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Auto Insurance News Report – December 2016
Welcome to the December 2016 edition of the Auto Insurance News Report. Aside from finding the insurance company offering the lowest auto insurance quote, there’s some events, legislation, business practices and more taking place in your state or province that can affect your premiums and coverage.
Will Tesla Electric Vehicles Cost More to Insure?
If you’re one of the 300,000 people who put down $70,000 each for a Tesla Model 3 this year, you may want to plan ahead to pay your auto insurance too. If the price of the car plus finding a recharging station aren’t concerning you, the cost of your insurance may.
A report in the Huffington Post suggest insurance rates for electric cars is about 6 to 8% more expensive than a comparable gas powered car. This is despite the good crash testing ratings of the Tesla models. If you’re looking to know more about car insurance for Tesla vehicles, visit ratelab’s excellent coverage.
From the Denver Post:
Tesla’s U.S. sales of its Model S sedan jumped 59% over the same quarter last year, increasing its already sizable lead among large luxury cars, according to internal third-quarter sales numbers — which Tesla usually keeps confidential — and competitor data compiled by the company. Tesla says it’s now responsible for almost a third of all sales in the segment. Its nearest competitors are the newly updated BMW 7-Series and the Mercedes-Benz S-Class.
Growth of Electric Vehicle Sales Faster Than Anyone Expected
According to EV Volumes, sales of electric vehicles are rising quickly. They found that total plug-in vehicle sales in June increased a 46 % over last June. The growth is reported to be 10 times that of traditional gas powered vehicles. The EV growth seems to be attributable to a preference for them in China and the fact new batteries are cheaper and more powerful. The trend continues.
around 312,000 plug-in electric cars were sold during the first half of 2016
Tesla Motors is preparing to revolutionize the automobile and fuel industries. Learn more about Tesla.
Higher Insurance Rates in Some Toronto Neighbourhoods
Canadian insurance website Kanetix, recently published a report that shows that drivers in certain Toronto neighbourhoods are paying more for insurance. The graphic below shows the neighbourhoods Kanetix determined to have higher auto insurance rates. The report suggests that the presence of hazardous intersections may be the source of risk that results in the higher premiums. They also reported that insurance rates in Toronto may be 30% or $449 higher than the provincial average. The difference in premiums from the least expensive to the most expensive was $945 per year.
For certain types of drivers and certain types of vehicles, we’d have to think the differences could be much wider. The risk factors would magnify each other and results in a higher insurance quote for certain types of drivers in some neighbourhoods, yet generate very low insurance quotes for others.
A report in the Toronto Star, citing the Kanetix study says claims are more frequent in these areas of Toronto and the payouts are higher. They cited poorer neighbourhoods as having the biggest increases. In one case, a driver said his premiums rose by $1000 when he moved from Ajax to Toronto to eliminate his commute. In the report, Pete Karageorgos, director of consumer and industry relations of Ontario with the Insurance Bureau of Canada says that shopping for insurance is the key to keeping rates under control.
The takeaway from this recent news is that insurance companies may be making major alterations to how they underwrite insurance in order to grow their profit margin. Good too stay aware or get caught in their trap!
Searching for the lowest auto insurance in Toronto, truck insurance in Denver, car insurance in Seattle, motorcycle insurance in Las Vegas, car insurance in San Jose Ca or cheap car insurance in Chicago is easy. Search on Google continuously and get at least 10 quotes
California Drivers are the Worst
If you’re a driver in California, you might be feeling badly about this ABC news report that you’re the worst car and truck drivers in the country! They quoted a study by QuoteWizard which looked at traffic citations, incidents of people driving under the influence, along with the number of car crashes into consideration. It seems California has more of all that and are probably paying for it when they buy a new auto insurance policy.
“California is number seven for accidents, number nine for speeding, and number five for citations. Even worse, its number two for DUIs,” the study reads.
Rising Speeds Have Results in 33,000 Additional Fatalities
This fascinating new report on CBSnews.com shows how accidents, fatalities and general road safety vary right across the US. We all know certain highways areas are fraught with risk, but the report shows how tolerance for bad behavior could be behind the rates of driving mayhem in certain states and cities. While Montana and Arkansas had most fatalities, with Georgia the fastest growing, New York and California actually had the fewest fatalities per 100,000 population.
Toyota and Honda top Safest Cars List for 2017
38 models were awarded the Insurance Institute for Highway Safety’s designation of Top Safety Pick. Toyota and Honda lead the list of manufacturers safest vehicles. The reported that one major design flaw in vehicles was headlights. These are the to 6 cars/SUVs that IIHS believed are the best of the bunch in 2017:
- Acura MDX
- Acura RDX
- Audi A4
- Audi Q5
- Buick Envision
- Chevrolet Volt
Only 82 vehicles qualified for the 2017 honors list. Your can read more at the IIHS Website.
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