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Rhode Island Department of Insurance Issues Bulletin Prohibiting Price Optimization

Rhode Island Superintendent of Insurance Joseph Torti III recently issued a bulletin advising Rhode Island personal line insurers that Rhode Island law prohibits the use of certain price optimization techniques in determining property/casualty rates. Under Rhode Island law, applicants for insurance with identical risk classification profiles must be charged the same premium. Any...

Auto Insurance Myths Persist

A study by InsuranceQuotes.com found that drivers have startling misconceptions about auto insurance. Forty-four percent of those surveyed believed that drivers with red cars pay more in auto insurance. More than one third (34%) of participants held the mistaken belief that personal items taken during burglaries of their cars are covered by auto insurance. Additionally, 17% of those...

Automatic Emergency Braking to Become Standard on Many New Cars

The Insurance Institute for Highway Safety (IIHS) has announced that a group of ten large automakers will make automatic emergency braking standard on new vehicles in the U.S.  The group includes Volkswagen, General Motors, BMW, Ford, and Toyota. Automatic emergency braking uses radar, cameras, and lasers to monitor road conditions and autonomously apply brakes to avoid collision. Some...

Study Claims Auto Insurance Becoming More Affordable

A new study claims that personal auto insurance has become more affordable across all income groups in several states. The study, issued by the Insurance Research Council (IRC), found that all but four states have improved in auto insurance affordability between the 2000s to present. Auto insurance was least affordable in Louisiana, Florida, New York, Delaware, and Michigan. On the...