Insurance expert witnesses may opine on insurance loss claims, insurance policy coverage, automobile insurance rates, and related topics. Here, Insurance.com writes on on 2011 car insurance trends including:
Companies will continue to offer discounts and incentives in 2011 – such as a premium refunds or diminishing deductibles to existing consumers who remain claim-free, says Ryan Hanley, an insurance broker with the Guilderland Agency in Albany, N.Y. “Pay as you drive” insurance policies are among the discount plans most likely to grow in popularity next year. These policies offer drivers a premium based primarily on the number of miles they drive each year. This can lead to big savings for people who drive relatively few miles.
“Pay as you drive” is a fairly new industry product, but mileage-based insurance is growing in states such as California and Texas. “I see more companies starting to collect mileage information and incorporating it into their insurance products,” Hageli says. “It’s the next big thing.” Insurers offering these policies have different ways to determine how many miles consumers are driving. Some companies place a device in the policyholder’s car. It collects driving information, and is then uploaded to the insurer, Hageli says.
Other providers review mileage readings from annual inspections to determine how many miles a policyholder has driven in a year. Although mileage-based insurance is increasing, it won’t replace traditional insurance anytime soon, Hageli says. Other factors that go into figuring a policyholder’s premium – such as age, gender and marital status – remain important, he says.
Read more: insurance.com.