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 […]
Toyota Auto Insurance Launches in Five States
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 […]
Lemonade To Acquire Auto Insurer Metromile
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 […]
Report Says Car and Truck Insurers Confront Rapidly Rising Claims Costs
S&P Global Market Intelligence’s annual U.S. Auto Insurance Market Report projects combined ratio at 4-year high in 2021. Sharply higher costs to repair and replace vehicles will cause insurance companies’ underwriting profit margins to narrow significantly, projects S&P Global Market Intelligence’s annual US Auto Insurance Market Report. Published by S&P Global Market Intelligence’s Financial Institutions […]
NJ-Based CURE Auto Insurance Launches in Michigan
CURE auto insurance, a not-for-profit car insurer doing business in New Jersey and Pennsylvania, announced it was granted a license to expand into Michigan starting July 2, when the latest no-fault reforms take effect. CURE announced its studies project a savings of up to 50% from Michiganders current rates. Most notably, CURE refuses to use […]
Florida Governor Vetoes No-Fault Auto Insurance Repeal
Florida Gov. Ron DeSantis has vetoed legislation that would have ended Florida’s system of no-fault auto insurance, saying the bill (SB 54) would result in “unintended consequences.” Critics of the legislation argued the bill would push up rates for many drivers. “While the PIP system has flaws and Florida law regarding bad faith is deficient […]
Consumer Group Alleges Auto Insurance Companies Overcharged California Motorists $5.5 Billion During First Year of Pandemic
According to an analysis by Consumer Watchdog, while the vast majority of Californians drove far less last year, most California insurance companies continued to charge pre-pandemic auto insurance rates, reaping a windfall of about $5.5 billion. Newly published 2020 data show that accident claims plummeted as cars idled in driveways, but insurance companies failed to […]
J.D. Power Reports Auto Insurance Customer Satisfaction Stalls Despite $18 Billion in Premium Relief
Weaknesses in self-service communications channels overshadow pandemic-driven refunds. The auto insurance industry voluntarily returned more than $18 billion in auto insurance premiums to customers in 2020 to address the sharp decline in miles driven during the COVID-19 pandemic. Despite the magnitude of this historic relief effort, the J.D. Power 2021 U.S. Auto Insurance Study finds […]
NAIC Reports Lower Auto Insurance Premiums Earned Down Less than Half a Percent in 2020
Pandemic rebates and discounts impacted total spending on auto insurance. Top 10 Auto insurers continued to grow market share during 2020 in the U.S. Total direct premiums earned on private passenger auto insurance were $250 billion in the U.S. in 2020, down about $1 billion, or 0.39% from $251 billion in 2019. As a result […]
Progressive Reports Personal Auto Policies in Force Up 10% in April Compared to 2019
Net income up 95% for the month compared to last year. The Progressive Corporation (NYSE:PGR) reported yesterday that its total personal auto policies in force in April were 15,506,300, up 10 percent from 14,115,000 in April 2019. Agency channel auto policies in force totaled 7,237,100, up 8 percent from 6,687,200 last year. Direct channel personal […]
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