Leslie Scism

speaker

504 appearances 9 recordings 1 series first heard Sep 2017 last heard May 2023

Leslie Scism’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Car Insurance Fell 4% Last Year. Consumer Groups Say That Isn't Enough · 5 Feb 2021 podcast

The insurance companies say they're just not certain what's going to happen with driving patterns.

moving forward.

They know right now that with consumers working, so many consumers working from home, that some of these people are going out middle of the day and running errands.

So different traffic patterns may be evolving.

And insurance companies also are concerned that a lot of the wrecks they are still receiving claims for are for damage that occurred at very high speeds.

So these can be very severe wrecks.

The cars are increasingly these high-tech cars with fancy safety gear, cameras, sensors, and other safety gear, and they're very expensive to repair.

So the car insurers say they have a lot of reasons to move cautiously before sending more money out the door.

And many are cautious about reducing rates more aggressively because it's easy to reduce a rate.

State insurance departments that look over these rate filings are happy generally to see rates come down.

But they could be a lot tougher in approving future rate increases.

So that's why insurers are moving slowly.

Yes, that's a very good point.

Consumers have a lot of power to shop around.

Car insurance is pretty heavily advertised and sold on the internet.

So insurers can price comparison websites and see what their rates might be at another insurance company.

They can call and talk to their company and tell that company that they can get a better rate somewhere else.

There may be some discounts that were previously overlooked that an insurance company cannot give that policyholder to bring the cost of the policy down.

Also, many insurance companies are encouraging policyholders to try out their telematics programs.

These are programs where the driver uses a cell phone app or a device that's plugged into the car, or it may be built into the car in some of the newest and most sophisticated vehicles with onboard computers.

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