Auto Insurance News

Explore the latest news and updates on insurance policies, coverage changes, and impacts on the collision industry, including insights into claims processing and disputes.

State-Farm-Total-Recon-Tesla-insurance-steering-lawsuit

State Farm Asks for Steering Lawsuit in Maryland to Be Dismissed

On Sept. 27, State Farm filed a motion to dismiss the lawsuit brought against it earlier this year by Total Recon Auto Center in Rockville, MD, which claims the auto insurance giant is steering Tesla customers away by intentionally giving its insureds false information.
Autobody News Staff
car-insurance-payouts-rising

U.S. Auto Insurer Claim Payouts Soar Due to Increasing Inflation

U.S. personal and commercial auto insurer liability claim payouts combined were $96 billion to $105 billion higher between 2013 and 2022 because of social and economic inflation, according to a news release from the Insurance Information Institute (Triple-I).
Autobody News Staff
Florida’s Strained Insurance Industry Pulled on Again

Florida’s Strained Insurance Industry Pulled on Again

Idalia's cost will be in billions and will put additional strain on Florida's insurance industry.The Category 3 storm---winds of 111-129 mph on the Saffir-Simpson Hurricane Wind Scale---made landfall Aug.
Autobody News Staff
Farmers-Insurance-layoffs

Farmers Insurance Laying Off 11% of Workforce, Citing Industry Challenges

Farmers Insurance announced it will part ways with approximately 2,400 employees---11% of its workforce across all lines of business.
Autobody News Staff
insurance-companies-profits-rising-premiums-costs

Rate Hikes Not Bringing Profit to Auto Insurers

By Susanne Sclafane, Insurance JournalPublished Aug. 18, 2023Jumps in rates and written premiums did little to move the needle on underwriting profits for U.
Autobody News Staff
auto-insurance-shopping-increase

Auto Insurance Shopping Bolstered by Increased Vehicle Sales, Search for Lower Rates

Auto insurance shopping rates were up 12% in Q2 2023, compared to the same time in 2022. While vehicle sales played a role in this increase, the search for lower insurance premiums was the primary driver, as the Consumer Price Index for motor vehicle insurance rose 17% in June 2023 compared to June 2022.
Autobody News Staff
Washington-State-auto-insurance-complaints-collision-repairers

SCRS Airs Collision Shops’ Concerns About Insurers to Washington State Regulators

The Washington State Office of the Insurance Commissioner (OIC) held a workshop this summer to discuss possible ways to address a record number of consumer complaints being filed with the office in recent years.
John Yoswick
credit-scores-good-drivers-auto-insurance-rates

New Study Shows Disproportionate Effect of Credit Scores on Auto Insurance Rates

Consumer Federation of America (CFA) released a new report July 31 detailing the impact of auto insurers’ use of consumer credit information on good drivers with only fair or poor credit scores.
Autobody News Staff
car-insurance-rates-increasing-2023

Car Insurance Rates Spike 17% in the First Half of 2023

The average annual cost of a car insurance policy surged $240 to $1,668 in the first six months of 2023, up from $1,428 in 2022.
Autobody News Staff
insurance-hearing-Washington-complaints

Insurers Claim WA State Study on Increased Claims Complaints is ‘Misplaced’

Insurance advocacy groups in Washington state are pushing back against a new study released by the Office of the Insurance Commissioner highlighting the recent increase in insurance claim complaints.
Autobody News Staff

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Autobody News

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