Auto Insurance Costs and Coverage

Helpful Facts

  • Auto insurance premiums have surged, with some states experiencing a 22% increase year-over-year due to rising claim costs, repair expenses, and regulatory challenges.
  • Technological advancements like telematics, AI, and IoT are reshaping auto insurance pricing and coverage, creating new opportunities and challenges.
  • Telematics allows insurers to monitor driver behavior in real-time, tailoring premiums to actual risk and encouraging safer driving habits, which can lower costs.
  • AI streamlines claims management by automating damage assessments and approvals, reducing processing times, and helping manage costs, potentially lowering premiums.
  • IoT devices provide extensive data for better risk assessment, while robust cybersecurity measures protect sensitive customer data in the increasingly digital auto insurance landscape.
Read Full Article