Millions of people across the country are at home as the nation tries to flatten the curve. While the roads aren’t empty, traffic has decreased significantly. Nationally, personal travel dropped by 30% from Feb. 28, 2020, to March 20, 2020, according to a report by Inrix, a company that uses car and phone navigation systems… Continue reading Consumer Groups Call for Lower Auto Rates as Driving Lessens Amid Stay-At-Home Order
Tag: car insurance
Nationwide Teams up with Toyota to Offer Insurance Featuring Telematics Solution
Whether they’re driving a new Toyota off the lot or already have one in the driveway, car owners behind the wheel of a Toyota connected vehicle now have an easier way to get insurance. Nationwide and Toyota Insurance Management Solutions (TIMS) have teamed up to launch TIMS BrightDrive™, a Toyota insurance experience that simplifies the… Continue reading Nationwide Teams up with Toyota to Offer Insurance Featuring Telematics Solution
Study Finds Long-Term Heavy Cannabis Use May Impair Driving
Long-term, heavy cannabis use might be making adults bad drivers. Especially, according to a new study in Drug and Alcohol Dependence, if drivers started consuming cannabis in their early teens. Researchers studying the impacts of recreational cannabis consumption on cognitive function say bad driving behaviors like speeding, ignoring traffic signals, and getting into accidents could… Continue reading Study Finds Long-Term Heavy Cannabis Use May Impair Driving
Root Insurance Rings in 2020 by Celebrating Safe Drivers and Savings
In 2019, Root Insurance, the first insurance company powered entirely by mobile, continued to reward safe driving behavior with fair rates based on actual driving behavior. Now in 29 states, Root measured more than 4.5 billion miles in 2019 and found that while driving is getting riskier overall, with more sharp turns, late night driving,… Continue reading Root Insurance Rings in 2020 by Celebrating Safe Drivers and Savings
State Farm on Pace to Lose Car-Insurance Crown to Geico
State Farm, for decades the top dog of U.S. auto insurance, is on track to lose that status within just a few years unless trends favoring online insurers abate. After business losses following a series of uncharacteristically sharp rate hikes in 2016 and 2017, the 17 percent national market share the Bloomington-based giant held in… Continue reading State Farm on Pace to Lose Car-Insurance Crown to Geico
AI-Powered Auto Insurance Provider Clearcover Raises $50M Series C
Clearcover, a digital car insurance provider, has raised $50 million in a Series C round led by Omers Ventures. The raise comes just under one year after the Chicago-based, three-year-old startup closed a $43 million Series B, and brings its total raised to $104.5 million. Existing backers American Family Ventures, Cox Enterprises and IA Capital… Continue reading AI-Powered Auto Insurance Provider Clearcover Raises $50M Series C
California to Toughen Rules on Group Discounts for Car Insurance
California regulators are planning stiffer rules on car insurance sold through occupational, educational and other so-called affinity groups, contending some programs discriminate against low-income people. The state’s insurance department on Monday said it has launched an effort to toughen oversight of group-discount arrangements. The move follows an investigation that found the most-frequent beneficiaries of these… Continue reading California to Toughen Rules on Group Discounts for Car Insurance
Allstate Scrapping Esurance Brand
Northbrook-based Allstate announced today that it is phasing out the Esurance brand next year as part of what it’s calling a “transformative growth plan” and will be offering car and home insurance online via the Allstate brand. The decision brings Allstate full circle to its status before it acquired San Francisco-based Esurance for $1 billion… Continue reading Allstate Scrapping Esurance Brand
U.S. Personal Auto Insurance Underwriting Performance Has Likely Peaked: Fitch
Performance in the U.S. personal auto insurance market continues to run favorably in 2019, on par with underwriting profits achieved in 2018, according to Fitch Ratings. However segment results for the industry are likely unsustainable going forward based on shifting market fundamentals. The industry statutory personal auto combined ratio of 98% in 2018 represented the… Continue reading U.S. Personal Auto Insurance Underwriting Performance Has Likely Peaked: Fitch
Crash Fatality Data Shows A 2.4% Decline in Deaths in 2018
The U.S. Department of Transportation’s National Highway Traffic Safety Administration today released highway crash fatality data for 2018, showing a 2.4 percent decline in overall fatalities, the second consecutive year of reduced crash fatalities. Under this Administration and Secretary Chao’s leadership, the USDOT has focused on safety as its top priority. “This is encouraging news,… Continue reading Crash Fatality Data Shows A 2.4% Decline in Deaths in 2018