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Here’s what is driving up auto insurance costs, and how to keep yours low
Auto insurance costs are rising as fatal accidents increase. Here’s how you can save. (iStock) The average cost of car insurance in 2021 has been driven up by a variety of factors, but there are steps you can take to keep expenses for your insurance policy low. A rise in accident frequency and severity, as well as supply challenges amid higher demand for vehicles and parts, have accelerated the cost increase, according to a new white paper from the American Property Casualty Insurance Association (APCIA). “This new study highlights recent trends in the U.S. auto insurance market that
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A New Kind of Home Insurance Covers Multiple Natural Disasters and Pays Out Claims Quicker
October 19, 2021 1:25 PM Paul Reynolds Posted: October 19, 2021 1:25 PM Updated: October 20, 2021 1:21 AM Home insurance doesn’t cover damage from all weather catastrophes — at least not quickly. Now Iowa-based startup Recoop is promising to address those shortcomings with all-in-one disaster insurance that promises fast payment. Recoop’s offering covers property damage from weather that’s officially declared a natural disaster, including for some perils (notably floods and earthquakes) that usually require their own policies. And the company says it will process claims within a day or two, compared with the weeks a regular home insurer
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Health insurance terms to know as open enrollment begins : Life Kit : NPR
Do you ever feel like health insurance is confusing on purpose? There is so much jargon and so many acronyms. It’s tempting to just close your eyes and point at a plan, hoping that it’s in your budget and covers the stuff you’ll need it for. But putting in a bit of time to learn what these health insurance terms mean can empower you to better understand what signing on to a plan might mean for your budget and your health. Now’s the time to get in there because fall is open enrollment season. Whether you’re picking a plan for
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Climate change disasters will rock the $5 trillion insurance industry
The water has receded and the embers have died down from many of the disasters in the United States this year — leaving insurance companies that cover floods, fires, hail, and extreme cold on the hook for staggering losses. If current trends continue, they could suffer one of the costliest years in recent memory. In the first half of 2021, disasters inflicted a staggering $42 billion in losses covered by insurance, a 10-year high. Then in September, Hurricane Ida cut a path of destruction through the Gulf Coast and flooded neighborhoods from Louisiana to New Jersey, causing between $31 billion
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Do vehicle classifications impact auto insurance rates?
Breadcrumb Trail Links Insurance Insurance companies use all kinds of vehicle data to calculate their premiums, but classification doesn’t play a major role Author of the article: Brennan Doherty, LowestRates.ca Article content When it comes to buying auto insurance , vehicle details matter — and there are a lot of different ways to classify cars. Advertisement This advertisement has not loaded yet, but your article continues below. Article content Are you driving a sedan or a sports coupe? A compact crossover or a mid-size SUV? A motor vehicle or a passenger vehicle? All of these categories are used by governments
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How Your Dog Can Impact the Cost of Homeowners Insurance
For companies providing homeowners insurance, premiums are tied to risks. For example, it can cost more to insure a home with a trampoline or pool in the backyard. That’s because both represent a higher risk of injury, and increase the odds a homeowner will make a claim. Dogs are the same. While a breed of dog generally considered low-risk may not impact the price of homeowners insurance, some breeds will. Worse yet, insurance companies are free to deny coverage to a homeowner if they consider their pet too high-risk to cover. Breeds that make insurance companies anxious Homeowners who own
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Insurance Focused on Virtual Visits? The Pros and Cons of a New Twist in Health Plans
Julie Appleby, Kaiser Health News At the height of the covid-19 pandemic, people often relied on telemedicine for doctor visits. Now, insurers are betting that some patients liked it enough to embrace new types of health coverage that encourages video visits — or outright insists on them. Priority Health in Michigan, for example, offers coverage requiring online visits first for nonemergency primary care. Harvard Pilgrim Health Care, selling to employers in Connecticut, Maine and New Hampshire, has a similar plan. “I would describe them as virtual first, a true telehealth primary care physician replacement product,” said Carrie Kincaid, vice president
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California pushes for auto insurance refund checks due to less driving during pandemic
Three auto insurance companies in California are receiving increased pressure from the state to issue auto insurance refunds due to the lack of driving during the pandemic. (iStock) California is taking action against three auto insurance companies, directing them to reimburse their drivers for premiums they were charged at the start of the pandemic. The three companies in question include Allstate Northbook Indemnity, Mercury Insurance and CSAA Insurance Exchange, which provide insurance to about 20% of Californian drivers, according to an Oct. 6 press release from the state’s department of insurance. Data analysis by the department showed these
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