• Vehicle Insurance

    Virginia minimum wage goes up Saturday, along with vehicle insurance minimums | State

    Virginia workers, employers, drivers and voters will see three changes in state law effective Saturday. For employers and employees, the next step in a series of state minimum wage increases begins Jan. 1 with a $1.50 hike in the base wage from $9.50 to $11. The latest wage hike will lead to another $1 increase in January 2023 to $12, $1.50 in January 2024 to $13.50, and a $1.50 rise to $15 in January 2026. If Congress approves a minimum wage rate higher than the state level at the time, the Virginia minimum wage rises to that level. With that  

    Comments Off on Virginia minimum wage goes up Saturday, along with vehicle insurance minimums | State
  • Vehicle Insurance

    Vehicle insurance coverage requirements to change Jan. 1

    RICHMOND, Va. (WWBT) – The Department of Motor Vehicles in Virginia is reminding drivers that the minimum insurance coverage required for vehicles will increase beginning Jan. 1, 2022. Senate Bill 1182 raises the minimum insurance coverage requirements over the next three years to the following: The increase will begin Jan. 1, 2022(Department of Motor Vehicles) The bill would apply to vehicle insurance policies issued or renewed on or after Jan. 1. DMV says in order to purchase license plates, a title, and register a vehicle in Virginia, a customer must certify the vehicle is covered by the minimum insurance  

    Comments Off on Vehicle insurance coverage requirements to change Jan. 1
  • Vehicle Insurance

    Michigan auto insurance refunds to total $400 per vehicle

    The Michigan Catastrophic Claims Association will issue refunds of $400 per vehicle totaling $3 billion during the second quarter of 2022, Gov. Gretchen Whitmer’s office said Tuesday. The refunds are a result of cost-cutting measures in the 2019 auto insurance reform Whitmer signed into law. “Michiganders have paid into the catastrophic care fund for decades, and I am pleased that the MCCA developed this plan so quickly after unanimously approving my request to return surplus funds to the pockets of Michiganders,” Whitmer said in a statement. Last month, Whitmer called for the MCCA to issue refunds from an $5 billion  

    Comments Off on Michigan auto insurance refunds to total $400 per vehicle
  • Insurance

    Michigan to refund drivers $400 for each vehicle they own : NPR

    Every car in Michigan that was covered by insurance as of the end of October will bring its owner $400, under a new refund plan approved by Gov. Gretchen Whitmer’s administration. Carlos Osorio/AP hide caption toggle caption Carlos Osorio/AP Every car in Michigan that was covered by insurance as of the end of October will bring its owner $400, under a new refund plan approved by Gov. Gretchen Whitmer’s administration. Carlos Osorio/AP Michigan’s attempts to lower its famously high insurance rates seem to be working: Every driver in the state will be refunded $400 for each vehicle they own, Michigan  

    Comments Off on Michigan to refund drivers $400 for each vehicle they own : NPR
  • Vehicle Insurance

    Swiss Re partners Baidu on autonomous vehicle insurance

    Swiss Re is working with Baidu to develop insurance products for the Chinese technology giant’s autonomous driving business. Autonomous driving is set to pose a host of new challenges to the insurance industry, including rapid technological upgrades, increasingly diversified risks and limitation of data availability. The Swiss Re-Baidu partnership will develop insurance services covering the entire value chain of autonomous driving, including the selection of risk factors, product pricing, claims and underwriting data standards. The first focus of the deal is the launch of autonomous valet parking insurance for Baidu’s Apollo Valet Parking product. In the future, the partners  

    Comments Off on Swiss Re partners Baidu on autonomous vehicle insurance
  • Vehicle Insurance

    Commercial vehicle insurance markets went from bad to less bad: AM Best

    Commercial auto insurance, which includes trucking, lost money in 2020. And yet a new report by insurance rating and benchmark company AM Best still declared last year’s performance as “the best underwriting results” in several years. Improved performance was recorded “across a number of key metrics, although the line still incurred an underwriting loss overall,” Best wrote in a recently released report.  But the report noted that the improvement last year was driven in part by the sharp drop in the number of cars on the road. That decline “finally moved the needle substantially in 2020.” Commercial auto insurance includes  

    Comments Off on Commercial vehicle insurance markets went from bad to less bad: AM Best
  • Vehicle Insurance

    Auto Insurance Claim Satisfaction Rises on Combination of Soaring Vehicle Values and Growth of Straight-Through-Processing Claims Management, J.D. Power Finds

    Increased Vehicle Complexity Introduces New Challenges: Claims for Vehicles with Advanced Driver-Assistance Systems (ADAS) 13.5% Higher on Average TROY, Mich., October 28, 2021–(BUSINESS WIRE)–The nationwide surge in used vehicle prices has given an unexpected boost to auto insurance customers who experience a total loss—their vehicles might be worth more than they thought. This phenomenon of higher replacement values, combined with advancements in straight-through-processing (STP), has driven customer satisfaction with auto insurance claims to a record high in the J.D. Power 2021 U.S. Auto Claims Satisfaction Study,℠ released today. Despite these gains, however, the industry is facing new  

    Comments Off on Auto Insurance Claim Satisfaction Rises on Combination of Soaring Vehicle Values and Growth of Straight-Through-Processing Claims Management, J.D. Power Finds
  • Vehicle Insurance

    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  

    Comments Off on Do vehicle classifications impact auto insurance rates?