Auto Care Association Challenges Proposed Vehicle Cybersecurity Legislation
Posted on Oct 22, 2015 in Insurance Regulation | Comments Off on Auto Care Association Challenges Proposed Vehicle Cybersecurity Legislation
A U.S. House of Representatives subcommittee recently issued draft cybersecurity legislation including a provision for any person to access an “electronic unit (ECU) or critical system of a motor vehicle” without authentication. In a letter sent to the Subcommittee on Commerce, Manufacturing and Trade of the House Energy and Commerce Committee, the Auto care Association challenged the...
Google Potentially Positioning Itself To Enter Insurance Business
Posted on Oct 19, 2015 in Industry News | Comments Off on Google Potentially Positioning Itself To Enter Insurance Business
Google recently announced its intention to accept full responsibility for accidents caused by a defect in the design or components of their self-driving cars. Although some consider this statement a marketing ploy, at least one analyst considers this announcement Google’s “Trojan Horse” into the insurance industry. Blake Corbet, a managing director at PI Financial Corp., has suggested...
Auto Trade Associations Form Cyberattack Working Group
Posted on Oct 15, 2015 in Industry News, Technology Impacting Auto Insurance | Comments Off on Auto Trade Associations Form Cyberattack Working Group
In order to address concerns about vehicle security and the risk of cyberattacks, the Alliance of Automobile Manufacturers and the Association of Global Automakers have established a working group to develop best practices. The working group, called the Information Sharing and Analysis Center, will represent all major automakers and will serve as a “hub” for sharing information on...
California Approves Insurance Plan for Lyft Drivers
Posted on Oct 13, 2015 in Insurance Regulation | Comments Off on California Approves Insurance Plan for Lyft Drivers
California Insurance Commissioner, Dave Jones recently approved a new product underwritten by MetLife Auto & Home, offering Lyft drivers personal auto coverage while passengers are in the car. This policy provides drivers with coverage at every stage of the ride sharing transaction. MetLife previously introduced the plan to Lyft drivers in Colorado, Illinois, Texas and Washington....
Why Electric Car Owners Pay Higher Insurance Premiums
Posted on Oct 13, 2015 in Insurance Developments and Trends | Comments Off on Why Electric Car Owners Pay Higher Insurance Premiums
A new study by NerdWallet indicates drivers of electric cars and their gas counterparts pay higher premiums in California. The study involved four models that had both gas and electronic versions of the same car: the Chevrolet Spark, Volkswagen Golf, Smart Fortwo, and Fiat 500. The insurance premiums for electric cars were on average 21% higher than quotes for the gas cars. The...
