Live Insurance News

Auto insurance errors leads to over $36 million in refunds to Canadian drivers

August 13, 2014August 11, 2014 H. Cutner

At an average of $18 per year after the wrong premiums had been applied, ICBC will be paying motorists back. According to a statement that was released by the ICBC auto insurance company in Canada, it had been charging the wrong premiums to motorists because inaccurate vehicle descriptions had been applied to the calculations. However, it has also announced that new software has been implemented that will prevent a repetition of this issue. In the meanwhile, hundreds of thousands of drivers in British Columbia will be receiving refunds on their…

Auto insurance rates for families adding teen drivers in Utah heads 89 percent higher

July 23, 2014July 23, 2014 G. Turner

Coverage for adolescents behind the wheel in the state is now tied for the fifteenth highest increase. It isn’t much of a secret that auto insurance coverage for a teen driver can be quite a costly purchase, but families in Utah are watching their family policies skyrocket in cost as they add an adolescent to their coverage. A new report has shown that the average annual premium increase for these drivers was 89 percent. The report was issue by insuranceQuotes.com and it showed that this auto insurance premiums increase was…

Factors influencing auto policy premiums are a mystery to most drivers

May 12, 2014May 10, 2014 G. Turner

A recent J.D. Power study showed that many motorists don’t know what will impact their bill. J.D. Power recently released the results of a study that they conducted which showed that the majority of vehicle owners don’t have an accurate understanding of the factors that will cause their auto policy premiums to change. This lack of understanding could be causing these consumers to pay too much for their coverage. At a time in which the cost of an auto policy is already rising in many places, it is important for…

Auto insurance hike prevention efforts taken on by Michigan

April 29, 2014April 26, 2014 H. Cutner

The state’s legislators are now getting behind efforts to stop rates from rising from pothole damage claims. A long winter of extreme weather has now brought about a rather nasty pothole season in Michigan, and the state’s House of Representatives are now looking into a bill that has recently been introduced to help to control the impact that this will have on auto insurance premiums as claims from damage start pouring in. The bill is meant to help to keep premiums from rising because a claim was made for pothole…

Auto insurance affordability taken on by FIO

April 25, 2014April 22, 2014 G. Turner

The shiny new Federal Insurance Office is taking its first steps toward vehicle coverage. The Federal Insurance Office (FIO), which has only just recently been created, has now set its sights on the auto insurance sector and it has now announced that it will be taking on the issues of both availability and affordability. The FIO is going to be focusing specifically on the way that a specific group of consumers is being served. According to the announcement from the FIO, it will be starting a study that will look…