Tag Archives: Insurance

Motorsport

$1B Lawsuit Against Hyundai And Kia Isn’t Going Away

Hyundai and Kia are facing a lawsuit from insurance companies due to the theft of their vehicles, potentially leading to a $1 billion liability. This week, a judge rejected arguments to dismiss the suit.

Kia and Hyundai’s legal problems arose when thefts of their vehicles spiked in 2021. This occurred because the automakers did not install immobilizers on millions of cars, and videos on social media spread information on how to steal specific models that lacked immobilizers. 

The judge agreed with the plaintiff’s argument that it was “reasonably foreseeable” to Hyundai and Kia that people would steal vehicles without the theft-prevention device, as Federal Motor Vehicle Safety Standard 114 mandates a starting system to prevent engine or motor activation without the key.

Hyundai and Kia countered that insurance companies had accepted liability for the thefts by insuring the vehicles. However, US District Judge James Selna rejected this, noting that the case asserts claims of violations of state consumer protection laws, breaches of warranties, and fraud through omission and concealment.

In 2021, Kia and Hyundai thefts surged by 2,644 percent in Milwaukee, Wisconsin. Affected Kia vehicles date back to 2011, while compromised Hyundais start with the 2015 model year. The automakers released a software update earlier this year to enhance their cars’ security against theft.

Earlier this year, the two companies reached a $200 million settlement in a class-action lawsuit filed by vehicle owners. It is anticipated that up to $145 million will be allocated to cover around nine million drivers and compensate them for their out-of-pocket losses.

News

Top 10 Affordable Cars with Low Insurance Costs in 2023

When it’s time to renew your car insurance, finding the cheapest option can be a nerve-wracking experience. However, if you have a clean driving record, it can come with a well-deserved discount. Remember, having car insurance is a legal requirement in the UK, so choosing the right car is crucial if you want to minimize your insurance premiums.

Assessing Your Risk Level

Various factors determine how much you pay for car insurance. In addition to your driving record and any past claims, insurers consider your age and postcode. They also evaluate how long you’ve held a full driving license and how you plan to use your car. For instance, using your vehicle for commuting or professional purposes may result in higher premiums than using it solely for social or domestic journeys.

Lower Insurance Groups Mean Lower Premiums

Regardless of your risk level, choosing a car that falls into a lower insurance group will help keep your insurance premiums affordable. The Association of British Insurers (ABI) assigns an advisory rating from 1 to 50 for every new car sold in the UK. This rating depends on several factors, including the car’s performance, security features, safety equipment, and repair costs after an accident.

Comparing Quotes is Essential

Once you’ve decided on the right car for you, it’s crucial to do your research and obtain quotes from different insurance brokers before making a purchase. Most insurance providers have online platforms that allow you to easily compare quotes. Make sure to apply the same criteria for each quote requested and be honest when answering questions.

The following insurance quotes were obtained from Compare the Market and are based on the cheapest deal available at the time. The quotes are based on a 35-year-old teacher living in Swindon with an exemplary driving record.

And the Top 10 Affordable Cars with Low Insurance Costs in 2023 are:

Hyundai i10

Kia Picanto

Seat Ibiza

Skoda Fabia

Kia Rio

Motorsport

Toyota Crown Receives Top Safety Pick+ Award for Excellent Crash Performance

The 2023 Toyota Crown has been honored with the prestigious Top Safety Pick+ Award by the Insurance Institute for Highway Safety. This mid-size sedan has demonstrated exceptional crashworthiness, earning Good ratings in almost all categories, including the challenging small overlap front crash test and the revised side crash evaluation. You can witness the small overlap front crash test in the video above.

In addition to excelling in crash tests, the Toyota Crown achieved a Good rating in every other crash metric. The vehicle’s front crash prevention system received special recognition, achieving a Superior rating in both day and night conditions.


