Car-sharing service shut down due to auto insurance regulations RelayRides, a popular car-sharing service, has announced that it will cease operations in New York due to auto insurance concerns. Car-sharing programs are becoming more popular as consumers grow more environmentally conscious and look to save money on transportation costs. These programs are typically used by those commuting to and from work, but New York regulators claim that RelayRides violates the state’s auto insurance laws, which could cause some significant problems for the company itself as well as the insurance companies…
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Telematics: The rise of usage-based insurance
Usage-based insurance is gaining traction Usage-based insurance coverage had, once upon a time, been considered little more than a fantasy. Now, however, it is becoming much more of a reality as we see insurance giants roll out their new auto insurance plans based on this technology. As the term suggests, usage-based insurance is based on driving behavior. This means that policyholder’s rates are based on how many miles driven, what time of day and safe driving habits and more. Determining whether or not coverage is in use can be a…
Read MoreAuto insurance fraud legislative package gets New York Senate approval
Three bills that are geared toward reducing the rate of scams on the system are now moving forward. The New York State Senate has just given its approval to three bills that have been designed to help to tackle the problem of auto insurance fraud by raising the penalties against those who take part in these behaviors, and by providing insurers with greater flexibility for preventing criminals from being able to obtain policies so that they can continue to run their scams. The package for three bills has now been…
Read MoreWhat Insurance Am I Legally Bound To Carry?
With all the news about PPI or referred to as Payment Protection Insurance being mis-sold around the world, there can be some confusion as to what insurances we are required by law to have; and that number is very small. PPI was not required in most instances, if not all instances, for a loan to be approved. Yet people were told this and subsequently felt they had to have the insurance in order to be approved for the loan. And the mis-selling began. But what insurance policies are required by…
Read MoreAuto insurance overhaul moving to the Michigan House
The lawmakers will be considering a change to the system to cap payouts for catastrophic injuries. After passing out of committee along party lines, last week, legislation for placing a cap on auto insurance catastrophic injury payments at $1 million is now headed to the House in Michigan. Should the bill pass, it would eliminate the unlimited lifetime medical benefits for accident victims next year. It would mean that anyone injured in an accident as of January 1, 2014, will have a limit to the payments that will be available…
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