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
- How life insurance can provide liquidity for wealthy families
- Retirement providers turn to digital engagement to retain assets
- Looking out for clients with diminished mental capacity
- House panel advances CLEAR Forms Act backed by IRI
- Modifying life insurance based on evolving needs
More Advisor NewsAnnuity News
- AM Best to Deliver Presentation at 2026 ACLI Annual Conference
- Global Atlantic Announces Launch of ForeLifetime Income, a New Fixed Index Annuity
- A-Cap strikes back with lawsuit accusing SC regulators of sloppy process, leaking secrets
- AM Best to Discuss Its Views on Private Credit Surge and Risks at 2026 NAIC/NIPR Insurance Summit
- OID recovers $260M in life insurance benefits
More Annuity NewsHealth/Employee Benefits News
Life Insurance News