Insurance Industry News

Not Much Movement In Number of Auto Insurance Shoppers

Texas floods worrisome for insurance industry

Competition in the auto insurance industry has grown increasingly cutthroat in the last few years, as many companies are trying to lure clients away from each other on a fairly consistent basis. And while that strategy seemed to work quite well for a long time, it seems that there may be a little fatigue setting in for consumers who might have previously considered such a move. This is something that auto insurance agents will certainly have to deal with, because while drivers may be getting a little sick of rising rates, they also may not want to hear a constant sales pitch.The share of the total number of consumers with active credit nationwide who shopped around for auto insuran ...

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  • Detroit Mayor Continues to Push Auto Insurance Reforms

    Not much movement in number of auto insurance shoppers

    Lawmakers in the state of Michigan have long tried to tackle residents' auto insurance premiums, which almost always rank at the top of the nation in terms of annual cost. But none within the Wolverine State pay more than those of its biggest city: Detroit. As a consequence, the mayor of Detroit has begun seeking ways in which he can reduce costs for drivers there, and it seems one plan just might work. Insurance agents with clients in the city might want to think about talking with their clients about the ways in which their plans might change if such measures pass, and what they can do in the meantime.Detroit mayor Mike Duggan recently announced a plan that would ...

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  • Michigan Still Trying to Tackle Auto Insurance Reform

    Over the past several years, many state governments have made efforts to overhaul their existing auto insurance systems to make them more fair and potentially affordable for drivers within their borders. There have been varying degrees of success in these attempts, and one state in which they've been particularly troubled during this time has been Michigan. As such, it might be important for insurance agents working there to make sure they're keeping close tabs on these issues, and let their clients know how those proposed changes might end up impacting them going forward. Michigan has undertaken many efforts to make auto insurance more affordable for residents while still ...

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  • More Consumers Shop for Auto Insurance, but Not Many Switch

    Over the past few years, there has been a greater effort on the part of many auto insurers to get people to switch providers. However, it seems that while the former efforts have clearly been effective, the latter have largely not been quite so good as insurers might have liked. And if insurance agents want to make sure the situation stays that way, it may be wise to ensure that they're effectively communicating with their clients on an ongoing basis so that those people better understand why they pay what they do for coverage, and are less likely to be enticed to shop around. Over the course of last year, the average auto insurance rate ...

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  • New Jersey Auto Insurance Bill Signed Into Law

    In recent years, efforts at the state level to discourage instances of auto insurance fraud have increased significantly, and such a move recently became law in New Jersey. Now, when police pull over drivers in the Garden State, they will be allowed to show electronic proof of their coverage, instead of standard paper forms that can more easily be forged. This may be good news for residents, as it could serve to bring down premiums state-wide, and might also give insurance agents the impetus to talk to their clients about the ways in which these changes could be major positives for them going forward. As a result of the change, which was signed into law by Gov. Chris Christie earlier this w ...

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  • North Carolina Shoots Down Auto Insurance Tax

    The price of auto insurance is often perceived by drivers as being quite high where they live, and anything that adds to those costs is usually an unwelcome addition to their bills. Fortunately for drivers in the state of North Carolina, it seems their legislators have  worked to remove language from a proposed bill that would have raised premiums somewhat sharply. This may be good news for residents, but it might also provide insurance agents working in the state the opportunity to talk to their clients about why their coverage costs as much as it does, and what they might be able to do to deal with those issues on an ongoing basis. North Carolina lawmakers are currently working on Ho ...

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