Tag: vehicle insurance

Auto insurance dissatisfaction drives usage-based coverage growth

H. Cutner
Auto insurance - Usage-based coverage increasing

About one third of covered US consumers said they had experienced a rate increase in the last year. Across the United States, around one in three drivers with coverage experienced a rate increase within the last year, said a new JD Power 2023 US Auto Insurance Study. This has pushed them to look for new ways to save money on their policies that they might not have tried before. Mainly due to the rising expense associated with covering their vehicles, customer satisfaction with this coverage fell by 12 points to…

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What is your dashcam doing to your auto insurance?

Nordstrom
Auto insurance - Dashcam in Car

Dashboard-mounted cameras are becoming increasingly popular, but will they impact your rates? Have you ever wondered about what impact your dashcam could have on your auto insurance premiums, particularly in the event of a collision? This technology is no longer exclusive to law enforcement and commercial transportation. Dashcams were once a technology used nearly exclusively by law enforcement, and then later in some commercial vehicles such as transport trucks, in order to help provide evidence in the event of a collision or other issue. Now, they are commonplace in passenger…

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Consumers are shopping for better auto insurance rates more than ever before

H. Cutner
Auto insurance - Shopping for car insurance

A new JD Power study showed that comparison shopping has reached an all-time high among consumers. More than ever before, consumers have been comparison shopping for better auto insurance rates, according to a new JD Power report. The report showed that over 40 percent of drivers had experienced an increase in cost after using telematics. The report also indicated that some drivers are finding that there are fewer new rates available to them than they expected. Consumers hit by rising auto insurance rates have been searching for cheaper alternatives more…

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State Farm auto insurance claims show catalytic converter thefts continue rising

Nordstrom
Auto insurance claims - Person under car

The insurer recently issued a release pointing to a 400 percent rise in these thefts since 2019. State Farm has released an update to a previous report it has made regarding recent trends in auto insurance claims having to do with catalytic converter thefts. The trend, though already bad in the last report, has only managed to worsen across the country. The auto insurance claims data from one of the largest car insurers in the country showed that from July 2021 to June 2022, thefts in catalytic converters rose by…

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Auto insurance data spat could lead to regulatory battle in Illinois

H. Cutner
Auto insurance data - Regulation Battle - Illinois

A fight over information regarding insurer profits during the pandemic may increase state regulation. Newly disclosed auto insurance data from throughout the pandemic has shown that insurers made excessive profits throughout that span of time, according to the Illinois Public Interest Research Group (PIRG) consumer advocacy group. The watchdog says it is proof that the state is in need of stricter regulation of the industry. Insurers have been fighting against the release of the auto insurance data relating to the premiums charged throughout the pandemic. That information was requested by…

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Auto insurance companies could face another wonky year in 2022

H. Cutner
Auto insurance companies - Bumpy Road

According to a recent LexisNexis Risk Solutions report, the industry is showing “signs of revolution”. As 2022 reaches the point that its well underway, new analyses are starting to identify trends suggesting that auto insurance companies could be facing another bumpy ride. The trends appear to indicate that both shopping volatility and increased claims severity will continue. The analysis was conducted by LexisNexis Risk Solutions, which released a report indicating that auto insurance companies and the industry as a whole is facing a critical phase. Both heightened claims severity and…

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Automakers are looking to turn car insurance on its head

Nordstrom
Car insurance - Tesla on building

Tesla and General Motors want to define themselves as top players in a whole new industry. Tesla and GM are both looking to take on car insurance in multiple states in order to provide their customers with a new way to obtain coverage that the automakers are aiming to make less expensive than traditional alternatives. Tesla’s auto policies are available in five states, with a target to bring them to 45 by the close of 2022. Tesla may not have much reach in the current car insurance market, but it…

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