Types of Car Insurance Coverage in the U.S.

Car Insurance Coverage

Car insurance plans, unlike health insurance, consist of various categories of coverage, each of which has a unique set of fees and benefits. Because drivers can typically choose different coverage amounts for various elements, it’s crucial to understand which types of insurance are appropriate for you. Types of Insurance Coverage 101 Before diving in and selecting an insurance coverage plan, you have to ask yourself some questions: How can you know which option to go for? Is it a legal requirement in your state to have coverage? Is there a…

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GEICO Executive Chair Tony Nicely retiring at the end of 2021

Geico Executive - Retirement

The announcement was made that he would be stepping down at the end of the year after a 60-year career. GEICO Executive Chair Tony Nicely has announced his retirement and that he will be stepping down from his position at the end of the year following his 60-year career in the industry. Before taking his current position with the insurance company, Nicely had been chair and CEO for 25 years. Under Nicely as CEO, chair and GEICO executive chair, the insurance company experienced its most powerful growth period, becoming one…

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Will decorating your car for Christmas invalidate your auto insurance?

Auto insurance - Car decorated for Christmas

Will adding lights, antlers or dangling decorations mean your coverage isn’t what it should be? Many of us absolutely love to decorate everything we touch as the holidays progress, but it’s important to understand your auto insurance coverage before you get too festive in your car. Just because you’ve seen other people adding twinkly lights to their car, it doesn’t mean you should. Every year when we head out on the road at this time, there are more cars lit up and reindeer antlers and Rudolph noses on SUVs. Companies…

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Allstate hikes auto insurance rates as it leans on telematics

Auto insurance rates - car driving up coins

The insurer has announced that drivers “just about everywhere” will be paying more for coverage. Allstate has announced that it is increasing its auto insurance rates “just about everywhere” while it adjusted its focus on boosting returns in the car policy market following a drop in its net income during Q3 2021. The insurer shared this information during a recent earnings conference call with analysts. The fall in Allstate’s underwriting income was associated with higher loss costs from settling car claims, said company officials. Now, Allstate has raised its auto…

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Lemonade insurance company buys MetroMile data science firm

Lemonade Insurance - Company acquisition

The insurer is seeking to use the acquisition of the US firm to boost its auto policy offering. The Lemonade insurance company founded in Israel has announced that it has entered into a definitive acquisition agreement to purchase US the MetroMile data science firm, for the purpose of enhancing its auto policy offering. The acquisition of MetroMile represents the company’s first deal of this nature. Lemonade insurance made the acquisition deal in an all-stock transaction on equity value of $500 million, which equates to about slightly more than $200 million…

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5 Best Car Mods that Keep Insurance Prices Low

Mods and Low Insurance

Modifications give you the chance to imprint your personality onto your vehicle. You get to erase all of that bland factory-produced branding and replace it with something that reflects your individuality. By tweaking and adjusting your ride, you can make it go faster, have it look sleeker, or simply improve on its performance.  But before you take the plunge, you’ll want to talk to your auto insurance company about what modifications are covered and what changes could affect your policy rates. More often than not, altering a vehicle can blow…

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Michigan Governor seeks billions in auto insurance refunds

Auto insurance refunds - car - dollar sign

Gov. Gretchen Whitmer started the week by calling on the industry to pay back the state’s insured motorists. On Monday, Governor Gretchen Whitmer announced that she was pursuing auto insurance refunds from the industry to insured drivers across the state. The governor said that the payments should be the outcome of a bipartisan package signed into law in 2019. The auto insurance refunds should be issued by the Michigan Catastrophic Claims Association (MCCA), said Whitmer. That association has an insurance industry-controlled board that manages a catastrophic care payment fund. That…

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