A new study by the Insurance Research Council (IRC) finds that despite recent premium increases, auto insurance remains more affordable relative to household income than it was in the mid-2000s. According to the IRC study Auto Insurance Affordability: Countrywide Trends and State Comparisons, U.S. households spent approximately 1.51% of their income per vehicle on auto […]
Insurance Associations Defend Auto Insurer Pricing Factors
Following calls by consumer groups for the U.S. Treasury Department’s Federal Insurance Office (FIO) to update its 2017 auto insurance affordability study, two insurance groups commented on the proposals. David Snyder, vice president of the American Property Casualty Insurance Association’s Policy, Research and International Division (APCIA) said, “We support the Department of Treasury’s Federal Insurance […]
Consumer Organizations Call on Federal Insurance Office to Update Auto Insurance Affordability Study
In a comment letter sent to the agency on Monday, July 26, Consumer organizations urged the Department of Treasury’s Federal Insurance Office (FIO) to update a 2017 study on the affordability of auto insurance in historically underserved communities and to conduct a deep and thorough investigation of unfair discrimination in auto insurance markets. While state […]
Consumer Federation Report Finds Auto Insurance Rate Growth Slowest in States with Active Regulations
According to the study, California drivers have saved $154 Billion over 30 years of active insurance oversight. Auto insurance rates have risen at a significantly slower pace in states that actively regulate auto insurance prices than those with less vigorous oversight processes, according to an analysis of nearly 30 years of data released today by […]
Groups Say State Insurance Regulators Fail Consumers on Auto Insurance Affordability Research
Consumer groups want Federal Insurance Office to step in saying National Association of Insurance Commissioners report biased towards insurance industry. Insurance industry association calls consumer groups’ comments unfortunate. Consumer groups have called on state insurance regulators to reject a proposed report on auto insurance affordability that the groups said is biased toward industry and fundamentally […]
U.S. Auto Body Repair Price Growth Dropped Below General Inflation in April
Auto body repair prices in April were up less than three percent compared to year ago and dropped below the rate of overall inflation in the U.S. The most recent government figures on inflation through April 2018 indicate the rate of growth of auto body repair prices has declined somewhat over the past few months, […]
U.S. Auto Body Repair Prices, Auto Insurance Outpaced Inflation Through February
Auto body repair prices in February were up less than three percent compared to year ago. Auto insurance prices were up almost 10 percent during the same period. The most recent government figures on inflation through February 2018 indicate the rate of growth of auto body repair prices has declined somewhat over the past few […]
Cost of Car Insurance in UK Costs 10% of a Young Driver’s Salary
Growth of injury claims and taxes drive higher costs for young people. All their salary for the year to date would go to pay auto insurance premiums. The Association of British Insurers (ABI) reported further evidence of the need to tackle rising motor insurance premiums – the cost of car insurance now gobbles up 10 […]
North Carolina Auto Insurance Companies Ask for 13.8 Percent Rate Hike
North Carolina Insurance Commissioner Mike Causey announced February 3 that the Department of Insurance has received the annual auto insurance rate filing from the North Carolina Rate Bureau. The Bureau, which represents the auto insurance companies in the state, requested an overall statewide average increase of 13.8 percent for 2017. Causey who was elected Insurance […]
Federal Insurance Office Announces Methodology for Monitoring Auto Insurance Affordability
The U.S. Department of the Treasury’s Federal Insurance Office (FIO) announced the adoption of a methodology for monitoring the affordability of automobile insurance. Title V of the Dodd-Frank Wall Street Reform and Consumer Protection Act authorizes FIO to monitor the extent to which traditionally underserved communities and consumers, minorities, and low- and moderate-income (LMI) persons […]