Rising auto insurance cost a tough problem to solve
Companies offering commercial, health and life insurance were posting ever higher pre-tax operating gains, but not those in the auto and home insurance segments, said
Data he presented to a special committee of the
As vehicles have become more computerized, even once-simple repairs, like replacing a windshield, have become more costly, due to onboard cameras and sensors.
“The average car on the road is about 12 years old in
But people in the auto repair industry complained that insurance companies have not been covering the full cost of those repairs.
“It would protect consumers by ensuring that required safety inspections, scans, and calibrations are treated as standard reimbursable parts of a repair, not optional add-ons to be argued over claim by claim,” Babb said. “And it would keep all
Passmore countered that such laws in other states have driven up insurance rates, and he contended that auto manufacturers’ repair standards can be self-serving, requiring shops to use their official parts.
Two reasons for rising consumer costs may be difficult to counter because they are rooted in behavior.
A team of 35 agents at the state office of Insurance and Safety Fire has been investigating about 10,000 reports of insurance fraud a year, said
“We rank third in the nation in terms of questionable claims,” he said.
And for some reason,


The Federal Reserve shouldn't lower interest rates
Aetna, BJC nearing deal to continue coverage next year
Advisor News
- Americans aren’t turning retirement plans into action, LIMRA finds
- Ashley Hinson ‘death tax’ story collides with truth
- How advisors can prepare clients for an uncertain retirement landscape
- Investors aren’t waiting out uncertainty
- Transamerica and Advo(k)ate Advisors launch pooled employer plan
More Advisor NewsAnnuity News
- Corebridge annuity sales slip ahead of Equitable marriage
- California teachers settle class-action lawsuit over in-plan annuity fees
- Jackson Financial CEO caps 40-year career with blockbuster Q2
- Lumos Insurance introduces the Immediate Care Plan to help families fund long-term care
- NAIC regulators begin consensus phase on annuity illustration overhaul
More Annuity NewsHealth/Employee Benefits News
- Endorsing Janoo
- Ashley Hinson unveils insurance transparency bill amid scrutiny of her health care record
- Why Gen Z turns everything – even murder – into a joke
- Ashley Hinson unveils insurance transparency bill amid scrutiny of her health care record
- 3 summer sales habits that build next year’s pipeline
More Health/Employee Benefits NewsLife Insurance News
- Indiana eyes more oversight of insurance companies' exposure to private credit
- HEALEY-DRISCOLL ADMINISTRATION RETURNS $14.5 MILLION TO HEALTH AND DENTAL INSURANCE CONSUMERS AND BUSINESSES
- ‘Uniquely positioned’: Equitable outlines future post-Corebridge merger
- Don't keep checks with clerical errors
- The insurance distributor that builds its own software will win the next decade
More Life Insurance News