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Consumer Group Concerned California Insurance Commissioner Approved Over $1 Billion in Auto Insurance Rate Hikes

March 23, 2023 By CollisionWeek Editor

Consumer Watchdog says Insurance Commissioner Lara’s approval last week of a $263.7 million rate hike by California’s largest insurer, State Farm, marks the latest in a flurry of approvals of unjustified 2023 auto insurance rate hikes by the top 6 auto insurers, collectively totaling over $1 billion. These companies insure approximately 48% of the state’s […]

Filed Under: News Tagged With: Auto Insurance, California, Insurance Commissioner, Premiums

Legislation Requiring Auto Insurance Passes in Virginia

March 8, 2023 By CollisionWeek Editor

Legislators in Virginia passed Senate Bill 951 (SB 951) that repeals the option for motorists in the Commonwealth to register an uninsured motor vehicle upon payment of the uninsured motor vehicle fee of $500. The bill now goes to Governor Glenn Youngkin who a spokesman said is reviewing the legislation. The deadline for the Governor […]

Filed Under: News Tagged With: Auto Insurance, legislation, Virginia

Hyundai Announces EV Subscription Program that Includes Insurance

February 13, 2023 By CollisionWeek Editor

Hyundai Motor America in partnership with Hyundai Capital America announced its new Evolve+ electric vehicle subscription service at the 2023 Chicago Auto Show. This new service provides flexibility and affordability to the consumer who wants to drive Hyundai’s newest electric vehicles without committing to a purchase or longer-term lease. Evolve+ is a month-to-month subscription service […]

Filed Under: News Tagged With: Auto Insurance, Electric Vehicles, Hyundai

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

January 24, 2023 By CollisionWeek Editor

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

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

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