Tag: Insurance

By on January 25, 2021

muscle car

Classic muscle cars are legendary, some blend of parts not originally meant to go together. Our question is, of all the muscle cars produced, which is the most muscular?

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By on January 22, 2021

F-series

The most popular car for 2021 isn’t a car at all, it’s the Ford F-series pickup. Among the top 10 most popular cars, the Silverado and the Tacoma, both trucks, join the F-150.

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By on November 19, 2020

General Motors is making moves to offer insurance plans under its data-focused OnStar connected services, which is convenient since the feature comes equipped on all new models the company sells inside North America. Participating customers will be required to allow the automaker to track their driving behavior in real-time. As a perk for handing over their right to privacy, GM will offer discounts to motorists that never exceed the speed limit or accidentally roll through a stop sign.

It’s part of a usage-based insurance trend that’s becoming increasingly common within the industry. It started years ago with customers agreeing to have insurers install tracking devices in their vehicles in exchange for lower rates — assuming they displayed what the agency deemed safe driving practices throughout the duration. But, now that cars are becoming connected to the internet, this can be done automatically with on-board technologies. Consumer advocacy groups are growing worried that insurers will eventually make vehicle tracking mandatory and use it as an excuse to issue predatory fees.

Frankly, so are we.

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By on April 6, 2020

With the coronavirus pandemic providing little in the way of silver linings (even rock-bottom gas prices aren’t much of a bonus if you’re living under lockdown orders), Allstate has provided one of its own.

Given the vastly reduced number of vehicles on the road and the anticipated cratering in insurance claims, the provider is giving customers a temporary break. (Read More…)

By on March 3, 2020

Ford badge emblem logo

Adhering to the latest industry trends, Ford has made a deal with insurer Allstate to share customer driving data and plans to issue a loyalty credit card tied into its rewards program. While the latter is in the service of retaining customers (with the help of Visa) in the second quarter of this year, the insurance partnership is technically already active. The Blue Oval is by no means the only automaker involved in such programs.

Like other automakers, Ford has already partnered with insurance companies in regional programs aimed at assessing how customers drive, using the collected information to adjust policies. Originally, this involved devices installed with the customer’s consent that transmitted telemetric data back to home base. Later versions were able to use on-board systems in conjunction with a downloadable app. Now, with connected cars becoming the norm, Allstate says it can just get the information directly from vehicles via manufacturer data centers.  (Read More…)

By on August 29, 2019

Late Wednesday, Tesla seemingly gave Tesla owners and intenders what they’ve been looking for: an opportunity to lower their insurance premiums. For a number of reasons, mainly high claim frequencies and the cost thereof, Tesla owners often find themselves saddled with sky-high coverage costs.

What if Tesla provided that insurance?

Owners will soon find out the pros and cons of such a setup, as Tesla has now rolled out its promised Tesla Insurance — a product the automaker claims will benefit owners by offering “up to 20% lower rates, and in some cases as much as 30%.” (Read More…)

By on June 10, 2019

Wells Fargo will reportedly pay customers a minimum of $386 million to settle class-action claims that the bank covertly signed customers up for auto insurance they did not want or need.

Back in the summer of 2017, the bank found itself implicated in widespread auto insurance and mortgage lending abuses. Over a year later, Wells Fargo was slapped with a $1 billion fine from the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency to settle U.S. investigations into the company’s insurance and mortgage practices.

While the auto insurance plan ended in 2016, roughly 800,000 customers (or 600k by Wells Fargo’s estimates) were believed to be affected by the auto insurance issue over roughly a four-year period. For most, that meant being overcharged for insurance they didn’t need., but some customers ended up with their vehicles repossessed and their credit rating demolished, promoting the class-action suit.  (Read More…)

By on April 30, 2019

With mobile phones now a ubiquitous part of modern-day life, distracted driving has ballooned into a legitimate public safety problem. Alarming studies continue to pour in, with many claiming that driver cell phone use is likely underreported by authorities in crash reports. It’s hard to quantify, especially since nobody wants to admit that their moment of weakness may have contributed to an accident.

Add in a National Highway Traffic Safety Administration survey that found 30 percent of drivers aged 21 to 34 believe texting doesn’t negatively impact their driving, and you’d be forgiven for picking up your keys with sweaty palms.

A new study claims the issue has only gotten worse, with drivers spending more time on their phone than ever before. However, the way the data was acquired is disconcerting in itself. Insurance companies are tapping traffic data startups to monitor people’s phones, and they’re already capable of tracking millions of American devices.  (Read More…)

By on April 25, 2019

The Insurance Institute for Highway Safety, currently on a never-ending quest to improve automotive safety and provide underwriters with data, suggested on Thursday that rear-seat passengers are getting the short end of the stick. The announcement comes shortly after the State of Washington announced a new law that would update its Child Passenger Restraint Law, requiring older children to utilize a booster seat.

