Live Insurance News

Auto insurance legislation targeting ride-share companies has failed in Hawaii

March 31, 2016March 30, 2016 Logan B.

New legislation fails to pass committee New legislation in Hawaii that would require drivers working for transportation network companies like Uber and Lyft to have a higher level of auto insurance coverage has been struck down by the House Consumer Protection and Commerce Committee. The legislation would have introduced more regulation to the transportation network company industry, which is growing quite rapidly throughout the United States. Both Uber and Lyft have been targeted by such legislation before, with lawmakers in some states showing concern over potential insurance gaps. Legislation would…

Florida auto insurance costs more than coverage in most other states

March 30, 2016March 29, 2016 G. Turner

Research has shown that car coverage in the state costs up to 25 percent more than the U.S. average. According to newly released data from Insure.com, drivers in Florida are still facing very expensive auto insurance, to the point that they are paying up to 25 percent more than the average across the rest of the country. The report on the data analysis determined that Florida is the eighth most expensive state in the U.S. The average amount paid for auto insurance premiums in Florida was $1,654. When compared to…

New auto insurance legislation may undermine the insurance industry in Minnesota

March 25, 2016March 23, 2016 S.Vagus

American Insurance Association opposes new legislation proposed in Minnesota New legislation in Minnesota may change the way auto insurance is regulated in the state and it has received opposition from the American Insurance Association (AIA). AIA Midwest region vice president Steve Schneider has provided testimony to the Minnesota State Senate Commerce Committee, highlighting the fact that the AIA is opposed to the legislation taking hold. The organization has expressed concern that the legislation would completely rework state law without taking into account how this would affect the solvency of the…

Auto insurance premiums expected to rise in Michigan

March 16, 2016March 15, 2016 S.Vagus

Some 2 million drivers throughout the state may see higher rates Drivers in Michigan are likely to see higher auto insurance premiums this year. Some 2 million people could see a $40-a-year increase, unless a tax credit that benefits insurers is repealed. Governor Rick Snyder has proposed repealing the tax credit as part of his 2016-2017 budget proposal. Doing so would secure more funding for the state’s general fund and may be able to ensure that drivers do not pay higher rates for their coverage. Insurers are being reimbursed for…

Homeowners and auto insurance premiums on the rise in Ohio

March 10, 2016March 9, 2016 Nordstrom

Homeowners and auto coverage is growing more expensive in Ohio Auto insurance rates in Ohio are expected to rise in 2016, along with homeowners insurance premiums. The Ohio Insurance Institute has announced that auto premiums are set to rise by an average of 3.3%, whereas homeowners coverage will become 2.9% more expensive, on average. Even with the increases in premiums, Ohio is well below the national average in terms of the cost of auto and homeowners insurance coverage. In terms of homeowners coverage, Ohio is ranked the ninth lowest when…

New auto insurance monitoring system has come to Louisiana

March 7, 2016March 6, 2016 S.Vagus

Monitoring system aims to ensure that police can enforce insurance requirements A new auto insurance monitoring system has been put to effect in some parts of Louisiana. The system is meant to be used by law enforcement to ensure that drivers have the coverage they need in effect. Per law, all drivers must have their vehicles insured. This coverage lapses when they do not pay their premiums, but it can take some time for this information to update through conventional channels. The new system will help police better enforce the…

Driverless vehicles may be a threat to the auto insurance industry

March 2, 2016March 1, 2016 S.Vagus

Driverless self-driving car Google auto insurance

Allstate predicts that autonomous cars will have an impact on the insurance industry Driverless vehicles may pose a potential threat to the auto insurance industry, according to Allstate. The company has filed its annual 2015 report, suggesting that autonomous cars could impact the industry in a significant manner. These vehicles are equipped with technology that take the human equation out of driving. Most car accidents are caused by human error, which makes the need for insurance coverage quite abundant. Allstate is concerned that autonomous vehicles will reduce the need for…