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 […]