TLDR: Car insurance rates in the U.S. have risen by 37% since 2020, largely due to the high cost of repairing high-tech vehicles. Sensors and computer code in cars, along with the rising cost of replacement parts, are driving up insurance rates. The average repair bill for an electric vehicle is $6,618, compared to $4,437 for a gas car. Additionally, the increasing number of parts and advanced driver-assist features in vehicles is making repairs more expensive. Insurance rates for EVs and collision claims have also seen significant increases. To save on car insurance, consider adjusting coverage, asking for discounts, switching to usage-based insurance, bundling insurance plans, and reviewing the costs and benefits of installing a tracking device for a discount.
Blaming sky-high car insurance on tech-filled rides.
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Your Daily InsurTech Briefing – 2024-07-26
Let’s see what’s in the news today. US insurtech company Embroker launches real estate insurance programme Embroker, a US digital insurance company, has introduced an insurance programme, specifically designed for real estate agents
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Insurers tackle climate risks with satellite solutions for smoother operations.
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TLDR: Cover Genius and Priceline Partner Up on Travel Insurance Cover Genius and Priceline have announced a new partnership in the USA and Canada to introduce enhanced travel protection for flights, hotels,
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US insurtech Embroker launches exciting new real estate insurance programme.
TLDR: Embroker, a US digital insurance company, launches real estate insurance program. The program offers professional liability, cyber, business owners’, and workers’ compensation coverage. In May 2024, Embroker conducted a survey with
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Your Daily InsurTech Briefing – 2024-07-25
Let’s see what’s in the news today. Hiscox appoints new VP for technology E&O and cyber He brings nearly two decades of expertise in the role Read the original article here Insurers
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Meet Clive™ – The Insurance Industry’s AI Claims Adjuster Pioneer.
TLDR: Five Sigma has introduced Clive™, the insurance industry’s first AI-powered claims adjuster. Clive revolutionizes claims processing with AI and automation, setting new benchmarks in efficiency, accuracy, and cost reduction. Five Sigma,
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MSI chooses Akur8 for better insurance pricing decisions.
TLDR: Akur8’s innovative insurance pricing solution selected by Millennial Specialty Insurance (MSI) to streamline decision-making processes. Partnership to enhance pricing capabilities, deliver competitive rates, and expand within the U.S. personal insurance market.
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MSI enhances insurance decision-making with Akur8’s innovative pricing tool.
TLDR: Akur8’s next-generation insurance pricing solution will be used by Millennial Specialty Insurance (MSI) to streamline decision-making processes within its pricing team. Akur8’s solution utilizes proprietary machine-learning technology to accelerate model building,