Having looked at rear-seat safety for years, the IIHS claims rear-seat occupants are now at a disadvantage compared to occupants in the front row. The group aims to develop a new evaluation method to encourage automakers to improve safety systems for back seat passengers and track their progress.  (Read More…)

By on February 13, 2019

Image: Shutterstock

You can’t keep Dave Assman down. After repeatedly having his request for a personalized license plate rejected for being too offensive, the Saskatchewan Ram owner decided to advertise his family name in a manner no one can miss.

While Assman’s provincial government insurer won’t greenlight a plate, there’s nothing they can do to stop him from displaying an image of the plate that dare not speak its name, loud and proud, on the vehicle itself. Take that, bureaucratic puritans. (Read More…)

By on November 7, 2018

Wells Fargo, Mike Mozart/Flickr (CC BY 2.0)

Roughly a year ago, Wells Fargo got itself into hot water over shady business practices relating to widespread auto insurance and mortgage lending abuse. After a lengthy investigation, the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency eventually suggested Well Fargo pay $1 billion to “resolve” the governmental probes. President Donald Trump then said federal agencies needed to go after the bank hard to set an example. The agencies came back with a consent order saying it was time to pay up.

Despite the insurance issue affecting an estimated 800,000 customers over a four-year period, Wells Fargo seemed able to recover from the scandal and move past it. However, new allegations claim the bank’s leadership was aware customers were probably being overcharged several years before it finally cancelled the program.  (Read More…)

By on September 10, 2018

There’s a good reason why insurance premiums are rising like your author’s blood pressure while scanning his Twitter feed, and it’s not just because providers really, really like making money. (They do, of course.) Average repair bills in the U.S. rose by about a third in the past three years, mainly due to the proliferation of safety technology, and insurance premiums followed. Country-wide, premiums rose 7.9 percent in 2017.

Cameras, ultrasonic sensors, and radar sensors tend to be located in areas of the vehicle most prone to damage, even in even low-speed collisions, and sturdy, exposed 5 mph bumpers are unfortunately a thing of the past. Many would prefer to see all automakers design their cars with repairs in mind, thus lowering future costs and premiums.

As an example of the headache of repairing technology-festooned vehicles, behold the average front-corner collision repair cost of one rare Korean sedan. (Read More…)

By on July 26, 2018

2017 Chevrolet Cruze Sedan Monroney, Made in Mexico, Image: © Bozi Tatarevic/The Truth About Cars

Why didn’t I think of this? An Alberta man with a spotty driving record and a burning lust for the Chevrolet Cruze discovered you can save piles of cash if the government thinks you’re a woman. Or at least an individual who identifies as one.

Speaking anonymously to CBC, the man said his transition to a female (on paper) began after he approached insurance companies in search of coverage for his new — and quite sensible — compact sedan. Well, we assume it was the sedan.

What followed was a journey through genders, all to save 91 bucks a month. (Read More…)

By on April 20, 2018

wells fargo

Wells Fargo is getting slammed with all kinds of penalties over shady business practices. Currently prohibited from growing its business as investigators look into its practices, the bank has restructured itself after it was implicated in widespread auto insurance and mortgage lending abuse in the summer of 2017. It’s also still coping with an earlier scandal involving local branches opening fake accounts for customers.

Last week, the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency suggested Well Fargo pay $1 billion to “resolve” the governmental probes into those issues. That changed today when the bureau filed a consent order announcing it was time for the bank to pay up.

The fine applies to the mortgage lending issues, as well as Wells Fargo’s past practice of charging thousands of auto loan customers for insurance they didn’t need and often didn’t even know about. The move caused some borrowers to default on their loans, resulting in their vehicles being repossessed. The consent order mandates that the bank remediate those customers.  (Read More…)

By on January 26, 2018

“Mr. Bond, they have a saying in Chicago: Once is happenstance. Twice is coincidence. Three times is enemy action.” Thus spake Auric Goldfinger — and I’m starting to think he had a point.

About this time last year, my 2014 Accord Coupe was smacked on the rump by a cheerful part-time weed dealer in a battered Mazda2. It could have been a lot more hassle than it was. The kid was willing to wait for the cops, his insurance company was slow to act but friendly enough once they got started, and the insurance-selected body shop actually did a half-decent job of installing and painting a new bumper.

I should note that part of the reason everything went so well was my determination to not get agitated about the incident and its repercussions. As long-time TTAC readers know, I’m very fond of my Accord, but it’s fundamentally a cheap little car built right here in Ohio by a bunch of teenagers.

Had it been my 911 or my old Audi S5 in that little fender-bender, I would have raised all sorts of hell and insisted on using my own body shop and having a third-party inspection and so on. Or at least that’s what I did every time one of my “nice” cars was damaged by someone else. Hell, when my 1990 VW Fox was dented on a downtown street some time in 1994 I contrived to have the repair done by the only Lamborghini and Ferrari certified shop in Ohio. It was too nice. The paint on the repair was deeper and glossier than the Brazilian factory spray.

If last year’s Accord injury was happenstance, then what happened to me yesterday was coincidence. Once again my car’s been damaged by an utter idiot — but as you’ll see, this time there’s nothing I can do but grin and bear it.

(Read More…)

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