Auto Insurance Company News
Auto Insurance Company News
Insurance
Average Length of Repair Soars to 23.1 Days, But Auto Insurance Customer Satisfaction Rises
Average Length of Repair Soars to 23.1 Days, But Auto Insurance Customer Satisfaction Rises A recent survey indicates showing concern for customers' situation at the beginning of the repair process and keeping them informed go a long way.
Nevada Division of Insurance to Hold Public Forum on Auto Rates
A diverse team will give their unique perspective on the factors influencing rising rates and explore ways to confront the challenge.
State Farm Ends Suspension of Non-OEM Crash Parts
The ban had been in place nearly 25 years. Written by Autobody News Staff Published Oct. 10, 2023 State Farm on Oct.
State Farm Asks for Steering Lawsuit in Maryland to Be Dismissed
Written by Autobody News Staff Published Oct. 3, 2023 On Sept. 27, State Farm filed a motion to dismiss the lawsuit brought against it earlier this year by Total Recon Auto Center in Rockville, MD, which claims the auto insurance giant is steering Tesla customers away by intentionally giving its insureds false information.
U.S. Auto Insurer Claim Payouts Soar Due to Increasing Inflation
Written by Autobody News Staff Published Sept. 29, 2023 U.S. personal and commercial auto insurer liability claim payouts combined were $96 billion to $105 billion higher between 2013 and 2022 because of social and economic inflation, according to a news release from the Insurance Information Institute (Triple-I).
Florida’s Strained Insurance Industry Pulled on Again
Written by Andrew Powell, The Center Square Published Sept. 12, 2023 Idalia's cost will be in billions and will put additional strain on Florida's insurance industry.
Farmers Insurance Laying Off 11% of Workforce, Citing Industry Challenges
Written by Ezra Amacher, Insurance Journal Published Sept. 5, 2023 Farmers Insurance announced it will part ways with approximately 2,400 employees---11% of its workforce across all lines of business.
Rate Hikes Not Bringing Profit to Auto Insurers
By Susanne Sclafane, Insurance Journal Published Aug. 18, 2023 Jumps in rates and written premiums did little to move the needle on underwriting profits for U.
Auto Insurance Shopping Bolstered by Increased Vehicle Sales, Search for Lower Rates
Auto Insurance Shopping Bolstered by Increased Vehicle Sales, Search for Lower Rates Published Aug.
SCRS Airs Collision Shops’ Concerns About Insurers to Washington State Regulators
Written by John Yoswick, Autobody News Published Aug. 8, 2023 The Washington State Office of the Insurance Commissioner (OIC) held a workshop this summer to discuss possible ways to address a record number of consumer complaints being filed with the office in recent years.
New Study Shows Disproportionate Effect of Credit Scores on Auto Insurance Rates
New Study Shows Disproportionate Effect of Credit Scores on Auto Insurance Rates Published Aug. 2, 2023 Consumer Federation of America (CFA) released a new report July 31 detailing the impact of auto insurers’ use of consumer credit information on good drivers with only fair or poor credit scores.
Car Insurance Rates Spike 17% in the First Half of 2023
Published July 27, 2023 The average annual cost of a car insurance policy surged $240 to $1,668 in the first six months of 2023, up from $1,428 in 2022.
Insurers Claim WA State Study on Increased Claims Complaints is ‘Misplaced’
Written by TJ Martinell, The Center Square Published July 24, 2023 Insurance advocacy groups in Washington state are pushing back against a new study released by the Office of the Insurance Commissioner highlighting the recent increase in insurance claim complaints.
New Study Shows ‘Uncertain Road Ahead’ for Auto Insurance Due to Inflation, Other Concerns
Published July 22, 2023 A new study, “Auto Insurance: The Uncertain Road Ahead,” released July 19 by the American Property Casualty Insurance Association (APCIA), revealed insurance claims inflation has continued to rise faster than the underlying consumer price index (CPI), far outpacing increases in auto insurance premiums.
