passenger vehicles across the country is $1,750. Michigan was identified as the state where drivers are paying the most for their auto insurance, at an average annual $2,510. The difference between that and what drivers are paying…

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