Insurance Industry News

Tennessee Man Becomes First Charged Under New Auto Insurance Law

Tennessee Man Becomes First Charged Under New Auto Insurance Law

States across the country have been looking for ways to crack down on the rates of people driving without auto insurance for some time, and Tennessee recently arrived at one of the more extreme efforts in this regard. Starting just a few days ago, people who get into accidents or are pulled over, and do not have insurance, may be subject to fines and even arrest. It seems that someone was recently charged under the latter rule, making him the first person in the state to have this happen. These new rules - regardless of where a person lives - are something that insurance agents will have to keep track of, so that they can better educate their clients going forward.Jeffery Ala ...

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  • Texas Home Insurance Costs Rise

    Tennessee man becomes first charged under new auto insurance law

    Across the country, many Americans have had to deal with premium increases on just about every kind of insurance they carry, and that can lead to a lot of consternation among policyholders. That may certainly be the case in Texas, where state residents will see their home insurance policy prices go up between 7 percent and 8 percent on average, but some residents may see increases of far greater than that. As a consequence, it may be critical for insurance agents operating in the Lone Star State to make sure they're doing all in their power to explain why rates go up, and what that will typically mean going forward.New filings made with the Texas state insurance regulator shows tha ...

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  • Detroit Now Faces Different Auto Insurance Challenges

    California Man Busted in Auto Fraud Ring

    For years, residents of Detroit, Michigan, have faced major challenges when it comes to paying their auto insurance premiums, just because they were so expensive. The average driver living within city limits was paying several times the national average for their coverage, and the problem became such an epidemic that a large percentage of residents simply stopped buying coverage; in many cases it was cheaper to go without and then pay for repairs when they became necessary than continue paying huge premiums every month. Now, the city has possibly done something about this issue, and it's something insurance agents will have to be aware of.Detroit is in the process of getting togeth ...

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  • Home Insurers Moving Toward ‘Smart’ Devices

    Detroit now faces different auto insurance challenges

    In recent years, the auto insurance industry seems to have been in the early stages of a technological revolution. More consumers are starting to get involved with "smart" trackers that monitor their driving habits and, potentially, lower their monthly premiums significantly. Now, it seems that this trend could soon hit the home insurance market as well, and potentially provide mutual benefit to both homeowners and their insurers. Certainly, this is something that agents will have to monitor closely going forward, and also educate their clients about the ways in which these new options might end up being helpful to them.Some major home and auto insurances companies recently began ...

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  • Tennessee Passes New Auto Insurance Laws

    Home insurers moving toward smart devices

    Across the country, lawmakers at the state level have been looking for many ways to ensure that residents don't end up paying more than they should have to for auto insurance. And while this has delivered some rules and laws of varying impacts, two that recently passed in the state of Tennessee could have a particularly far-reaching impact on drivers there. For this reason, insurance agents operating in any state will have to keep close tabs on what the legislatures there might do to impact the auto insurance industry going forward, and let their clients know as soon as possible.The more immediate impact of the laws recently put into place by the Tennessee legislature is that ...

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  • Price Optimization Still a Concern for Many in Auto Insurance Field

    Tennessee passes new auto insurance laws

    In the last year or two, there has been a lot of attention paid to the ways in which some auto insurance companies will potentially charge long-time customers more for coverage than they do new clients with similar driving records. This practice is known as "price optimization," and comes because insurers rely on a certain amount of stasis from people who haven't shopped for coverage in a while. But more consumers - and potentially even regulators - are starting to find the practice troubling, and it's an issue that more insurance agents are likely to have to deal with in the course of their jobs than they would have been even a year ago.In the last few years, a number of studies h ...

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