Live Insurance News

Allstate CEO Tom Wilson says ridesharing will upend the auto insurance industry

January 11, 2019July 21, 2023 Nordstrom

Ride hailing and car sharing programs have changed transportation and are now changing coverage. Allstate CEO Tom Wilson explained that the auto insurance industry should expect some substantial changes due to ridesharing companies. These services have altered the way that vehicles are used so that they are no longer defined by auto products. The interview was reported from CES 2019 by a Cheddar article. In it, the Allstate CEO underscored the change ride hailing and car sharing services have made to personal transportation. That said, traditional auto insurance products don’t…

Millennials pay higher car insurance rates when they live with their parents

November 26, 2018January 23, 2019 G. Turner

Auto insurance companies consider them to be a higher risk than those living on their own. Millennial motorists who still live at home with their parents pay higher car insurance rates than their counterparts who don’t, say the results of a new study. Millennials who own houses or condos tend to pay notably less for their auto insurance coverage. The higher car insurance premiums study was conducted by Compare.com. It determined that millennials who live with their parents pay considerably higher car insurance premiums than their home owning counterparts. In…

Senior auto insurance rates drop $200 for Delaware drivers

June 7, 2018June 6, 2018 Nordstrom

A house bill signed into law last year went into effect on May 1 and will bring savings to seniors. House Substitute 1 for House Bill 80 (HS 1 for HB 80) will bring considerable senior auto insurance premiums reductions this year. The bill was signed August 1, 2017. The legislation became effective as of May 1, 2018. The new law prohibits car insurance companies from boosting rates for certain specific reasons. The senior auto insurance law stops car insurers from hiking premiums just because a person has turned 75…

Distracted drivers pay as much as 41 percent more for auto insurance

April 13, 2018April 12, 2018 H. Cutner

Distracted Drivers Pay More for Auto Insurance - Driver texting

Talking on a mobile phone, texting, checking a location on a map, and eating distracts motorists. It doesn’t come as much of a surprise to find out that distracted drivers are extremely commonplace on the road. Some are talking on their mobile phones. Others send texts. Some fuss with their coffee cups or drive-thru meals. Others are turned around to shout at their misbehaving children in the back seat. Whether you’re surfing through radio stations or choosing your GPS locations, you may pay more. Those distracted drivers may or may…

Car insurance market will be 70 percent smaller in 2050, study

July 5, 2017July 3, 2017 Marc

A new KPMG report showed that autonomous vehicle technology will have a tremendous impact on this sector. The car insurance market will wither by up to 60 percent by the year 2040 and by 70 percent of its current size by 2050, according to a recent KPMG study. Autonomous vehicle technology will drive the decreasing size of the marketplace, said the report. According to the KPMG research, the reason the car insurance market will fall by about $137 billion by 2050 is because of driverless vehicle tech and ride-share transportation.…

Warren Buffet says the auto insurance industry will suffer from self-driving cars

March 1, 2017February 27, 2017 G. Turner

The Berkshire Hathaway CEO’s predictions are in direct opposition to previous thoughts on the subject. While most of the auto insurance industry predictions about self-driving cars have had to do with reduced rates, Warren Buffett has taken a different perspective. Instead, the Berkshire Hathaway CEO believes it should be considered a significant threat. The billionaire investor revealed that he feels the launch of the technology will negatively impact car insurers. The reasoning behind Buffett’s prediction is that if autonomous cars are actually safer than traditional vehicles, premiums will tumble. Charging…

Auto insurance companies aren’t keeping customers happy

June 23, 2016June 22, 2016 Nordstrom

auto insurance rates companies customer satisfaction

A new J.D. Power survey revealed a drop in overall customer satisfaction within this market. J.D. Power has now released its report on customer satisfaction through auto insurance companies. What the J.D. Power 2016 U.S. Auto Insurance Study revealed was that customers aren’t as happy with insurers. The overall satisfaction customers feel is on the decline. This study measures customer satisfaction through the use of a 1,000 point scale broken down into 5 factors. These five factors – in order of importance – are: Interaction, Policy Offerings, Price, and Billing…