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

June 13, 2022 By CollisionWeek Editor Leave a Comment

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

Top 10 U.S. Auto Insurers Had Over 75% Market Share in 2021

April 1, 2022 By CollisionWeek Editor

NAIC reports auto insurance premiums earned up over 3% in 2021. Total direct premiums earned on private passenger auto insurance were $257.7 billion in the U.S. in 2021, up over $7 billion, or 3.1% from $250 billion in 2020 according to final data released March 28 by the National Association of Insurance Commissioners (NAIC). The […]

Filed Under: Research Tagged With: Auto Insurance, National Association of Insurance Commissioners

Tesla Expands Auto Insurance Offering to Arizona and Ohio

January 24, 2022 By CollisionWeek Editor

In an update on its website, Tesla announced the availability of its auto insurance product in Arizona and Ohio. The move brings the total number of states where Tesla owners can buy the vehicle manufacturer’s insurance product to five. Ohio is the 10th largest auto physical damage insurance market in the U.S. and Arizona is […]

Filed Under: News Tagged With: Arizona, Auto Insurance, Ohio, Openings, Tesla

Most Profitable States for Auto Insurers in 2020

January 6, 2022 By CollisionWeek Editor

While the pandemic caused an upheaval in the auto physical damage insurance market and carriers rebated premiums, many states were more profitable for insurers during 2020 than before the pandemic. The latest data from the National Association of Insurance Commissioners (NAIC) illustrates how the first year impacted by the COVID-19 pandemic increased profits for private […]

Filed Under: Research Tagged With: Auto Insurance, Profitability

Tesla Expands Auto Insurance Offering to Illinois

December 17, 2021 By CollisionWeek Editor

In an update on its website, Tesla announced the availability of its insurance product in Illinois, the third state for the vehicle manufacturer. The vehicle manufacturer launched its auto insurance product in California in 2019 and later expanded to Texas. According to the Tesla website, ” Tesla Insurance is a competitively priced insurance product, offering […]

Filed Under: News Tagged With: Auto Insurance, Illinois, Openings, Tesla

Toyota Auto Insurance Launches in Five States

December 9, 2021 By CollisionWeek Editor

Underwritten by Farmers Insurance affiliate, the program is the first branded product from vehicle manufacturer’s exclusive insurance agency. Plans expansion into four additional states. Toyota Insurance Management Solutions (TIMS) has established its first branded product, Toyota Auto Insurance, designed to offer customers quality, customizable coverage at affordable rates. Toyota Auto Insurance is currently available in […]

Filed Under: News Tagged With: Agreements Signed, Auto Insurance, Farmers Insurance, Toggle, Toyota, Toyota Insurance Management Solutions

Lemonade To Acquire Auto Insurer Metromile

November 10, 2021 By CollisionWeek Editor

Lemonade (NYSE:LMND) announced an agreement to acquire Metromile (NASDAQ: MILE, MILEW), the data science company focused on auto insurance, in an all-stock transaction that implies a fully diluted equity value of approximately $500 million, or just over $200 million net of cash. Under the terms of the transaction, Metromile shareholders will receive Lemonade common shares […]

Filed Under: News Tagged With: Acquisitions, Auto Insurance, Lemonade, Metromile

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