Latest news with #Insurify
Yahoo
24-05-2025
- Business
- Yahoo
New report reveals why home insurance rates are skyrocketing — here's what you need to know
With the recent increase in wildfires and other extreme weather events, many homeowners are finding that their insurance companies are raising rates. Colorado has the fourth-most-expensive insurance rates in the United States, and with more increases on the way, homeowners are left scrambling. Due to increasing extreme weather events, particularly wildfires and hail in Colorado, home insurance premiums have steadily increased in recent years. In the Centennial State, insurance rates have risen 76.6% in just the last six years. According to The Denver Post, an Insurify report estimated Colorado homeowners will see an 11% increase in premiums in 2025, which could increase the average premium cost to over $6,000. Considering that approximately 300,000 homes in the state are at risk from wildfires, it's not surprising that insurance companies find that insuring these homes is riskier. However, the increased rates are making it more challenging for homeowners in Colorado to afford home insurance. Already, about 10% of Colorado homes are uninsured despite the likelihood of damage from wildfires and hail. Higher home insurance premiums will leave more homeowners having to choose whether paying the premium is more affordable than trying to repair damage caused by extreme weather events themselves, which could lead to an increase in uninsured homeowners. Higher premiums could also lead to fewer homeowners, as some may find that weather risks make renting preferable to purchasing a house. Furthermore, in some regions, insurance companies are pulling out entirely, leaving people without coverage and at risk of financial burden. As more insurance companies become averse to insuring homes in risky areas, more people may begin migrating to states with fewer extreme weather events or cheaper premiums, which could increase home and insurance rates in those states. If we continue to rely on dirty energy, supercharged extreme weather events — such as wildfires — would likely increase even more as heat-trapping gases continue to accumulate in our atmosphere, worsening the home insurance situation and causing further damage to our communities. This is just one reason why many governments and companies are adopting clean-energy solutions. Do you think America is in a housing crisis? Definitely Not sure No way Only in some cities Click your choice to see results and speak your mind. Colorado is trying to lower the cost of insurance via a 1% policy fee. This fee would fund programs in the state to address risks and damages caused by extreme weather, hopefully keeping insurers from abandoning the state. Though this fee would cause a slight increase in rates, it would be far less than what premiums are now. The Colorado legislature is also working to pass two bills related to home insurance. House Bill 1182 would rein in the use of risk assessment models by insurance companies, while House Bill 1302 would fund reinsurance and grant programs related to keeping homes safe from wildfires and hail. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Yahoo
19-05-2025
- Automotive
- Yahoo
How Much Are Cybertruck Owners Paying For Insurance?
Ironically for a quiet electric vehicle, there sure is a lot of noise swirling around the Tesla Cybertruck. Tesla CEO Elon Musk made a lot of claims about the Cybertruck that turned out to be exaggerated (at best). Then, since its release, all sorts of rumors have bounced around, from trucks getting bricked by being washed to questions about the durability of the stainless steel shell. Through all of that noise, prospective buyers may simply want to know how much they cost to insure. Here, too, rumors swirl, including reports that certain carriers are dropping Cybertruck coverage altogether. To get to the truth of the matter, Insurify, a virtual insurance agent, ran a market analysis and concluded that insurance on a Cybertruck, on average, will set the owner back almost $3,400 per year. Separately, Barron's, a financial magazine published by Dow Jones, did its own calculation and found it could insure a Cybertruck for $2,400 per year, though it also concluded those costs could climb all the way up to $4,500. Read more: The Best-Looking Pickup Trucks Ever Sold, According To Our Readers As a point of comparison, Insurify deems the Cybertruck to be the cheapest Tesla to insure; the popular Model 3 is actually the most expensive, despite its much lower sticker price. On the other hand, the Cybertruck is still significantly more expensive to cover than the great-grandaddy of all pickup trucks, the Ford F-150; Barron's has the stainless steel beast as 40% steeper than the good old Ford. The Cybertruck also comes out as 45% higher than the national average, and not much better against the EV average. With all that said, these are all estimates of averages. If you are looking to insure a Cybertruck yourself, your rate is going to depend on a lot of factors, such as your location, age, and driving record. With this vehicle, you also might have fewer options of insurer, since some carriers seem wary about covering it at all. As always, it's best to do your research before you buy the truck, so you know what you're getting into. Want more like this? Join the Jalopnik newsletter to get the latest auto news sent straight to your inbox... Read the original article on Jalopnik.
