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…
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Auto insurance challenges expected to ease, says S&P US report
Though rates have been rising sharply during the pandemic recovery, that trend will level out. According to the S&P Global Market Intelligence US Auto Insurance Market Report, private insurer results are expected to improve from where they stood last year, when the combined ratio of 112.2 percent was the worst seen in decades. That said, according to the report, the improvements won’t occur as quickly as the industry had hoped. The private auto insurance results are still expected to improve, though not as fast as was previously predicted. “The post-pandemic…
Read MoreAuto insurance dissatisfaction drives usage-based coverage growth
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…
Read MoreWhat is your dashcam doing to your auto insurance?
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…
Read MoreConsumers are shopping for better auto insurance rates more than ever before
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…
Read MoreState Farm auto insurance claims show catalytic converter thefts continue rising
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…
Read MoreAuto insurance data spat could lead to regulatory battle in 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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