NEW YORK — While a growing number of Americans are struggling to make payments on their auto loans, a new crop of companies is offering alternative ways for car owners to get rid of costly vehicles or earn money while their cars would normally sit idle. Companies such as Turo and Getaround provide a platform for individual car owners to rent out their own personal vehicles to nearby drivers who find the cars using a smartphone. The idea behind peer-to-peer car-sharing is similar to Airbnb, where people rent out their homes to travelers. "A car is a very expensive asset, and it starts depreciating in value the minute you buy it," said Sharon Feigon, founder and executive director of the Shared Use Mobility Center. "The average car sits for 95% of the time. It's really a waste when you think of it from that perspective." DITCHING A CAR TO SHARE ONE INSTEAD Car-sharing offers an alternative to individual car ownership and traditional car rental companies which typically rent by the … [Read more...] about Car-sharing offers ways to profit from or ditch personal car
Personable car insurance
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
Kristen Jordan Shamus Detroit Free Press Published 1:38 PM EDT Mar 26, 2019 You've heard of the gender wage gap, but how about a car insurance premium gender gap? It turns out, Michigan's is a doozy. Women in Michigan paid an average of $79 more per year than male drivers for the same car insurance coverage in 2018 — the second-biggest gender gap in auto insurance costs nationally. That is just one finding in a new report by The Zebra, an online auto insurance comparison pricing company that analyzed gender differences in rates in Michigan and around the country. Most states allow insurance companies to offer different premium rates to male and female drivers if they are able to show, for example, that male teen drivers are statistically more likely to get into crashes and file claims than female teens. "Insurance is all about risk," said Alyssa Connolly, director of market insights at The Zebra. She also is licensed in … [Read more...] about Michigan women paid $79 more in 2018 than men for same car insurance
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