LANSING, Mich. — The state with the highest car insurance premiums in the country is on the verge of a political showdown over long-running efforts to cut rates by reining in generous medical benefits. Auto-friendly Michigan, which is among a dozen "no-fault" states where drivers must buy personal injury protection, is the only one to require unlimited coverage for crash victims. Motorists who are seriously injured need not worry about health expenses, but the insurance is expensive. Now, a Republican-led Legislature that is pushing to save people money by making the coverage optional has, for the first time, passed bills out of both chambers . Lawmakers must still resolve differences between the measures, including mandating rate cuts for personal injury protection, known as PIP. But if they do, GOP legislators could send an auto insurance overhaul to the desk of Democratic Gov. Gretchen Whitmer and dare her to veto it. She is warning that she will not sign the legislation … [Read more...] about Michigan on verge of showdown over high car insurance rates
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Shayanne Gal, provided by Published 2:43 pm CDT, Tuesday, April 2, 2019 AP Photo/Alessandra Tarantino Men and women pay different car insurance rates in many US states. In 2016, women's car insurance rates were higher than men's in 12 states, according to an analysis by car-insurance comparison site The Zebra. By 2018, women paid more for car insurance in 25 states, and the cost disparity is growing. California recently joined five other states in banning gender-based car insurance pricing. It turns out many insurance companies care whether or not you drive like a girl. In 44 US states, insurance companies can use gender to determine a driver's car insurance rate. There's a lot of opposing data about whether men or women are riskier on the road, but insurers often use their own research to determine car-insurance premiums, which has led to widespread disparities. Car insurance rates are also based on age, credit, car make and model, driving record, and location. … [Read more...] about Car insurance rates are going up for women across the US — here’s where they pay more than men
Lisa Green, NerdWallet Published 12:36 pm CDT, Monday, March 18, 2019 This article was first published on NerdWallet.com. Michael Aminov-Tobin almost forgot a car insurance company was tracking his driving. He wasn’t paying extra attention to how fast he drove or how hard he hit his brakes. So he was astonished when the company offered to insure his 2016 Hyundai Veloster Turbo for $100 a month less than he’d been paying. “When it popped up with the price that it did, I was like, ‘Holy crap, that’s awesome!’” says Aminov-Tobin, 25, who operates a video production firm from his home near Columbus, Ohio. He benefited from a growing trend known as usage-based insurance, or UBI, in which auto insurance companies electronically monitor a customer’s driving and offer discounts in exchange. Such programs can be a great deal for careful drivers and low-mileage users, but they also present significant privacy concerns, experts say. … [Read more...] about Should You Give Up Privacy for Car Insurance Discounts?
Lisa Green, NerdWallet Published 12:35 pm CDT, Monday, March 18, 2019 This article was first published on NerdWallet.com. Your driving record may be flawless. Your car may be one of the safest on the road. But, in most states, you might pay more for car insurance than an all-but-identical driver, simply because of your gender. No one is immune. While men traditionally have paid more, particularly when they’re younger, recent studies show women often pay more when they’re older. This year California joined six other states in banning the use of gender to set car insurance prices. Elsewhere, drivers can pay hundreds of dollars a year in higher premiums because of the impact of gender on their rates. Whether such pricing is fair depends on your perspective, but drivers can come out ahead by finding insurers that give their gender a break. “The best thing you can do is to shop for insurance,” says James Lynch, chief actuary for the Insurance … [Read more...] about What You Can Do About Gender-Based Rate Hikes for Car Insurance
The post-Christmas pinch is made worse for motorists in the North of England, as new data reveals the cost of car insurance in the region has increased over the past three months. The cost of car insurance in the North of England increased by +2% – equivalent to £12 in three months, with motorists in the region now paying £707, on average. That’s according to the most comprehensive car insurance price index in the UK based on more than six million quotes a quarter from Confused.com and powered by Willis Towers Watson. However, the current price of insurance in the North of England is still -£50 (-7%) cheaper than 12 months ago, despite the increases seen this quarter.To help motorists in the region see how these increases have impacted their own premiums, Confused.com has created a car insurance calculator. The tool allows users to input their region, age and gender to find out the average cost of premiums for their demographic, compared … [Read more...] about Men on average pay £100 more for their car insurance than women – here’s why