Technology

Understanding Renters Insurance Coverage for Phones and Gadgets

Having renters insurance is a good step towards protecting your belongings, including your phone and other electronic gadgets. However, it’s important to delve into the details of your policy to know exactly what is covered. Renters insurance typically includes coverage for handheld electronic devices, but there are limitations to consider.

One crucial aspect to examine in your policy is the electronics limit of liability. This refers to the maximum amount covered for the loss or damage of gadgets such as smartphones, laptops, and tablets. Understanding this limit will give you an idea of how much you can expect to receive in case of theft or damage.

For instance, let’s say your policy has a $15,000 cap for personal belongings, but it only covers up to $2,000 for electronic equipment. Considering your deductible and the value of your gadgets, you may have to pay a significant amount out of pocket if these items are damaged or stolen.

It’s worth noting that most insurance policies do not automatically cover accidental damage or loss. You may need to purchase additional coverage to protect against such situations. It’s therefore crucial to carefully review the exclusions and consider these factors before selecting a plan.

Motorsport

Watch Honda Odyssey, Other Minivans Struggle In IIHS Rear Seat Test

The Insurance Institute for Highway Safety (IIHS) recently conducted a more challenging moderate overlap front crash test on several minivans, including the Chrysler Pacifica, Honda Odyssey, Kia Carnival, and Toyota Sienna. Unfortunately, the results were far from impressive.

The IIHS ranks vehicles based on their performance, using categories such as Good, Acceptable, Marginal, and Poor. Let’s take a look at how these minivans fared:

Model Overall Rating
2023 Chrysler Pacifica Marginal
2023 Kia Carnival Marginal
2023 Toyota Sienna Marginal
2023 Honda Odyssey Poor

In this updated moderate overlap front crash test, the IIHS now evaluates the safety of second-row passengers. While all these minivan models scored well in terms of protecting the driver, the concern lies in ensuring the safety of rear occupants. The IIHS uses a crash test dummy representing either a small woman or a 12-year-old child in the back seat.


Mazda

First-Ever Mazda CX-90 Earns 2023 IIHS TOP SAFETY PICK+ AWARD

WASHINGTON, DC (Sept. 12, 2023) – The Insurance Institute for Highway Safety (IIHS) has awarded the 2024 CX-90 and CX-90 Plug-in Hybrid (PHEV) its highest safety rating, the 2023 TOP SAFETY PICK+.

IIHS President David Harkey stated, “The excellent performance of these two new SUVs demonstrates Mazda’s commitment to safety. In 2023, we raised our award standards, and Mazda has met the challenge.”

Mazda North American Operations President and CEO Tom Donnelly said, “Safety is a top priority at Mazda, and our engineers continually strive to enhance crashworthiness and crash avoidance technologies to meet and surpass stringent testing criteria. We are incredibly proud that the 2024 CX-90 and CX-90 PHEV have achieved the TOP SAFETY PICK+ for 2023.”

To attain the 2023 TOP SAFETY PICK+, a vehicle must achieve excellent ratings in driver-side small overlap front, passenger-side small overlap front, original moderate overlap front, and updated side tests. All trims must feature acceptable or good headlights, and a front crash prevention system with advanced or superior ratings in both daytime and nighttime vehicle-to-pedestrian evaluations must be available.

The Mazda3 Sedan, Mazda3 Hatchback, CX-30, CX-5, and CX-50 vehicles have all received the 2023 IIHS TOP SAFETY PICK award.

To learn more about advanced safety at Mazda, please visit the MazdaUSA.com website – https://www.mazdausa.com/why-mazda/safety.

The IIHS is an independent, non-governmental safety-testing organization funded by the insurance industry. For more information, visit https://www.iihs.org/ratings/top-safety-picks.

