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 […]
Conning Report Says Auto Insurance Ripe for Disruption as Vehicle Manufacturers Enter Business
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 […]
Americans Will Pay 16% More for Auto Insurance by the End of 2023
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 […]
U.S. Auto Body Repair Prices Up Nearly 15% in July Compared to Last Year
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 […]
Tesla Insurance Now Available in Maryland and Utah
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 […]
Private Passenger Auto Insurance Market by State in 2021
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 […]
J.D. Power Reports Industry-Wide Auto Insurance Rate Increases Force New Approaches to Customer Retention
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, […]
Premium Increases Lead to Erosion in Auto Insurance Price Satisfaction
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 […]
Consumer Federation Says Top 4 U.S. Auto Insurance Executives Received $196.8 Million in 2020-2021 Compensation
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 […]
Tesla Expands Insurance Offering to Three New States, Details Benefits of Integrated Claims on Customer Experience
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 […]
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