Tag: auto insurance premiums

How Staged Accidents Are Evolving Rapidly and How to Protect Yourself

Live Insurance News
Staged Accidents

Staged Car Accidents and the Growing Role of Dashcams in Fighting Fraud Staged car accidents are increasingly becoming a scourge on our roads, costing billions annually while endangering innocent drivers. These orchestrated collisions are a form of insurance fraud where scammers manipulate traffic conditions to cause crashes, aiming to pocket compensation through exaggerated injury claims or repair costs. The victims not only face financial strain but also risk severe injury. However, a new weapon is emerging in the fight against staged accidents—dashcams. These compact cameras are quietly transforming how drivers,…

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How Rising Auto Insurance Costs Are Changing the Way We Buy Cars

John Bowers
man worried about Auto insurance cost

Rising Auto Insurance Costs: A Growing Concern for U.S. Drivers Auto insurance premiums in the United States have reached record highs, raising concerns about affordability for many Americans. A recent study by Jerry revealed that eight out of 10 U.S. drivers believe auto insurance has become prohibitively expensive for the average person. Even higher-income earners, those making more than $129,000 annually, are feeling the pinch. Nearly half of them have been shopping for better rates, while over half have opted for reduced coverage heading into 2024. This steady climb in…

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This year to be a period of auto insurance rate increases

Marc
Auto Insurance rates - not affordable

After years of rising price trends in much of the country, 2024 is likely to continue the trend The price of everything appears to be continuing to rise, and many experts predict that auto insurance rates will be among those increasing prices consumers must face. Coverage since the pandemic has steadily become more expensive The cost of auto insurance depends on several factors, including everything from an individual’s driving record to the type of vehicle they drive, and a number of other elements depending on the state in which they…

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Nevada holds public webinar to address high auto insurance rates

Marc
Auto insurance - Nevada Highway Sign

The state scheduled the webinar to be open to the public to address rapidly rising premiums. The Nevada Division of Insurance recently held a live webinar to provide the public with an opportunity to discuss the rising cost of auto insurance in the state. The event on the subject was held on November 1 and ran from 10:00 am through until 11:30 am. The webinar was meant to address the rapidly rising auto insurance rates in the state, which have been climbing as has been the case across the country.…

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Auto insurance challenges expected to ease, says S&P US report

Logan B.
Auto insurance - Woman sitting in car, frustrated

Though rates have been rising sharply during the pandemic recovery, that trend will level out. According to the S&P Global Market Intelligence US Auto Insurance Market Report, private insurer results are expected to improve from where they stood last year, when the combined ratio of 112.2 percent was the worst seen in decades. That said, according to the report, the improvements won’t occur as quickly as the industry had hoped. The private auto insurance results are still expected to improve, though not as fast as was previously predicted. “The post-pandemic…

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State Farm expected to raise Louisiana auto insurance rates

H. Cutner
Auto Insurance - Insurer

The insurer covers more than a quarter of all drivers in the state, many of whom will soon pay more. State Farm, the insurer that currently provides auto insurance coverage to about 29 percent of Louisiana drivers, is expected to raise its rates in the state. This will mean that more than a million people might find their premiums moving up. According to Louisiana Insurance Commissioner Jim Donelon, there are several reasons that State Farm is seeking to bump up its rates by double-digit average amounts. “This 17.3% rate increase…

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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…

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