Mazda North American Operations is headquartered in Irvine, California, overseeing the sales, marketing, parts, and customer service support of Mazda vehicles in the United States, Canada, Mexico, and Colombia through around 795 dealers. Mazda Canada Inc. manages operations in Canada, Mazda Motor de Mexico handles operations in Mexico, and Mazda de Colombia manages operations in Colombia. For more information on Mazda vehicles, including photography and B-roll, please visit the online Mazda media center at InsideMazda.MazdaUSA.com/Newsroom.

Stay updated on MNAO’s social media channels through Twitter and Instagram at @MazdaUSA and Facebook at Facebook.com/MazdaUSA.###

Motorsport

2023 Jeep Grand Cherokee Earns IIHS Top Safety Pick + Rating

The Insurance Institute for Highway Safety (IIHS) has awarded the 2023 Jeep Grand Cherokee with its highest safety honor. Both the standard Grand Cherokee and the three-row Grand Cherokee L have received the IIHS Top Safety Pick + rating. However, there are some important details to consider.

The current-generation Grand Cherokee was introduced in 2020, followed by the longer Grand Cherokee L in early 2021. But it is important to note that the IIHS awards specifically apply to 2023 models, and more specifically, Grand Cherokees built after March 2023. For Grand Cherokee L models, the production date requirement is May 2023.

So, what brought about this recognition? According to the IIHS, Jeep made structural changes to the Grand Cherokee’s undercarriage to address a significant fuel leak issue that arose in earlier models during crash tests. This leak was caused by the tank being punctured by sheet metal. These changes, along with adjustments to the headlights across all Grand Cherokee trims, were made by Jeep to improve safety ratings.

The 2023 Grand Cherokee models built after the specified dates now receive good ratings in all IIHS crash tests, including overlap front crash tests for both the driver and passenger sides, as well as side-impact tests. In terms of lighting, the changes made by Jeep have resulted in either good or acceptable ratings for all trim levels of the Grand Cherokee.

To qualify for the IIHS Top Safety Pick + award, vehicles must have frontal crash prevention systems that achieve advanced or superior ratings in vehicle-to-pedestrian collisions. The 2023 Grand Cherokee, in its standard and L formats, received an advanced rating for daytime operation and a superior rating for nighttime operation. Jeep provides this system as standard on all Grand Cherokee trim levels, making it deserving of the Top Safety Pick + accolade.

In terms of pricing, Jeep offers the 2023 Grand Cherokee in eight different trims. The base trim, the Grand Cherokee Laredo, starts at $41,330 (including a $1,795 destination fee) for a two-wheel-drive model with a white exterior. All other colors come at an additional $595 cost. Opting for four-wheel drive adds $2,000 to the price, and the cheapest three-row Grand Cherokee (2WD) starts at $43,330. At the top of the range, the Grand Cherokee L starts at $72,735 with standard 4WD. However, choosing any exterior color other than white incurs a $595 upcharge.

Motorsport

Tougher IIHS Midsize Cars Rear-Seat Safety Test Shows Head, Neck Injury Risk

The Insurance Institute for Highway Safety (IIHS) has released concerning findings about the rear-seat safety of midsize cars. The updated moderate overlap front crash test revealed significant differences among vehicles, highlighting the need for improved rear-seat protection.

In a notable achievement, the Honda Accord emerged as the top performer in rear-seat safety, securing an exceptional rating. However, most midsize cars struggled to meet the IIHS’s strict safety criteria. Among the other six vehicles assessed, the Subaru Outback received an acceptable rating, showing moderate success in rear-seat protection. On the lower end of the spectrum, the Nissan Altima, Toyota Camry, Hyundai Sonata, Kia K5, and Volkswagen Jetta received poor ratings, indicating notable deficiencies in their rear-seat safety provisions.

During testing, a recurring issue was the “submarining” of the rear dummy, where it slid forward and went beneath the lap belt. This increased the risk of internal injuries, especially in vehicles that received poor ratings. Measurements taken from the rear dummy indicated potential injuries to the head, neck, and chest in poorly rated vehicles.

