Insurance Industry News

State regulators moving to deal with ride-sharing services

In the last year or two, a lot of attention in the auto insurance industry has been paid to the impact that ride-sharing services like Uber and Lyft will have on liability and the sector as a whole. Now, at long last, the nation's leading industry regulators at the state level are moving to deal with these companies, their employees, and the additional risk involved. That's likely to be good news for the auto insurance sector as a whole, and it might therefore be wise for insurance agents to make sure they're working closely with their clients to help them better understand what these potential changes will mean for them.

Earlier this week, the National Association of Insurance Comm ...

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  • Pennsylvania Politicians Warn Over Changing Flood Insurance Issues

    The areas across the country that may be most vulnerable to flooding are occasionally given new rules by which they must abide when it comes to having flood insurance. And while the most recent changes were put into place some time ago, many still may not be aware that they're supposed to carry such coverage. Now, some politicians are urging increased cognizance of these rules, and the purchasing of these kinds of plans. Insurance agents may likewise want to advise their clients about the benefits of having federal flood insurance, and assuage whatever concerns consumers might have about taking on yet another potentially costly insurance policy.

    Many people may not think of their ar ...

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  • Rhode Island Auto Insurance Bills Drawing Opposition

    The amount of money consumers pay for auto insurance has long been a concern not only for drivers across the country, but also legislators at the state and even federal levels. That's why a slate of bills currently being considered in the Rhode Island state legislature is drawing a fair amount of ire from both the insurance and auto body repair industries. While proposals of this type are being considered and grabbing headlines within their borders, it might be wise for insurance agents to take the time to explain to their clients what they may be able to expect in terms of how their plans will change, if at all, when and if those bills are passed.

    One bill that has proven particula ...

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  • Auto Insurance Costs Coming Down in Michigan

    Time and again, studies show that some of the most expensive average auto insurance policies in the country are mostly located in Michigan, where a number of factors - including the state's personal injury protection laws - combine to drive up costs significantly. However, it seems drivers there recently got some good news, as the cost of one aspect of their coverage is about to drop nearly 20 percent. It may therefore be wise for insurance agents operating in the state to start letting their clients know about the positive change, as well as provide some other information about their coverage.

    The Michigan Catastrophic Claims Association recently announced that the amount of m ...

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  • New Jersey Pays Nation’s Highest Auto Insurance Rates

    Nationwide, millions of Americans may be concerned about the amount they pay for their auto insurance coverage, and this is an issue that many experts believe will only grow more problematic in the future as costs rise. However, some states obviously have higher average insurance rates than others, and the most recent data suggests that New Jersey has taken over the top spot. For this reason, insurance agents may need to do a little bit more when it comes to helping their clients understand why they pay what they do for coverage, and how risk can affect them even if they have a sparkling driving record.

    In 2012 - the latest year for which data was available - the ...

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  • Consumers Generally Worried About the Insurance Industry

    Over the last several years, consumers have routinely seen their premiums for both auto and home insurance rise somewhat sharply, and that's a trend that shows little sign of letting up any time soon. And it is therefore unsurprising that, when asked about some of their biggest concerns, Americans regularly cite insurance and the insurance industry as something that gives them pause where their finances are concerned. As a consequence, it might be vital for insurance agents to make sure people are completely aware of what they're paying for - and why - when it comes to any type of coverage they may have.

    For yet another year, Massachusetts residents listed insurance as the ...

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