Fourth quarter profits for Allstate Insurance dived 43 percent on a rising number of claims directly linked to auto accidents, declining policy renewals by customers, and a series of catastrophic weather-related events.
Progressive, Allstate, and State Farm are all offering versions of driver monitoring discount programs that incorporate active data collection to determine rates based on individual driving habits.
In keeping with a law passed by the Texas legislature in 2007, drivers in the state will see a 2-3 percent increase in their auto rates in 2011 at the time their policies are renewed. Additional coverage limits are intended to address rising medical costs associated with auto accidents.
In a move to address the high cost of responding to vehicular incidents, the City of New York will begin to assess a so-called “accident tax” on July 1, 2011.
In collisions as slow as 10 mph, misaligned car and SUV bumpers cause thousands of dollars of damage according to research conducted by the Insurance Institute for Highway Safety. A failure to regulate bumpers on SUVs, pick-ups, and minivans lies at the root of the problem.
Since 2008, MileMeter has been offer pay-by-the-mile auto insurance in Texas, but now, thanks to an infusion of funding and legal changes in California, the company is beginning what it hopes will be a broad-based expansion.
A new class of applications emerging for popular smartphones aims to combat the problem of distracted driving due to texting behind the wheel by disabling certain functions on the handset while the vehicle is in motion.
Since 2008 drivers in America have collided with deer more than 2.3 million times, but there is a growing threat to drivers from rising populations of feral hogs who are more difficult to spot and more dangerous due to their dense weight and low stature.
The 50 percent failure rate of child safety restraints in automobiles could be dramatically lowered if a federal rating system were in place for these devices, according to leading safety experts.
As the average age of vehicles on American roads stretches to ten years, owners and insurers have a marked disagreement over the value of those cars, which the insurance companies are more prone to total in the event of an accident.