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Competition in the U.S. Auto Insurance Market Has Driven Down Premium Costs

By Insurance Information Institute
Competition in the U.S. Auto Insurance Market Has Driven Down Premium Costs

A highly competitive auto insurance marketplace is making coverage more widely available and affordable for all drivers, according to the Insurance Information Institute (I.I.I.). The I.I.I. vigorously contested a Consumer Federation of America (CFA) study which asserted that insurance rating practices were driving up auto insurance prices for low- and moderate-income households. The I.I.I. pointed out that the CFA analysis came only weeks after another organization—the National Association of Insurance Commissioners (NAIC)—representing the nation’s insurance…

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Texting ban finalized in Kentucky

By Consumer Insurance Guide Staff
Texting ban finalized in Kentucky

Kentucky finalized a measure today that will ban drivers from texting while driving. The ruling also prohibits new drivers who have less than six months of driving experience to talk on a cell phone while operating a vehicle.

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What can we learn from Toyota’s gas pedal lawsuit?

By Consumer Insurance Guide Staff
What can we learn from Toyota’s gas pedal lawsuit?

Driver safety doesn’t just mean following the rules of the road. As a responsible driver, it is important to keep unsafe vehicles off the road by maintaining and monitoring a vehicle’s safety record. A safety recall occurs when an automotive manufacturer files a public report describing a particular safety-related defect in one or more of their vehicles. While the manufacturers initiate many recalls, they can be authorized to do so by the National Highway Traffic…

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When Renewing Your Auto Insurance Policy, Understand All of Your Coverage Options

By Insurance Information Institute
When Renewing Your Auto Insurance Policy, Understand All of Your Coverage Options

Whether buying coverage for the first time or renewing an existing auto insurance policy, consumers should take advantage of a highly competitive insurance marketplace, according to the Insurance Information Institute (I.I.I.). Consumers can contact their insurance agent or company representative to make sure they are getting the right type of auto insurance at the best possible rate. As a consumer, it is important to educate yourself about all of your coverage options by asking questions…

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Fewer consumers shopping for auto insurance

By Jim Gorzelany
Fewer consumers shopping for auto insurance

Despite an industry-wide ad blitz beckoning them to switch, three-fourths of motorists never pick up the phone or click on a website to get an auto insurance quote. It’s virtually impossible to watch television or listen to the radio these days without seeing or hearing an ad exhorting consumers to switch their car insurance companies. Providers spent an estimated $5.7 billion in advertising and promotional allowances during 2011, according to an analysis performed by Dowling…

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Cost of car insurance, ownership on the rise

By Consumer Insurance Guide Staff
Cost of car insurance, ownership on the rise

The cost of owning a car rose on all fronts for 2012 after dipping the year before, according to AAA’s annual Your Driving Costs study. Motorists paid more for auto insurance, gas, maintenance and tires. The total annual cost of owning a sedan is $8,946 yearly, or 59.6 cents per mile, while SUV ownership rose to $11,360 yearly, 75.7 cents per mile based on driving 15,000 miles per year. “The average driving cost for 2012…

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Hot Wheels, Higher Insurance Rates

By Consumer Insurance Guide Staff
Hot Wheels, Higher Insurance Rates

It was a profitable year for BMW, according to 2012 sales reports released to the public from BMW, Daimler AG’s Mercedes-Benz brand and Toyota Motor Corp’s Lexus lines.  BMW’s sales were up by 13 percent from the previous year, the brand sold 247,907 vehicles in 2011, while Mercedes-Benz sales were also up by 13 percent, having sold 245,231 vehicles last year.  BMW topped both of them and ended Lexus’s 11-year running streak as the best…

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Insurance Coverage for Scooters

By Karen Caffarini
Insurance Coverage for Scooters

With gas prices skyrocketing and environmental concerns rising, more people are forgoing gas-guzzling muscle cars and SUVs for less expensive scooters and mopeds. The Irvine, Calif.-based Motor Industry Council reports a nearly 50% gain in scooter sales in the first quarter of 2011, according to its retail sales report, which tracks sales among the 18 leading motorcycle and scooter brands sold in the U.S.  In 2008, the MIC estimated scooter sales at 222,000, which it…

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Could an automaker recall raise your insurance rates?

By Carrie Napoleon
Could an automaker recall raise your insurance rates?

Sticky accelerators, fuel lines that can burst into flames and even a hood ornament that may impale pedestrians are just some of the reasons auto manufacturers issue safety recalls for their vehicles after they have hit the roads. There were 19.1 million vehicles in the U.S. recalled for a defect in 2010, up from 8.2 million vehicles recalled in 2008 and 15.9 million vehicles in 2009, according to the National HighwayTransportation Safety Administration (NHTSA). While…

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Are your auto insurance rates at risk by driving on prescription drugs?

By Rick Richards
Are your auto insurance rates at risk by driving on prescription drugs?

Chuck Hayes, a retired Oregon State Police officer, figures that at least half of the motorists on the road today are driving impaired and most of them have not touched a drop of alcohol. Hayes, a drug recognition expert and regional operations coordinator for the International Association of Chiefs of Police, says most of those driving impaired are taking prescription medicine as directed by their doctor. “People today are taking a lot of medication in…

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