Farmers Insurance Further Reducing Florida Business
Written by William Rabb, Insurance Journal Published July 13, 2023 One month after it announced it would stop writing new homeowner policies in Florida, Farmers Insurance said it plans to cut back further on its presence in the hurricane-prone state.
Toyota Auto Insurance Expands to Colorado, Georgia, Oregon
Published July 10, 2023 Toyota Auto Insurance, the automaker's branded insurance product, is now available to customers residing in the states of Colorado, Georgia and Oregon.
USAA Settles Georgia Class Action on Underpaid Taxes in Auto Claims
Written by Insurance Journal Staff Reports Published July 3, 2023 A federal judge in Georgia has given preliminary approval to a $2.
Maryland Auto Launches New Insurance Education Resource
Maryland Auto Launches New Insurance Education Resource Published June 15, 2023 Maryland Auto has created a new resource for those exploring career opportunities in the insurance industry.
Washington State Official to Address Historic Increase in Auto Insurance Complaints
Published June 15, 2023 Claims denied without a suitable explanation. Frustrating delays in hearing back from insurance companies.
Auto Insurance Customer Satisfaction Plummets as Rates Continue to Surge
Published June 13, 2023 Nearly one-third (31%) of U.S. auto insurance customers say they experienced a rate increase during the past year, as the industry raises rates an average of 15.
One-Third of a Carrier's Business Could be at Risk Following Auto Claims Experience
Published June 8, 2023 LexisNexis® Risk Solutions on June 7 announced findings from its study examining the link between auto insurance claims and customer experience and retention.
Everyone in Collision Repair Process Plays a Part in Solving Problems with Supplements
Everyone in Collision Repair Process Plays a Part in Solving Problems with Supplements Written by John Yoswick, Autobody News Published June 6, 2023 Virginia shop owner Barry Dorn said he doesn’t see “who is winning” as the time involved with processing supplements grows.
40% of Insured Drivers Are Stressed About Affording Their Car Insurance
Published May 17, 2023 With the annual inflation rate still at 5%, Americans are paying higher prices for everything---and essential financial services are no exception.
Nearly 15% of Consumers Allow Auto Insurance Coverage to Lapse
Nearly 15% of Consumers Allow Auto Insurance Coverage to Lapse Published May 16, 2023 Auto and property insurance shopping rates continued to rise in Q1 2023, up 7% and 10%, respectively, compared to Q1 2022.
CCC, Verisk Partner to Prevent Auto Insurance Fraud
Published May 15, 2023 CCC Intelligent Solutions Inc. and Verisk Analytics, Inc. announced May 9 a strategic partnership to leverage the two providers’ market-leading technologies to bring new innovations to P&C insurance claims.
Toyota Auto Insurance Now Available in California
Published May 10, 2023 Toyota Auto Insurance, the automaker's branded insurance product, is now available to customers residing in California.
Auto Insurance Shopping, Switch Rates Reach New Highs as Premiums Surge
Published April 27, 2023 The nation’s auto insurers are locked in a vicious cycle of inflation, rising premiums and steadily increasing customer defection rates.
Michigan’s Auto Insurance Reform Law Reducing Costs, Paper Finds
Published April 5, 2023 Michigan’s personal auto insurers are paying out less in claims and drivers are paying less in premiums since changes were made to the state’s no-fault system in 2020 and policyholders are benefiting, two non-resident scholars at the Insurance Information Institute (Triple-I) have found.
The Most Expensive Cars to Insure in 2023
Published March 29, 2023 A car’s make and model play a major role in how much drivers pay for auto insurance.
Tesla's Safety Score 2.0 Updates Make System Fairer for Insurance
Written by Steven Loveday, InsideEVs Published March 27, 2023 Tesla is making major changes to its Safety Score system, primarily because the technology help determine individual premiums for its in-house auto insurance.
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