Online Auto Insurance News sums up some of June's most important developments in the U.S. car coverage industry and marketplace.
National average car premiums continued to inch higher, insurance regulators and organizations reported hundreds of millions in expected auto losses from recent storms. The Alabama Legislature approved a coverage verification system to help cut the rate of uninsured motorists. The following points summarize some of the last month’s most significant auto insurance news covered by News.OnlineAutoInsurance.com:
According to the latest edition of the Consumer Price Index report, policy prices rose by about one-fifth of 1 percent between April and May. Premiums for the same policy would've been 3.8 percent higher in May 2011 compared with in May 2010, according to the Bureau of Labor Statistics. Source: http://www.bls.gov/cpi/
- The National Association of Insurance Commissioners announced the results of its April 2011 omnibus survey, which indicated that about 1-in-6 respondents reduced or ditched car coverage altogether in the preceding 12 months in order to realize immediate savings.
- Storm damage estimates continued to pour in from the South, Midwest and Northeast in June. Weather-related car insurance losses alone are expected to top $80.4 million in Ohio, $20 million in Massachusetts and $36 million in Missouri, according to reports.
- In an attempt to shrink the portion of Alabama’s uninsured driving population, the governor signed into law a bill that'll set up an auto policy database in the state and require verification of coverage before a car can be registered or re-registered. An estimated 1-in-5 motorists in the state lacked a policy as recently as 2009.
- J.D. Power and Associates released the results of its 2011 national policyholder satisfaction survey. Respondents were, on the whole, more satisfied this year with their coverage providers when compared with the responses from last year’s survey.
To read the articles about these and other industry- and consumer-related news developments, readers should head to http://news.onlineautoinsurance.com/ to check out the only site on the Web devoted to publishing nothing but the latest issues in the U.S. financial protection industry.