Live Insurance News

Auto insurance prices are a major US inflation driver

January 18, 2024January 17, 2024 Marc

Though there are many factors that have combined to push inflation rates paid by motorists are a large one. Though there has been an easing in the growth rate of inflation in the United States during the last twelve months, auto insurance premiums have been identified as a notable driver of the ongoing trend. Rapid growth in rates paid for coverage has played a role in stopping consumer prices from falling. In December 2023, consumers prices increased by 3.4 percent on average when compared to the same month in 2022,…

California auto insurance delays to face possible crackdown

January 5, 2024January 4, 2024 G. Turner

The state has threatened to penalize insurers for tactics to stall in providing coverage to drivers. California drivers have been registering complaints regarding the challenge they face in trying to obtain the auto insurance legally required to drive in the state. In response, the state commissioner is warning of a potential crackdown against stalling insurers. Commissioner Ricardo Lara announced this week that his department has been receiving “numerous” complaints from auto insurance customers that are dealing with lengthy questionnaires, waiting periods and other stalling practices that are potentially violating Californian…

Insurance and Technology: The Rise of Insurtech

December 22, 2023 Guest Author

The insurance industry, traditionally viewed as conservative and slow to adapt to change, is undergoing a dramatic transformation thanks to technology. This fusion of insurance with technology, known as ‘Insurtech’, is reshaping the landscape of insurance offerings, customer service, and business models. The Evolution of Insurtech Insurtech began as a response to the digital revolution that has swept across other sectors. Today, it represents a broad range of applications: from artificial intelligence and machine learning for underwriting and fraud detection, to blockchain for secure and transparent transactions, and the Internet…

Pedestrians hit by cars in Illinois to face fewer auto insurance struggles

December 8, 2023December 7, 2023 G. Turner

Auto insurance - Pedestrians walking across road

The state Supreme Court has issued a ruling to help victims to be able to better access cost coverage. This month, the Illinois Supreme Court ruled to make it easier for pedestrians struck by vehicles to be able to have their medical costs covered by auto insurance. The ruling was meant to help reduce the number of barriers in the way of victims having costs covered. It isn’t uncommon for auto insurance companies to initially deny claims filed by pedestrians because they aren’t passengers in a covered vehicle. Therefore, while…

Is Florida also headed toward an auto insurance crisis?

November 15, 2023November 14, 2023 Logan B.

Auto insurance - Crisis coming to Florida

The state is already teetering on the edge in its property coverage sector, but are vehicles next? Florida has long contended with challenges in its auto insurance industry due to the way the laws in the state open the door to fraud and widespread litigation, both of which are highly costly to insurers and, therefore, to drivers who must pay higher premiums every month. Among the issues driving this problem include the activities of certain glass repair shops and lawyers. A recent The Washington Post report has pointed to a…