auto insurance regulations Archives

New York auto insurance rate calculation factors may soon drastically change

May 19, 2017May 17, 2017 Nordstrom

New York auto insurance rate calculations

A new proposed rule would stop education and employment from affecting a policyholder’s premiums. State Financial Services Superintendent Maria Vullo proposed a change to the New York auto insurance rate calculations. The change would stop insurance companies from using a motorist’s education level or job from being used as a factor in determining that driver’s rates. The only exception is if the insurance company can prove the job status or education level directly affects driving. The proposed New York auto insurance rules change would only allow insurers to continue using…

Auto insurance confusion leaves some snowbirds uninsured

November 20, 2015November 18, 2015 Julie Campbell

For those who drive south throughout the winter, it’s important to remember state coverage regulations. New information has been released from NerdWallet.com, a consumer financial info provider, which has revealed that snowbirds who drive to warmer states throughout the winter may not have the auto insurance coverage they need as they move from one region of the country to the next. Every year, there are about a million people who head to Florida and Arizona receives another 300,000. While these snowbirds move from Canada and more northern states using their…

Auto insurance may experience a paradigm shift because of driverless cars

January 8, 2015January 7, 2015 Logan B.

Google driverless auto insurance news discount

Driverless cars could have a major impact on auto insurance coverage and how companies protect drivers and their vehicles Driverless cars may soon be quite common on the roads, and this could have a major impact on auto insurance coverage. According to Allstate CEO Tom Wilson, there will be an ongoing debate over insurance coverage for driverless vehicles for years to come. Currently, there are precious few driverless vehicles on the roads, with Google being one of the only companies in the world to apply such a vehicle in a…

New regulations target auto insurance laws in North Carolina

September 8, 2014September 6, 2014 S.Vagus

Regulations could benefit drivers in North Carolina New regulations may have a major impact on drivers throughout North Carolina, if they are approved by the state’s lawmakers. These regulations would change the state’s auto insurance laws, which were created in 1957 and have seen little reform over the years. The regulations have managed to win strong support from the state’s insurance companies, many of whom are eager to see changes to insurance laws in order to better manage modern trends and risks in the state’s market. Insurers show support for…

Auto insurance underwriting losses increase by 77 percent

June 27, 2014June 24, 2014 G. Turner

In Manitoba, the treacherous winter lead to a notably larger number of vehicle collisions. The compulsory auto insurance carrier in Manitoba, Canada, has now reported that it had experienced underwriting losses of almost $220 million (CAD) within the fiscal year that came to a close at the end of February. Moreover, the total number of claims that were filed with the insurer rose by 15 percent over the previous year. The Manitoba Public Insurance Corporation (MPI) has now released its annual report, in which it produce the figures associated with…

New auto insurance regulations in California target on-demand ride services

June 17, 2014June 13, 2014 S.Vagus

Regulators are introducing new rules that focus on the on-demand ride service sector California insurance regulators are considering new rules that target on-demand ride services, like UberX and Lyft. These services represent a certain degree of risk when it comes to auto insurance and many insurers have expressed concerns regarding fraud and other issues that have yet to receive regulatory attention by the state. Similar services in other states have been subjected to the same regulatory focus recently, with some of these services actually being barred from operating in some…

Auto insurance bill amendments in NC isn’t out of the woods yet

April 13, 2013April 11, 2013 G. Turner

There is still opposition being faced by a controversial bill that would change the state regulation system. An auto insurance bill in North Carolina is still facing opposition, as the controversial effort attempts to change the way that the rates in the state are regulated, despite the fact that the bill has been modified in acknowledgement of the objections that have been identified by its opponents. The opponents were not won over by the amendments that were made to this bill, which include the commissioner. Among those who remain opposed…