Rate Setting

Slide deck: Personal automobile insurance rates, October 2016

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Background on: Pay-as-you drive auto insurance (telematics)

The topic

Pay-as-you-drive, telematics and usage-based insurance are all terms used for programs that offer drivers the option of having premiums tailored to their individual driving patterns.

Background on: Compulsory Auto/Uninsured Motorists

The topic

Virtually all states require drivers to have auto liability insurance before they can legally drive a motor vehicle. (Liability insurance pays the other driver’s medical, vehicle repair and other costs when the policyholder is at fault in an accident.) State laws set the minimum amounts of insurance or other financial security that drivers must pay for the harm caused by their negligence if an accident occurs. The public generally supports compulsory auto insurance and wants these laws enforced.

Facts + Statistics: Auto insurance

Costs and expenditures

The countrywide average auto insurance expenditure rose 3.3 percent to $866.31 in 2014 from $838.49 in 2013, according to the National Association of Insurance Commissioners. In 2014 (the latest data available), the average expenditure was highest in New Jersey ($1,263.67), followed by Michigan ($1,227.36), and New York ($1,205.03).

Facts + Statistics: Uninsured motorists

Uninsured and underinsured motorist coverage reimburses policyholders in an accident involving an uninsured, underinsured or hit-and-run driver. Twenty states and the District of Columbia have mandatory requirements for uninsured or underinsured motorist coverage. More than half of the states have passed laws and begun to develop and implement online auto insurance verification systems to identify uninsured motorists.