The updated moderate overlap front test was introduced last year after research revealed a higher risk of fatal injuries for belted occupants in the rear seats compared to those in the front. The aim of this new evaluation is to encourage manufacturers to prioritize improvements in rear-seat safety. The evaluation involves placing a dummy in the back seat behind the driver to assess injuries commonly observed in back-seat passengers.

To receive a good rating, vehicles must demonstrate minimal risks of injury to the head, neck, chest, and thigh of the rear dummy. Proper positioning without submarining is crucial, as well as maintaining a safe distance between the dummy’s head and the interior components. Shoulder belt retention on the shoulder is also essential, as evaluated by a pressure sensor on the dummy’s torso.

Ratings in the updated moderate overlap front test for midsize cars:

Vehicle Overall rating Structure & safety cage Driver injury measures Rear passenger injury measures
2023 Honda Accord G (Good) G G G
2023 Subaru Outback A (Acceptable) G G G
2023 Nissan Altima M (Marginal) G G A
2023 Toyota Camry M G G M
2023 Hyundai Sonata P (Poor) G G P
2023 Kia K5 P G G P
2023 Volkswagen Jetta P G G P

In June of this year, the IIHS tested five small crew cab pickups, and none of them received a top score in the updated moderate overlap front evaluation that focused on rear-seat safety. Similarly, a selection of five small cars also underwent the updated safety test, and none of them performed well.

Featured

How TATA AIG is Revolutionizing Car Insurance Policies to Match the Evolving Automotive Industry

TATA AIG leads auto insurance revolution with telematics, electric vehicle coverage, cybersecurity coverage, and more

Tata AIG Insurance

Insurance companies are updating their policies to offer comprehensive coverage as the automotive sector continues to evolve due to technological advancements and changing consumer expectations. TATA AIG, a leading insurance company, is at the forefront of this revolution. This article explores how TATA AIG is modernizing vehicle insurance coverage to meet the demands of the developing automotive industry.

Embracing Telematics:

TATA AIG has embraced telematics, a technology that allows real-time data collection from vehicles. Policyholders can monitor their driving behavior, including speed, acceleration, and braking, by installing telematics devices or using smartphone apps. TATA AIG utilizes this information to offer personalized insurance plans based on individual driving styles, promoting responsible driving and potentially reducing premiums.

Offering Usage-Based Insurance:

TATA AIG introduced usage-based insurance (UBI) to acknowledge that not all drivers have the same needs. With this innovative approach, policyholders can pay premiums based on their actual vehicle usage rather than traditional fixed plans. TATA AIG provides flexible coverage options, such as pay-per-mile or pay-as-you-drive policies, which can save money for drivers who use their vehicles sparingly or infrequently.

Providing Comprehensive Electric Vehicle Coverage:

In response to the increasing popularity of electric vehicles (EVs), TATA AIG has developed specialized coverage options tailored to the specific needs of EV owners. These insurance policies offer protection against mechanical and electrical malfunctions, as well as coverage for battery damage and charging infrastructure. TATA AIG’s focus on EV insurance demonstrates its commitment to promoting sustainable transportation and adapting to the changing requirements of the auto industry.

Introducing Cybersecurity Coverage:

With the increasing connectivity of vehicles through advanced infotainment systems and autonomous features, the risk of cyber threats also rises. TATA AIG has recognized this emerging concern and introduced cybersecurity coverage. This protection safeguards policyholders against cyber attacks targeting their vehicle systems, ensuring peace of mind in an increasingly digitized automotive landscape.

Tata AIG Insurance

Enhancing Claims Experience with Digital Solutions:

TATA AIG recognizes the importance of a smooth claims process. They have adopted digital solutions, including online claim filing, quick claim settlements, and virtual vehicle assessments, to simplify the procedure. By leveraging technology, TATA AIG aims to provide faster and hassle-free claim settlements, increasing customer satisfaction and reducing the time and effort required for claim processing.

