Tag: auto insurance coverage

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…

Read More

Toyota Auto Insurance steps into Georgia’s market

Marc
Toyota Auto Insurance - Person driving Toyota car

The automaker’s own coverage is for the first time available to drivers living in the state. Toyota Auto Insurance, a coverage product from the Japanese automaker, has now expanded to include drivers in Georgia. The coverage was first offered in select markets in 2021 with the promise of affordable rates. The pitch from Toyota Auto Insurance is that it will offer customizable, quality coverage at an affordable rate. Though it has been slowly rolling out to include a few new states after a launch in a limited number of markets,…

Read More

Auto insurance dissatisfaction drives usage-based coverage growth

H. Cutner
Auto insurance - Usage-based coverage increasing

About one third of covered US consumers said they had experienced a rate increase in the last year. Across the United States, around one in three drivers with coverage experienced a rate increase within the last year, said a new JD Power 2023 US Auto Insurance Study. This has pushed them to look for new ways to save money on their policies that they might not have tried before. Mainly due to the rising expense associated with covering their vehicles, customer satisfaction with this coverage fell by 12 points to…

Read More

Auto insurance rates calculations may be changing in Massachusetts

Logan B.
Auto Insurance Rates - Calculations - Money

A new bill has been proposed in the state that will alter the way premiums are calculated for drivers. A newly proposed bill in Massachusetts has the potential to greatly change the way auto insurance rates are calculated, and the amount people will be paying for their coverage in the state. The Senate bill is aimed at changing highly influential components used to calculate premiums. Among the factors that are most defining to auto insurance rates in Massachusetts is a driver’s ZIP code. However, the bill in the Senate is…

Read More

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…

Read More

This auto insurance company was rated the top option by Consumer Reports

Logan B.
Auto insurance - Top Rated Company

The most recent survey identified a spectrum of new trends including the top four insurers. Consumer Reports has conducted two recent auto insurance surveys, one of which had a more limited sample, while the second had a notably more substantial number of participants. Each of the surveys looked into the way consumers feel and interact with their insurers. The first Consumer Reports survey was limited to its own subscribers, thought that is still a respectable figure higher than 40,000 people. The participants offered almost 50,000 responses on factors associated with…

Read More

Consumers are shopping for better auto insurance rates more than ever before

H. Cutner
Auto insurance - Shopping for car insurance

A new JD Power study showed that comparison shopping has reached an all-time high among consumers. More than ever before, consumers have been comparison shopping for better auto insurance rates, according to a new JD Power report. The report showed that over 40 percent of drivers had experienced an increase in cost after using telematics. The report also indicated that some drivers are finding that there are fewer new rates available to them than they expected. Consumers hit by rising auto insurance rates have been searching for cheaper alternatives more…

Read More