Live Insurance News

Auto insurance rates aren’t likely to drop with inflation

February 8, 2023February 9, 2023 G. Turner

Even as rates have started dropping, it is unlikely that drivers will see their premiums easing. Though drivers might be inclined to believe that as inflation starts to fall, auto insurance rates aren’t likely to get any cheaper. In fact, premiums are expected to rise, and in some areas, they’ll be increasing by quite a bit. The average cost of full coverage is $2,014 in the United States, which is 14 percent higher than last year. According to the True Cost of Auto Insurance Report by Bankrate, the average cost…

Lying on car insurance applications is common in the hopes of saving money

May 19, 2022May 15, 2022 Nordstrom

Research shows that Americans regularly lie on the details they submit to their insurers. Americans will often lie on their car insurance applications in the hopes of saving money, according to a Finder.com study. The data from the study showed that 35.8 million Americans fudge their details to get lower rates. The study determined that the 35.8 million people across the country lie on their applications to try to lower the car insurance premiums they must pay. Moreover, the number is considerably higher than what it was in 2020, when…

State Farm teams up with Ford for usage-based insurance

February 25, 2022February 23, 2022 Live Insurance News

The Drive Safe & Save Connected Car program will use telematics tech to adjust premiums. State Farm and Ford have announced that they have jointly launched a usage based insurance (UBI) program for drivers called the Drive Safe & Save Connected Car. The UBI program is available to drivers of connected Ford or Lincoln vehicles. State Farm customers driving the eligible connected Ford vehicles can choose to opt in for usage based insurance. The UBI program uses telematics to adjust premiums to reflect that vehicle’s mileage and its drivers’ unique…

Task force takes on Louisiana auto insurance rates to improve affordability

December 26, 2018December 25, 2018 Logan B.

Louisiana Auto Insurance Rates - Car - driving

Research shows that drivers in the state pay some of the highest car insurance premiums in the country. Louisiana auto insurance rates are among the least affordable in the United States, according to a recent Insurance Research Council (IRC) study. The study was titled: “Auto Insurance Affordability: Cost Drivers in Louisiana”. That said, the Louisiana High Auto Rates Task Force has been working on the challenge of improving affordability since August. The task force has met several times to address the causal factors and propose solutions to the issues. The…

Allstate auto insurance rates are going up for Illinois drivers

March 10, 2017March 8, 2017 G. Turner

The insurer has increased premiums in the state by an average of 6 percent, following a statewide trend. Allstate auto insurance customers are about to face an increase in the rates they’re paying for their policies. This announcement was made only 6 months after a similar one was made State Farm, the largest car insurance company in the state. The average increase for drivers in the state with Allstate coverage will be about 6 percent. The original filing to increase Allstate auto insurance rates was made in January. An Illinois…

Car insurance premiums increase as income decreases

June 30, 2016June 29, 2016 Marc

A new study revealed that the less a driver earns, the more he or she is likely to pay. The Consumer Federation of America (CFA) recently conducted a study on car insurance premiums. They compared the rates paid by white collar drivers with those of blue collar drivers. The research showed blue collar drivers pay a lot more than white collar drivers for auto insurance. Moreover, the difference wasn’t small. The research discovered a massive difference between the two. Blue collar drivers pay an average of $681 more than white…

The average auto insurance customer hasn’t switched companies since 2003

July 22, 2015July 21, 2015 Julie Campbell

According to recent research, one in every three drivers has not shopped around at all for a policy. A recent study was conducted by insuranceQuotes.com, which has now issued its results in a report that showed that the average American driver hasn’t changed the auto insurance provider covering their vehicle in over a decade. In fact, the average length of time since the last change in insurance companies was 12 years, said the report. Furthermore, about one quarter of all drivers have been sticking with the same auto insurance company…