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Tag: Car Insurance Pricing

Consumers Union Testifies About Unfair Car Insurance Pricing | Consumer Reports

Consumers Union Testifies About Unfair Car Insurance Pricing | Consumer Reports

When it comes to car insurance, how much you pay could have little to do with how well you drive. That’s something Richard Harbaugh and his wife, Kathleen Spencer, of Duluth, Minn., found out first-hand. The couple—he’s retired from the military and she was a nurse for 30 years—say they never made a claim on […]

State warns insurers to charge fair prices for auto, home policies | witf.org

State warns insurers to charge fair prices for auto, home policies | witf.org

(Harrisburg) — The state is putting insurers on notice. Using complicated formulas, insurance companies have tried to predict whether a customer will shop around, or jump to another insurer, if their premium costs for auto or home insurance go up. It’s known as price optimization, and in Pennsylvania, it’s illegal. The state Insurance Department recently […]

Consumer Reports: Hidden truths about car insurance | Daily Local News

Consumer Reports: Hidden truths about car insurance | Daily Local News

It’s about time we got a better deal from the car insurance industry, says Consumer Reports. Its recent investigation illuminates some of the worst practices. • Your credit score – more than your driving habits – can determine your premium. Your score is used to measure your creditworthiness – the likelihood that you’ll pay back […]

What does my credit rating have to do with my driving? | Chicago Tribune

What does my credit rating have to do with my driving? | Chicago Tribune

The insurance industry doesn’t have or need an explanation. It only needs results. The same results that inspire many companies to charge a “widow penalty” to women whose husbands have died, to charge women more for their insurance than identically situated men and to give discounts to customers with higher educational attainment. And we might […]

‘Days of cheap car insurance premiums are over’ | The Actuary

‘Days of cheap car insurance premiums are over’ | The Actuary

Based on its latest British insurance premium index, the average “shoparound” quote for a motor insurance policy in Q2 2015 was £549.46, which represents a 5.2% rise over Q1. Drivers aged between 23 and 29 have seen the sharpest rise – a 6.2% jump to £682.62. Those aged 70 and over have seen the lowest […]

Vermont Issues Bulletin on Price Optimization in Personal Lines Ratemaking | Insurance Journal

Vermont Issues Bulletin on Price Optimization in Personal Lines Ratemaking | Insurance Journal

Vermont regulators issued a bulletin last week addressing the issue of “price optimization” in personal lines ratemaking. The Vermont Department of Financial Regulation (DFR) noted in the bulletin that some property/casualty insurers have been relying upon the practice of price optimization to help determine the premiums that they will charge to policyholders. But DFR warned […]

Two big insurers are driving your car insurance higher | The New Daily

Two big insurers are driving your car insurance higher | The New Daily

Ms Ball suggested that the big insurers might be spooked. “The largest insurers in Australia are in a very comfortable position in terms of their market share,” she said. “We can only assume that allowing consumers to compare the price, features and benefits of products in a simple and transparent manner may show them in […]

Price Optimization Still a Concern for Many in Auto Insurance Field | Superior Access Insurance Services (SAIS)

Price Optimization Still a Concern for Many in Auto Insurance Field | Superior Access Insurance Services (SAIS)

In the last year or two, there has been a lot of attention paid to the ways in which some auto insurance companies will potentially charge long-time customers more for coverage than they do new clients with similar driving records. This practice is known as “price optimization,” and comes because insurers rely on a certain […]

Car Insurance in the Age of Price Optimization: Shop Around | EverQuote

Car Insurance in the Age of Price Optimization: Shop Around | EverQuote

Yikes. You expect your car insurance company to determine premiums based on factors like speeding tickets, location, and driving history – right? What you probably don’t expect is for carriers to determine your rate based upon your education level and occupation. Yet that’s what some auto insurance providers appear to be doing, according to the […]

State Farm Considers Pricing Car Insurance by the Trip | NerdWallet

State Farm Considers Pricing Car Insurance by the Trip | NerdWallet

State Farm, the nation’s largest insurer, is considering a plan that would forever alter the way car insurance is priced by charging customers on a per-trip basis. The “trip-based insurance” plan, revealed in patent applications made by State Farm, could factor in elements not considered in traditional insurance policies, including the identity of the driver, […]