Offering Add-Ons for Customized Coverage:

TATA AIG understands that car owners may have specific needs beyond standard coverage. They offer a range of add-on options that policyholders can choose to enhance their insurance policies. These add-ons may include coverage for roadside assistance, engine protection, zero depreciation, and more, allowing customers to customize their policies according to their individual requirements.

Conclusion:

To keep up with the rapidly changing automotive industry, TATA AIG is leading the way in revolutionizing auto insurance. By embracing telematics, offering usage-based insurance, catering to electric vehicle owners, providing cybersecurity coverage, enhancing the claims process with digital solutions, and offering add-ons for customized coverage, TATA AIG ensures that customers receive comprehensive and tailored coverage that meets the evolving demands of the modern auto industry. Choosing TATA AIG allows car owners to benefit from cutting-edge insurance solutions that protect their vehicles and provide peace of mind while driving.

Featured

7 Tips To Choose The Best Car Insurance Plan With The Right Add-On Schemes


Picking the right car insurance plan with suitable add-on schemes will provide you with the necessary protection and peace of mind on the road

For your automobile to be protected from unforeseeable events, the correct auto insurance plan must be chosen. It might be difficult to choose the finest auto insurance plan, though, given the wide range of options on the market. You can further improve your coverage by taking the appropriate add-on plans into account. Here are seven guidelines to help you select the best auto insurance policy with the appropriate add-on plans.

1. Assess your Coverage Needs:

Examine your specific coverage needs before choosing one of the many vehicle insurance packages available. Think about things like the age, worth, and usage of your car, as well as your personal driving style. For instance, comprehensive coverage plus add-ons like zero depreciation and engine protection would be advantageous if you own a brand-new vehicle.

2. Research Multiple Insurance Providers:

Research and compare policies from various insurance companies are essential steps in selecting the best auto insurance plan. Look for reputable insurers that provide thorough coverage, top-notch customer support, and simple claim processing. Comparing policies and their benefits side by side is made easier with the help of online insurance aggregators.

3. Understand the Add-on Options:

For greater protection, you can supplement the base coverage in your auto insurance policy with add-ons or riders. Learn about optional add-ons, including zero depreciation, engine protection, roadside assistance, consumables coverage, and personal accident insurance for passengers. Determine which ones fit your needs and financial situation.

4. Consider Deductibles and Premiums:

Analyze the deductibles and costs related to auto insurance policies. The sum you consent to pay out of pocket while filing a claim is known as a deductible. Lowering your deductible can lower your premium, but you might have to pay more if you file a claim. Balance your deductibles and premiums based on your financial capacity.

5. Check Network Garages and Cashless Facilities:

Take into account the insurer’s network of garages and their ability to resolve claims without the use of cash. A large network guarantees easy access to approved repair facilities, lowering out-of-pocket costs during repairs. Additionally, cashless facilities simplify the claim procedure by eliminating the inconveniences of reimbursement.

6. Read the Fine Print:

Thoroughly read and understand the terms and conditions, coverage inclusions and exclusions, claim procedures, and claim settlement ratios of potential insurance plans. Pay attention to hidden clauses and limitations that may affect your coverage. Seek clarification from the insurer or agent if anything is unclear.

7. Seek Recommendations and Reviews:

Ask friends, family members, and other reliable sources for suggestions who have used vehicle insurance policies in the past. Their opinions can be incredibly insightful regarding an insurer’s claim handling procedures, customer support, and level of satisfaction in general. To determine the reputation and dependability of insurance providers, read customer reviews and ratings online.

Choosing the best car insurance plan involves careful consideration of your coverage needs, thorough research, and an understanding of add-on options. By assessing your requirements, comparing policies, and considering factors like deductibles, network garages, and reviews, you can make an informed decision. Remember, only the right car insurance plan with suitable add-on schemes can provide you with the necessary protection and peace of mind on the road in the long run.