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Auto insurance fines create controversy in Louisiana

November 10, 2015November 8, 2015 Logan B.

Office of Motor Vehicles sends more than 1 million letters to drivers for lapsed insurance coverage The Louisiana Office of Motor Vehicles has sent out more than 1 million letters to drivers, seeking to collect some $400 million in fines associated with lapsed auto insurance coverage. These letters were sent to approximately 550,000 Louisiana drivers, many of whom have more than one vehicle, or were unable to insure their vehicles for a period of time. Some drivers are facing fines as high as $656 for driving without auto insurance coverage.…

Evolution of transportation may change the auto insurance industry

November 5, 2015November 4, 2015 Nordstrom

Auto insurers will be impacted by self-driving cars Safer roads could have a major impact on the auto insurance industry, and self-driving cars may be the cause, according to a new report from KPMG. The report predicts that the rise of driverless vehicles will have a significant impact on the auto insurance market, causing a shift in liability that some insurers may find it difficult to cope with. These vehicles have yet to see a widespread commercial release, but that may change in the coming decades. 60% decline in vehicle…

Auto insurance industry may be 40 percent of its current size in 25 years

October 27, 2015October 25, 2015 Julie Campbell

auto insurance refund Senior Man Driving A Toy Racing Car

In a quarter of a century, the car policy market could shrink by as much as 60 percent, says KPMG. A recent report issued by the KPMG consulting firm has suggested that by the time the millennials who are only just entering into the auto insurance industry as professionals now become top execs in 25 years, the market will be 60 percent smaller than its current size. The private passenger automobile industry is expected to experience a massive decrease in size. While that doesn’t sound like good news for the…

Auto insurance premiums are falling in Ontario

October 20, 2015October 18, 2015 Logan B.

Toronto Ontario Canada Auto Insurance News

Premiums for auto coverage continue to decline in Ontario, though slower than expected Auto insurance premiums continue to fall in Ontario, Canada, though they are falling at a slower rate than government officials had promised. Two years ago, Finance Minister Charles Sousa promised that auto insurance rates would fall by 15%, but this ambitious promise has proven difficult to fulfill. According to the Financial Services Commission of Ontario, rates are, indeed, falling, but at a much slower rate that many government officials had anticipated. Rates have fallen by approximately 6.96%,…

Michigan drivers can soon show proof of auto insurance with their phones

October 14, 2015October 13, 2015 Marc

Governor Snyder signs legislation to make showing proof of insurance more convenient Drivers in Michigan will soon be able to show proof of their auto insurance coverage using only their smartphones. Governor Rick Snyder has signed new legislation that makes this possible, noting that the goal of the legislation is to make everyday life easier for consumers that operate vehicles. The law itself is set to go into effect in three months. Before then, consumers will still need to provide physical proof of their auto insurance coverage. Officers will be…

Auto insurance rates in Detroit are “completely immoral”, says Mayor

September 29, 2015September 27, 2015 Julie Campbell

There are a range of different factors that have been causing the cost of coverage to skyrocket in the city. Due to the exceptionally affordable rent in Detroit, people in the Millennial generation are flocking to the city in droves, but auto insurance in the region is the most expensive in the country and there is virtually no option for public transportation. This is a problem that Mayor Mike Duggan has taken on, but that is leading him from one frustration to the next. As a part of the effort…

Gas prices may affect the cost of auto insurance

September 17, 2015September 16, 2015 Nordstrom

Auto insurance premiums spike as gas prices fall Falling gas prices may be having an impact on the cost of auto insurance coverage in the United States. Earlier this year, analysts suggested that as much as $75 billion will be cut from the cost of gas by the end of this year. Drivers would be saving a total of $1 billion in fueling costs over the Labor Day weekend alone, largely due to the fact that fuel is getting less expensive. The average price of as is currently $1 per…