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 […]
Most Profitable States for Auto Insurers in 2020
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 […]
Tesla Expands Auto Insurance Offering to Illinois
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 […]
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