Insurance Industry News

More Consumers Feeling Good About Usage-Based Auto Insurance

More consumers feeling good about usage-based auto insurance

Over the last few years, with consumers growing more worried about the cost of auto insurance coverage rising, some Americans have looked for ways to reduce those bills. As a consequence, many have turned to usage-based insurance, and possibly improved their driving habits and cut their rates at the same time. With so many starting to favor this type of coverage, demonstrating the benefits might be a very good idea for insurance agents across the country.Today, close to 80 percent of people say that ...

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  • Many Worried About Rising Flood Insurance Costs

    Many Worried About Rising Flood Insurance Costs

    Each year, many Americans may be quite concerned about the cost of their home insurance rising, potentially by significant amounts, based on factors that they may not always understand. But at the same time, millions more are facing rate hikes for mandatory policies that are similar to, but separate from, their standard coverage. As a consequence, it may be incumbent upon insurance agents to let customers who have to buy federal flood insurance know why that's the case, and how that differs from their normal plans.A new federal law went into effect earlier this month, which allows the National Flood Insurance Program to raise rates for millions of Americans by as much as 18 pe ...

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  • Ohio Changes Proof of Auto Insurance Law

    In the vast majority of states, drivers are required to have auto insurance coverage, and must present proof of it when and if they're pulled over. But an increasing number of them are now changing the ways in which this information can be presented, as a means of potentially stamping out fraud and giving more convenience to consumers simultaneously. Ohio is the latest to do so, and insurance agents there might want to start letting their clients know a little bit more about what's required of them, and what they can do to comply with the new law going forward.Ohio recently became the 39th state that will allow residents to present law enforcement officials with ...

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  • Flood Insurance Costs on the Rise Nationwide

    Each year, millions of Americans are required by law to purchase flood insurance to cover their properties, above and beyond what they have to pay for their standard home insurance policies. However, many may not know why that is, or why the cost for doing so is continually on the rise, and may therefore be upset about how much it costs to pay all their various premiums each year. For this reason, insurance agents might need to start doing a little more to help people understand the ins and outs of coverage, why it costs what it does, and what they can do to better protect themselves going forward.As of April 1, the latest round of rate increases for ...

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  • Charges Brought for 11 in Alleged Auto Fraud Ring

    Across the country, millions of drivers are likely always on the lookout for ways to cut the cost of their auto insurance, and may be perturbed when premiums rise even if their driving history hasn't changed. But while many factors can contribute to this kind of issue, one that many might not have even considered is the prevalence of auto insurance fraud in their areas, which can add hundreds of dollars per year to the average driver's costs. Agents who can explain why this is the case, and what consumers may be able to do to combat such fraud if they can, might be able to improve their working relationships with clients going forward.Late last month, a group of 11 people who were ...

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  • Michigan Police Taking New Approach to Verifying Auto Insurance

    Across the country, the vast majority of drivers are required to have auto insurance when they operate their vehicles. However, a healthy but small percentage do not to do so, and now, law enforcement officials in the state of Michigan are focusing on a new way of cracking down on that kind of behavior. It might therefore be wise for insurance agents operating in the state to make sure that they're doing all in their power ensure people there know about the risks they face for letting their policies lapse.A new system has allowed police in Michigan to check a driver's insurance status ...

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