Tag: auto insurance rates

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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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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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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What is your dashcam doing to your auto insurance?

Nordstrom
Auto insurance - Dashcam in Car

Dashboard-mounted cameras are becoming increasingly popular, but will they impact your rates? Have you ever wondered about what impact your dashcam could have on your auto insurance premiums, particularly in the event of a collision? This technology is no longer exclusive to law enforcement and commercial transportation. Dashcams were once a technology used nearly exclusively by law enforcement, and then later in some commercial vehicles such as transport trucks, in order to help provide evidence in the event of a collision or other issue. Now, they are commonplace in passenger…

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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…

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Inflation sends Illinois auto insurance higher by as much as 30 percent

H. Cutner
Auto insurance - Inflation sign

Drivers can still find opportunities for savings if they compare plans and watch for discounts. Motorists in Illinois can expect to be paying auto insurance premiums that are as much as 30 percent higher next year than they were this year as a result of inflation. Many drivers are seeking ways to save money by comparing quotes and spotting discounts. With expenses rising on all fronts due to inflation, consumers are struggling to make ends meet while still battling with ongoing pandemic-related supply chain issues. Therefore, at the same time…

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Auto insurance companies could face another wonky year in 2022

H. Cutner
Auto insurance companies - Bumpy Road

According to a recent LexisNexis Risk Solutions report, the industry is showing “signs of revolution”. As 2022 reaches the point that its well underway, new analyses are starting to identify trends suggesting that auto insurance companies could be facing another bumpy ride. The trends appear to indicate that both shopping volatility and increased claims severity will continue. The analysis was conducted by LexisNexis Risk Solutions, which released a report indicating that auto insurance companies and the industry as a whole is facing a critical phase. Both heightened claims severity and…

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