Car Insurance Roundup, April 13, 2016


How high does your insurance rate accelerate when you’re caught speeding? | | Dallas Morning News

A simple speeding ticket will increase your insurance premium more than 21 percent, according to a national study commissioned by InsuranceQuotes.com.

More serious infractions such as reckless driving or driving while intoxicated will result in rate increases of 84 to 94 percent.

“Insurers base their rates on experience, so the violations that cause premiums to jump the most are the ones that over the years insurers have found are strong indicators that the driver is likely to have an accident in the future,” said Mike Barry, spokesman for the Insurance Information Institute.

The study by Quadrant Information Services calculated the impact of 17 moving violations in all 50 states. The averages were based on a 45-year-old married woman who was employed, had a clean driving record and drove a 2013 sedan. 


New Telematics Car Insurance Services Company to be Launched in U.S.

Aioi Nissay Dowa Insurance Co., Ltd. (AD), Toyota Financial Services Corporation (TFS) and Toyota Motor Corporation (TMC) announced that their respective U.S. subsidiaries established the jointly owned telematics car insurance services company Toyota Insurance Management Solutions USA, LLC (TIMS), on April 1.

In Southern California, near TFS U.S. headquarters, TIMS will support the development of telematics car insurance services for Toyota customers, as well as new experiences aimed at more fully satisfying customers by working in unison with dealers and distributors. TIMS will contribute to the development of insurance offerings that benefit consumers-including so-called ‘pay how you drive’ insurance, which encourages safer driving. TIMS plans to conduct analysis of big data, and conduct relevant marketing and promotion of the new services to help offer broader insurance options to users. 


OYS: Allstate drastically increases car insurance rates

Georgia Allstate drivers prepare to be sticker shocked. Allstate plans to increase its rates next month.

Allstate will increase its rates on May 22nd, 2016. The average rate increase will be 25% but some drivers will see as high as a 58.3% increase.

Georgia Insurance Commissioner issued a consumer warning Monday. “I am deeply concerned about this filing and the impact it could have on consumers. Georgia law prohibits me from stopping or delaying this increase unless an actuarial examination proves the rate to be legally excessive,” Insurance Commissioner Ralph Hudgens said.

An Allstate spokesperson sent this statement to On Your Side: 


Should You Buy Car Insurance Online | CarTrade Blog

With the advancements in technology, the whole ‘should you buy car insurance online’ discussion has been turned on its head & is now a question of ‘why aren’t you buying online’. Here’s a few reasons behind this shift in preferences: 


Five Must Have Auto Insurance Plans for Every Car Owner! | Virtual-Strategy Magazine

Any car owner should make sure that he or she has the best financial protection possible when driving. Repairing a vehicle after an accident can be costly and auto insurance provides a financial safety net for these situations. Also, some forms of car insurance are mandatory in most states.

The newly released blog post presents five important car insurance plans a driver must have: 


What’s the F word of insurance? Coverfox might surprise you

‘Fear’ – that’s the F word of insurance in India.

Fear, insecurity, and ignorance is what the insurance industry has thrived on for the longest time. Even after buying a policy, a customer is left feeling uneasy. Could the premium have cost less? Was there some fine print he missed? Will settling a claim be easy?

But here’s what. Buying insurance can be convenient, informative, transparent, and fast. And that makes for an entirely different F word – fun!

That was the exact idea when serial entrepreneurs Varun Dua and Devendra Rane set up insurance portal Coverfox in 2013, hoping to change the archaic ways of the insurance industry in India. You will know what they mean if you catch their humor-laced ads on TV. 


Ask the Lawyer: What are the different types of auto insurance coverage for?

Q: We are trying to understand auto insurance. How do collision, liability and comprehensive coverage differ? 


When College Students Need Renters Insurance-Kiplinger

Your homeowners insurance may cover your daughter’s possessions and liability when she lives in an on-campus dorm, but it may not cover an off-campus apartment. The rules vary by insurer, so contact your company or agent for the specifics.

Renters insurance to cover an off-campus apartment usually doesn’t cost much–typically $240 per year for $20,000 to $30,000 in contents coverage as well as $100,000 to $300,000 in liability coverage, says Heather Day, general manager for Progressive Home Advantage. Your daughter’s policy will cover her stuff and any shared possessions, but her roommates will need to get separate policies to cover their own belongings, says Day. 


How a speeding ticket can affect your insurance premiums | WKBN.com

Ever wonder what happens to your auto insurance when you get a ticket?

A new study shows serious traffic violations, such as driving under the influence or reckless driving, can cause car insurance rates to spike. An analyst from InsuranceQuotes.com explains some of the different factors that affect your rate, after a traffic violation.

“Certainly the state where you live plays a big, big part,” says Laura Adams with Insurance Quotes. “And that’s because different states have different regulations and rules about how insurance companies can handle rates after a moving violation.”

Here’s a link where you can look up potential insurance rate increases for different moving violations. Just scroll down past the box at the top of the page to enter your premium, state, and the type of violation. 


You can now apply for a $450,000 Ford GT | Q13 FOX News

Ford Motor Co. has officially begun taking applications to buy its new high-performance supercar, the Ford GT.

Filling out an application will give you the chance — if you’re selected — to buy one of 500 of the high performance cars that will be built during its first two years of production.

Ford has not said whether any more will be built after that.

Check your bank balance before you apply in case you do get selected because prices will start at about $450,000, making it the most expensive Ford production car ever. 


Young Scottish drivers spend more, says Gocompare.com

Young drivers in Scotland spend more than twice as much on a used car as those in the South East – but the country’s new car sales are not stacking up.

UK sales increased by 5.3% to almost 519,000 during March –the strongest month recorded since 1999 – but just 46,000 of those vehicles were registered north of the border.

The figure represented a year-on-year rise for Scotland of just over 2.7%, suggesting that the region is lagging behind the growth experienced in other parts of the UK.

Speaking to the BBC, SMTA chief executive Sandy Burgess said: “All areas have experienced growth with the exception of Dumfries and Galloway and Strathclyde. 


New or second-hand? Factors to consider when buying a car – Capital Business

Even with the rising middle class and increasing disposable incomes, eighty-three percent of vehicles bought in Kenya in the last two years were used vehicles, according to a survey recently conducted by PwC titled Kenya Motor Vehicle Sector: Driving Growth in the Economy. 8 vehicles out of every ten purchased! That is a significant number, which new vehicle dealers are surely working hard to tip in their favour.

Ever since the liberalization of the motor vehicle market in the 1990s, the ease with which used vehicles are imported has been growing, eating into the potential sales of new vehicles. On the converse, used vehicle dealers argue that their sales have not impacted new vehicle sales because the target markets are different, thus buyers of new vehicles would not consider used vehicles. 


Shop Insurance Canada Explains if Ontario Auto Insurance Reforms are good for Customers

Huge changes are afoot in the Ontarian auto insurance market as the government has detailed its plans to reform the industry, starting June 1, 2016. Shop Insurance Canada, a leading expert in the industry, says the reforms are designed to make premiums more affordable in Ontario, but the result may not necessarily be a better overall deal for customers.

The Financial Services Commission of Ontario (FSCO) has sent out two publications to prepare consumers for auto insurance reforms that will be implemented on June 1. The governmental organization says the changes are designed to combat Ontario’s excessively high car insurance premiums, giving customers more choice and a more affordable solution. 


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