Car Insurance News & Intelligence

  • A new verification method in Illinois detects roughly 2,700 uninsured drivers
    Officials this week revealed that roughly 2,700 Illinois drivers had been caught driving without vehicle insurance according to BestCarInsurance.org since the commencement of Illinois Secretary of State Jesse White’s new electronic insurance verification mechanism. This state-of-the-art system, dubbed the Illinois Insurance Verification System, would automatically verify car owners’ insurance status at least twice a year at random intervals, ensuring that drivers are in compliance with state automotive insurance laws. According to White’s office, the state partners with insurance carriers to ensure that vehicle owners are insured. Previously, the state checked approximately 3% of the state’s 10 million registered automobiles annually,…
  • Car Insurance Sales Increase As Younger Generation Returns To Work
    According to a new TransUnion report, the rate of auto insurance shopping changed dramatically in the second quarter of 2021. Younger consumers are returning to work, and insurance buying climbed 5% yearly in Q2. In the first quarter of this year, the three-week average dropped by 10% to 25%. The three-week moving average for vehicle insurance increased 2.9% during the report’s most recent week, July 4. This is a good indicator, said Mark McElroy, executive vice president and head of TransUnion’s insurance division. “While a strong housing market and low interest rates have helped property insurance sales, vehicle insurance sales…
  • Does Your Car Color Affect Car Insurance Rate?
    When consumers purchase vehicles, they choose white vehicles over any other hue. However, does this suggest that white cars are more expensive to insure in the United States? Probably not. Often, your insurance company will have no idea what color your car is. However, other factors may have an effect on your rates. Is the Color of Your Car a Factor in Determining Your Insurance Rates? Usually not. When you purchase a vehicle, your insurer is unlikely to know what color vehicle you drive. “They do not inquire. They have no idea whether it is silver, purple, or red,” says…
  • Flood damaged vehicles may be sold, Here’s How NOT to buy one
    Anyone considering purchasing a used car in the next months should exercise extreme caution. Thousands of flooded cars are expected to be among the personal property destroyed as storm-ravaged areas assess the damage caused by Hurricane Ida. While flood-damaged cars may have titles that reflect it, the system isn’t perfect, so some of these vehicles are likely to be purchased by unwitting buyers. “Unfortunately, we see fraudsters try to swindle consumers by selling cars damaged in water following significant hurricanes or flooding events,” said Tully Lehman, public affairs manager for the National Insurance Crime Bureau. The enormous demand for secondhand…
  • Insurify To Double It’s Bulgarian Office
    Insurify, a firm located in the United States, is to quadruple the size of its newly launched research and development center in the Bulgarian capital Sofia next year, the company told SeeNews on Tuesday. Insurify, which now employs 18 employees in its research and development center, will execute its ambitious ambitions, including product vertical expansion and more real-time offers, with the assistance of its Bulgarian team, the firm stated in answer to a SeeNews inquiry. The company would use the money from a recently closed $100 million (84.2 million euro) Series B capital round led by Motive Partners, a specialty…
  • Marshmallow, a UK-based vehicle insurance company, has raised $85 million on a $1.25 billion value
    Marshmallow, a car insurance provider based in the United Kingdom that has made a name for itself in the market by using a broader set of data points and clever algorithms to attract a more diverse set of customers and offer more competitive rates, is celebrating a milestone today in its life as a startup as well as in the larger U.K. tech world. In a new round of funding, the London-based firm, which was founded by identical twins Oliver and Alexander Kent-Braham and David Goaté, has raised an additional $85 million. Marshmallow’s Series B valuation is significant for two…
  • Root, an online auto insurer, Is Expanding Its Distribution Via Independent Agents
    Root, a digital auto insurer, saw their loss ratio increase in the second quarter of 2021 as maintenance expenses, used vehicle costs, and kilometers driven increased above pre-pandemic levels. However, the insurer located in Ohio continues to report premium volume growth, owing in part to rate increases and new initiatives. Looking ahead, the e-commerce vendor revealed intentions to expand its distribution network by hiring independent insurance brokers. The insurtech, which went public last October with a $724 million initial public offering (IPO), is recognizing that not everyone prefers to purchase insurance online. “We acknowledge that certain consumers prefer a human…
  • Should You Buy Root Stock Now That It Is Nearing an All-Time Low?
    Wall Street typically embraces a good disruptor, but it has shunned Root, a tech-enabled auto insurance provider (NASDAQ:ROOT). Root’s stock price has continuously declined since it began trading last October at $26. Shares are currently trading at just over $6, down 76 percent from their IPO price. Is this an investment opportunity or a value trap? The insurance industry’s digital transformationInsurance is one of the last sectors in the economy to be disrupted by technology. It is dominated by a small number of large, established companies, and individuals frequently dislike the process of acquiring policies, as well as the policies…
  • The General Insurance and American Family Insurance Announce New Agency of Record
    Publicis Groupe has been selected by American Family Insurance and The General® to manage their advertising strategy, planning, and buying in the United States. The specialized team, lead by Performics, will service all forms of digital and traditional media, leveraging Epsilon technology and data. “We look forward to collaborating with Performics and Publicis Groupe and using the scale of our brands to improve our businesses’ media efficiency and growth.” “We are looking forward to collaborating with Performics and Publicis Groupe and using the scale of our brands to generate media efficiency and growth for our businesses,” adds Elicia Azali, incoming…
  • The General Insurance Company sponsors Shaq’s esports team
    With its new relationship with NRG Esports, The General Automobile Insurance Services (The General Insurance) has scored a turbo-charged goal. The insurer will rebrand NRG’s World Champion Rocket League team as “The General NRG.” Shaquille O’Neal, a former NBA player turned businessman, is a significant investor in NRG and also an endorser for The General; both organizations credit him with coming up with the sponsorship contract. “The explosion of the esports business has been truly amazing, and it’s just just begun,” O’Neal said in a statement. “Because The General and NRG appeal to comparable demographics, a collaboration here is a…
  • Why Are Car Insurance Rates Rising During the Pandemic?
    Car Insurance Rates continue to increase, even if no accidents have occurred. Car insurance costs are determined by a variety of factors, including the sort of vehicle you own, the zip code in which you live, and your credit score. However, there are some “hidden” elements that contribute to the increase in car insurance premiums. Cost Per Accident The cost per accident is increasing as a result of two trends: rising automobile repair expenses and rising medical costs covered by auto insurance claims the experts over at QuoteYeti. Each year, the cost of a new car exceeds the cost of…
  • Women In Alaska Pay More For Car Insurance
    The findings of a recent study indicating that women in Alaska pay more for vehicle insurance than men do not represent the agent’s personal experience, according to a local insurance agent. According to a press release from Quote Wizard, a Seattle-based online insurance business, women in Alaska pay $378 more for auto insurance per year than males in the same situation – the state with the largest gender discrepancy in the country, according to the announcement. QuoteYeti experts also weighed in stating that it’s not direct discrimination but algorithmic discrimination. It is based on “thousands of estimates for full-coverage vehicle…

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