Detroit Mayor Mike Duggan joined state and community leaders on Tuesday in encouraging all Michigan residents to sign up for auto insurance before the amnesty period expires and rates rise. One provision of Michigan’s historic auto no-fault reform legislation, which went into effect in July 2020, was to grant previously uninsured drivers amnesty, which meant… Continue reading Michigan Drivers Have Until Year-End to Take Advantage of Auto Insurance Amnesty
Tag: auto insurance
Lemonade to Buy Metromile
Lemonade, an insurance company powered by AI and social good, and Metromile, a data science company focused on auto insurance, have entered into a definitive agreement under which Lemonade will acquire Metromile in an all-stock transaction with a fully diluted equity value of approximately $500 million, or slightly more than $200 million net of cash.… Continue reading Lemonade to Buy Metromile
InsurTech Firm Lemonade to Offer Car Insurance
Insurance-technology upstart Lemonade Inc. is rolling out an auto insurance business, moving beyond renters, home, pet and life-insurance policies into one of the most competitive parts of the industry. The New York-based firm will rely heavily on telematics to size up risk in applicants, company co-founder and co-Chief Executive Daniel Schreiber said in an interview.… Continue reading InsurTech Firm Lemonade to Offer Car Insurance
Auto Risks Are Dragging on Insurance Stocks
Big and sudden catastrophes like hurricanes are part of doing business for insurers. Investors may be more preoccupied with slow-moving risks, particularly in autos. Despite recent storms such as Hurricane Ida, Travelers Cos. last Tuesday still reported generating a positive underwriting result for the third quarter. Its overall combined ratio—a measure of losses and underwriting… Continue reading Auto Risks Are Dragging on Insurance Stocks
Backlog in Federal Safety Rules Amid U.S. Car Crash ‘Epidemic’
As traffic fatalities spike in the COVID-19 pandemic, the federal agency in charge of auto safety is struggling with a growing backlog of safety rules ordered by Congress that are years overdue and estimated to save thousands of lives. A governors’ highway safety group says the United States faces a “car crash epidemic” at the… Continue reading Backlog in Federal Safety Rules Amid U.S. Car Crash ‘Epidemic’
Mercury Insurance Reports a 40% Spike in California Comprehensive Car Claims
Mercury Insurance is reporting a dramatic increase in vehicle vandalism and auto theft in California with comprehensive auto insurance claims up 40% since pre-pandemic levels. While the increase in theft and vandalism began when the COVID-19 pandemic started, theft of audio and other car parts, including catalytic converters, continue to rise as pandemic restrictions are… Continue reading Mercury Insurance Reports a 40% Spike in California Comprehensive Car Claims
AAU Announces Hire of Dettmann in Chicago, IL
AAU, a division of USG Insurance Services, Inc., is pleased to announce the hire of Mason Dettmann as Producer/Broker: Personal Lines in Chicago, IL. Dettmann brings five years of industry experience to the AAU team, most recently with Marketscout Corporation in St. Charles, IL. As Producer/Broker for the Personal Lines Division at AAU, Mason will… Continue reading AAU Announces Hire of Dettmann in Chicago, IL
Insurify, a ‘Virtual Insurance Agent,’ Raises $100M Series B
Today, Insurify, a startup that wants to help make it easier for people to get better rates on home, auto and life insurance, announced that it has closed $100 million in an “oversubscribed” Series B funding round led by Motive Partners. Existing backers Viola FinTech, MassMutual Ventures, Nationwide, Hearst Ventures and Moneta VC also put… Continue reading Insurify, a ‘Virtual Insurance Agent,’ Raises $100M Series B
States that Ban Drivers’ Cellphone Use See Drop in Accident Deaths, Study Fnds
States with hands-free cellphone restrictions for drivers have fewer driver deaths, a study published Thursday by the journal Epidemiology found. However, those with regulations that allow for calls and texts and those that ban calling and texting only still have high numbers of fatal accidents, the data showed. The 18 states that issued comprehensive bans… Continue reading States that Ban Drivers’ Cellphone Use See Drop in Accident Deaths, Study Fnds
Auto Insurers Overcharged CA Motorists $5.5 Billion During the First Year of Pandemic: Study
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, according to an analysis by Consumer Watchdog. Newly published 2020 data show that accident claims plummeted as cars idled in driveways, but insurance companies failed to… Continue reading Auto Insurers Overcharged CA Motorists $5.5 Billion During the First Year of Pandemic: Study