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You are here: Home / Archives for Auto Insurance

Insurance Associations Say President Biden’s Comments on Race-Based Auto Insurance Pricing False

January 24, 2023 By CollisionWeek Editor Leave a Comment

The American Property Casualty Insurance Association (APCIA) and the National Association of Mutual Insurance Companies (NAMIC) released statements calling remarks January 16 by President Biden at the National Action Network’s Annual Martin Luther King Day Breakfast that auto insurers base premiums on race as false. According to the published remarks posted on the White House […]

Filed Under: News Tagged With: American Property Casualty Insurance Association, Auto Insurance, Consumer Federation of America, National Association of Mutual Insurance Companies

Conning Report Says Auto Insurance Ripe for Disruption as Vehicle Manufacturers Enter Business

January 12, 2023 By CollisionWeek Editor Leave a Comment

Investment management company sees opportunities for manufacturers in $179 billion personal auto insurance market. Conning, the investment management firm serving the insurance industry, says in a new report that embedded insurance, through which insurance products are distributed by non-insurance brands, could make significant inroads into both personal lines and small commercial insurance business, exceeding $70 […]

Filed Under: News Tagged With: Auto Insurance, Conning, Embedded Insurance, Tesla

Americans Will Pay 16% More for Auto Insurance by the End of 2023

December 8, 2022 By CollisionWeek Editor

According to Insurify report, after a 9% increase in 2022, prices are projected to rise another 7% by the end of next year. The average American driver will pay nearly $1,900 for car insurance in 2023, as insurance rates continue to rise across the country. This is according to the Insurify 2022 Auto Insurance Trends […]

Filed Under: News Tagged With: Auto Insurance, Electric Vehicles, Inflation, Insurify, Premiums

U.S. Auto Body Repair Prices Up Nearly 15% in July Compared to Last Year

August 12, 2022 By CollisionWeek Editor

The increase in auto body repair prices continues above the rate of inflation. Marks historic largest year-on-year increase reported since data was tracked starting in 1978. The most recent government figures on inflation through July show the rate of growth of auto body repair prices is above the rate of general inflation for the 13th […]

Filed Under: Research Tagged With: Auto Body Repair Prices, Auto Insurance, consumer price index, Inflation

Tesla Insurance Now Available in Maryland and Utah

August 2, 2022 By CollisionWeek Editor

Vehicle manufacturer now offers auto insurance in ten states. Tesla Insurance is now available to its customers in Maryland and Utah according to availability information published online. Maryland is the 17th largest private passenger auto insurance market in the U.S. and Utah is the 31st largest market. Tesla’s auto insurance is now available to Tesla […]

Filed Under: News Tagged With: Auto Insurance, Maryland, Openings, Tesla, Utah

Private Passenger Auto Insurance Market by State in 2021

July 21, 2022 By CollisionWeek Editor

The latest report on the U.S. private passenger auto insurance market from the NAIC details the top 10 insurers in each state as well as the size of each market overall. Data from the National Association of Insurance Commissioners (NAIC) provides a detailed view on the size and scope of the private passenger auto insurance […]

Filed Under: Research Tagged With: Auto Insurance, Net Written Premiums, Premiums

J.D. Power Reports Industry-Wide Auto Insurance Rate Increases Force New Approaches to Customer Retention

June 13, 2022 By CollisionWeek Editor

Usage-based auto insurance takes center stage as satisfaction flatlines. A record high number of serious collisions, skyrocketing used-vehicle prices and surging repair costs have created an unenviable scenario for auto insurers: raise rates or go out of business. It should come as little surprise that the J.D. Power 2022 U.S. Auto Insurance Study, released today, […]

Filed Under: News Tagged With: Auto Insurance, Customer Satisfaction, J.D. Power

Premium Increases Lead to Erosion in Auto Insurance Price Satisfaction

May 24, 2022 By CollisionWeek Editor

State Farm ranks highest among large insurers, The Hartford ranks highest among midsize insurers. According to the J.D. Power 2022 U.S. Insurance Shopping Study, auto insurance customer satisfaction with price has plummeted, driving a surge in new-policy shopping activity while also dragging on the purchase experience index. According to the report, auto insurers are caught […]

Filed Under: News Tagged With: Auto Insurance, Customer Satisfaction, J.D. Power

Consumer Federation Says Top 4 U.S. Auto Insurance Executives Received $196.8 Million in 2020-2021 Compensation

April 28, 2022 By CollisionWeek Editor

Group says insurance departments should collect executive compensation data and prevent companies from including executive bonuses and other “Excess Compensation” in insurance rates. As U.S. drivers face a raft of auto insurance premium hikes from several of the nation’s largest insurers, company CEOs have been collecting what the Consumer Federation of America (CFA) says are […]

Filed Under: News Tagged With: Auto Insurance, Consumer Federation of America, Executive Compensation

Tesla Expands Insurance Offering to Three New States, Details Benefits of Integrated Claims on Customer Experience

April 22, 2022 By CollisionWeek Editor

Company says it is already the second largest insurer of Teslas in Texas, one of its first auto insurance markets. During its quarterly earnings conference call with investors Wednesday, Tesla, Inc (NASDAQ:TSLA) announced that it expanded its “real-time” auto insurance offering into three additional states earlier this week. In response to a question asking for […]

Filed Under: Feature Tagged With: Auto Insurance, Tesla

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