One silver lining to the COVID-19 pandemic: a 22% decline in frequency of auto insurance repairable claims has given insurers some breathing room to refine their customer experience and deliver higher touch and higher quality service during the claims process. According to the J.D. Power 2020 U.S. Auto Claims Satisfaction Study,SM released today, that laser… Continue reading Auto Insurance Claims Satisfaction Climbs to Record High as Carriers Refine Customer Experience During Pandemic
Tag: auto insurance
Metromile Launches Ride Along to Demystify Pay-Per-Mile Car Insurance
Metromile, the leading pay-per-mile car insurance company in the U.S., today announced the launch of Ride Along, a free new way for drivers to understand if their driving can result in a lower car insurance rate before they sign up. More than 124 million Americans could be overpaying for car insurance, missing out on as… Continue reading Metromile Launches Ride Along to Demystify Pay-Per-Mile Car Insurance
Liberty Mutual Insurance to Provide Insurance Coverage to Drivers on the Lyft Platform in Five States
Liberty Mutual Insurance today announced it has been selected by Lyft to provide coverage for drivers using its rideshare platforms throughout Arizona, Michigan, New Mexico, Texas and Utah, effective today. Under the program, Liberty Mutual provides specific coverages in five states from the time a driver has their Lyft app on to app off. “We’re… Continue reading Liberty Mutual Insurance to Provide Insurance Coverage to Drivers on the Lyft Platform in Five States
Allstate Cuts 3,800 Jobs as It Speeds Up Last Year’s Revamp
Allstate Corp., the fourth-largest car insurer in the U.S., plans to cut 3,800 jobs as it accelerates a revamp it started last year. The cuts and related office closures will bring a restructuring charge of about $290 million, most of which will be recognized this quarter, according to a filing Wednesday. The cuts amount to… Continue reading Allstate Cuts 3,800 Jobs as It Speeds Up Last Year’s Revamp
State Farm to Buy Auto Insurer GAINSCO
State Farm announced a merger deal Thursday to buy auto insurance company GAINSCO for about $400 million in cash. Upon closing, the merger agreement states that State Farm Mutual will acquire all the stock in GAINSCO, Inc., the holding company of MGA Insurance Company, Inc., a Texas-domiciled insurance company, and GAINSCO shareholders will receive approximately… Continue reading State Farm to Buy Auto Insurer GAINSCO
Vehicle Theft Spikes Across U.S. in COVID-19 Pandemic
The coronavirus hasn’t been kind to car owners. With more people than ever staying home to lessen the spread of COVID-19, their sedans, pickup trucks and SUVs are parked unattended on the streets, making them easy targets for opportunistic thieves. Despite silent streets and nearly nonexistent traffic, vehicle larcenies shot up 63% in New York… Continue reading Vehicle Theft Spikes Across U.S. in COVID-19 Pandemic
Chubb CEO Sees $100B or More Pandemic Cost for Insurers
Chubb CEO Evan Greenberg estimates the pandemic will hurt business insurers by “$100B or greater,” writes New York Times’ Mary Williams Walsh in DealBook. Not only will claims come flooding in — from people exposed to the virus at work, patients injured by overwhelmed hospital systems, travelers whose trips were canceled — but insurance companies… Continue reading Chubb CEO Sees $100B or More Pandemic Cost for Insurers
Despite Fewer Drivers on the Road, Motor Vehicle Death Rate Up 14% in March: NSC
The COVID-19 pandemic has led to “open lanes of traffic and an apparent open season on reckless driving,” National Safety Council President and CEO Lorraine M. Martin said following the release of NSC preliminary estimates showing that, in March, the rate of motor vehicle fatalities in the United States was 14% higher than in March… Continue reading Despite Fewer Drivers on the Road, Motor Vehicle Death Rate Up 14% in March: NSC
Loyalty a Rare Commodity for Auto Insurers After COVID-19 Relief
Under the current coronavirus quarantine, every industry seems to be shaken. It may be surprising to hear, though, that auto insurance policies are being taken out at a rapid rate. A surge in customers looking to ensure their vehicles, according to a study by J.D. Power, tops the list of popular driver activities for drivers… Continue reading Loyalty a Rare Commodity for Auto Insurers After COVID-19 Relief
New Drama on BI Insurance, Auto Refunds, Higher Premiums and Legal Battles
California Insurance Commissioner ordered insurance companies to issue automobile policy refunds for March and April due to lower auto collision risk during the shelter-in-place. USAA voluntarily issued $520 million in refunds to insurers due to lower auto accidents. Meanwhile, premiums on other policies are expected to increase substantially and there are major legal battles on… Continue reading New Drama on BI Insurance, Auto Refunds, Higher Premiums and Legal Battles