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Car Prices Are Way Up. That Could Be Trouble For Auto Insurers.
Text size Data from J.D. Power shows a more than 50% rise in the cost of used vehicles on average. Brandon Bell/Getty Images About the author: Marty Ellingsworth is executive managing director of global insurance intelligence at J.D. Power. Nearly two years into a global reckoning on the supply chain, inflation, and new and used vehicle prices, auto insurers are staring down a big problem. All the analytical models built with historical data to determine repair and replacement costs now need a refresh. Every vehicle claim underway might be significantly more expensive than those models assumed. And portfolios of
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Changes to no-fault auto insurance law push car crash survivor toward death
Almost every week since September, people who have survived car crashes with catastrophic injuries have been coming to the state Capitol building to ask legislators for help. They’re losing their care. That’s because the new no-fault auto insurance law slashed payments to their care providers nearly in half. Many care providers are going broke. As each week passes, and nothing is done, the desperation of survivors and their loved ones grows. At the Capitol gathering last week, I met 68-year-old Charlie Wallace. He told me he’d planned to be at the gathering with his son by his side. Instead, he
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Michigan car insurance companies must issue refunds by May 9
LANSING — Michigan’s auto insurance companies are to issue refund checks to Michigan motorists no later than May 9, Gov. Gretchen Whitmer said Monday. The Michigan Catastrophic Claims Association, a nonprofit corporation controlled by the insurance industry, is issuing $400 refund checks for each Michigan passenger vehicle and motorcycle that was insured as of 11:59 p.m. on Oct. 31, 2021. Whitmer, who called for the refunds because of a $5 billion and growing surplus in the fund, said Dec. 7 motorists would receive the refunds in the first half of 2022. On Monday, Whitmer said the Department of Insurance
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Can you use a personal loan to pay off your car?
Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own. If you’re looking to get out of auto loan debt, you can use a personal loan to pay off your car. (iStock) Many people turn to auto loans when buying a car. More than 85% of new-car purchases and nearly 37% of used-car purchases were financed with a loan
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Car Insurance by Marital Status
Getting married is life-changing for a variety of reasons, but one impact you may not initially consider is a change in your auto insurance rates. Typically, married people pay less for auto insurance than single drivers, but this is not always the case — nor is it always a substantial difference. There are several factors that determine how much you pay in premiums, and marital status may be one of many. Insurance providers not only view married drivers with a different level of risk, but there may be additional discounts married drivers qualify to receive. Does marital status impact car
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Metro Councilman with no car insurance told police he’s covered
NASHVILLE, Tenn. (WTVF) — The law says if you want to drive, you need insurance. But NewsChannel 5 Investigates found one Metro Councilmember has been not only driving without insurance but he’s also been telling people and even police that he has it. Jenna Smith and her boyfriend were involved in an accident with Councilman Jonathan Hall back in October. It happened on Rosa Parks Boulevard. The couple is upset Hall wasn’t cited for driving without insurance. Metro police insist he did not get special treatment because the officer didn’t recognize him until he was about to leave. Police say
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Car Buyers Should Be Wary When Taking Out Loans: Consumer Reports
Spencer PlattGetty Images There’s not a ton of easily available data on the auto loan landscape in the U.S., so Consumer Reports collected information on almost 858,000 car loans. Turns out, it’s ugly out there. For example, over the past decade, the average monthly payment for a new car climbed almost 25 percent, to almost $600 today. The total amount of auto loan debt out there today in the U.S. is around $1.4 trillion. Making matters worse, even car shoppers with good to excellent credit ratings might be offered loans at absurdly high interest rates. What’s a consumer to
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Car Insurance for Lamborghinis | Bankrate
For many vehicle enthusiasts, a Lamborghini may be a dream vehicle. They are among the most luxurious (and expensive) vehicles you can purchase. But purchase price is not the only financial impact to consider. Many of the best car insurance companies will not underwrite a car insurance policy for a Lamborghini, due to the value and performance capabilities of the vehicle, in addition to other risks associated with these vehicles. While you can find Lamborghini insurance from some specialty insurers, the premium will likely be significantly more expensive than the national average rate for a standard vehicle. Key takeaway Many
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