Tag: vehicle insurance

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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Riders are reminded of California motorcycle insurance requirements

G. Turner
California Motorcycle - Motorcycle Rider

These vehicles are proving exceptionally popular again this year and they must have liability coverage. With the second year of the pandemic, 2021 has brought a reminder of the California motorcycle insurance requirements for riders in the state. Motorcycles, like RVs, are very popular vehicles again this year and insurers are reminding riders to get the coverage required by law. Though liability coverage is the minimum requirement many riders are choosing full coverage. There are many different California motorcycle insurance companies selling coverage, and riders are often surprised at how…

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