Gulf Insider
19-05-2025
- Automotive
- Gulf Insider
These Are The Most Accident-Prone Cars In America
There are many factors that play a role in how frequently a model is involved in accidents, including driver demographics, size, and even color. In this infographic, Visual Capitalist's Marcus Lu ranks America's most accident prone car models using data compiled by Insurify. Data and Discussion The car models with the highest accident rates in 2024 are listed in the table below. Note that this is a slightly longer top 50 list. Rank Make Model Accident Rate(2024) 1 🇰🇷 Kia Soul EV 15.1% 2 🇯🇵 Mazda Mazdaspeed 3 12.6% 3 🇺🇸 Chevrolet Bolt EUV 11.8% 4 🇺🇸 Jeep WranglerUnlimited 11.7% 5 🇩🇪 Volkswagen ID.4 11.7% 6 🇺🇸 Jeep Wrangler / YJ 11.6% 7 🇰🇷 Hyundai Ioniq Hybrid 11.4% 8 🇺🇸 Chevrolet Bolt EV 11.4% 9 🇺🇸 RAM 2500 11.2% 10 🇺🇸 Chrysler Voyager 11.2% 11 🇺🇸 Chevrolet Volt 11.1% 12 🇩🇪 Volkswagen EOS 11.1% 13 🇺🇸 RAM 3500 11.1% 14 🇯🇵 Toyota Prius Prime 11.0% 15 🇰🇷 Kia EV6 10.8% 16 🇯🇵 Lexus CT 10.6% 17 🇩🇪 Volkswagen Beetle 10.6% 18 🇰🇷 Kia Telluride 10.5% 19 🇺🇸 Jeep Gladiator 10.5% 20 🇯🇵 Lexus RC 10.4% 21 🇰🇷 Kia Carnival 10.4% 22 🇯🇵 Infiniti QX60 10.4% 23 🇰🇷 Kia Stinger 10.4% 24 🇯🇵 Subaru WRX 10.4% 25 🇯🇵 Mazda CX-5 10.3% 26 🇩🇪 BMW i3 10.3% 27 🇺🇸 RAM 1500 10.3% 28 🇯🇵 Nissan TITAN XD 10.3% 29 🇺🇸 Jeep Wrangler / TJ 10.2% 30 🇺🇸 RAM 1500 Classic 10.2% 31 🇯🇵 Mazda 3 10.2% 32 🇯🇵 Subaru Impreza 10.1% 33 🇩🇪 Volkswagen GTI 10.1% 34 🇺🇸 Jeep Wrangler 10.1% 35 🇺🇸 Chevrolet EquinoxLimited 10.0% 36 🇩🇪 Audi S4 10.0% 36 🇯🇵 Scion FR-S 10.0% 38 🇩🇪 Volkswagen Atlas 10.0% 39 🇺🇸 Buick Encore GX 9.9% 40 🇺🇸 Ford Bronco 9.9% 41 🇯🇵 Toyota Prius V 9.9% 42 🇺🇸 Ford MustangMach-E 9.9% 43 🇯🇵 Honda Insight 9.8% 44 🇰🇷 Hyundai Ioniq 5 9.8% 45 🇯🇵 Toyota FJ Cruiser 9.8% 46 🇩🇪 Audi A3 9.8% 47 🇰🇷 Hyundai Palisade 9.7% 48 🇺🇸 Tesla Model X 9.7% 49 🇸🇪 Volvo XC40 9.7% 50 🇯🇵 Honda Passport 9.7% Most major automakers have at least one model on the list, but several premium brands—such as Mercedes-Benz, Porsche, and Cadillac—are absent. While we can't come to a conclusion based on this dataset, it is interesting to note that there are several EV models at the top of the ranking. This includes the Kia Soul EV (#1), the Chevrolet Bolt EUV (#3), Bolt EV (#8) and Volt (#11), the Volkswagen ID.4 (#5), and the Kia EV6 (#15). A likely reason for this could be the way electric motors deliver instant torque, which may surprise drivers who are used to the more gradual power curve of gasoline engines. Here's something else to consider: research from 2024 found that EVs were 4% more likely to have an at-fault insurance claim compared to gasoline cars.
Yahoo
17-05-2025
- Business
- Yahoo
New report projects homeowners in several states to see a massive spike in insurance costs: 'You might want to talk to your insurance agent'
Homeowners in Iowa and Illinois are about to face jumps in their insurance premiums this year, with Iowans seeing the third-highest increase in the nation at 19% — more than double the national average, reported WQAD. According to the insurance comparison website Insurify, the average Iowa homeowner will pay $3,825 in 2025, which is up from $3,201 last year, an increase of $624. Illinois residents face a smaller but still substantial 10% increase, bringing their average premium to $3,402. Sonya Sellmeyer from the Iowa Insurance Division points to severe weather as the primary culprit. "Mother Nature has wreaked havoc on our state," she explained, per WQAD. "Insurance companies can't continue to pay out and not bring in enough to cover those losses." The financial strain on insurance companies is significant. For every $100 they collect in premiums from Iowa homeowners, they pay out $122 in claims. These rising costs are linked to our changing climate and its impact on your financial security. Weather disasters are becoming more severe, putting your home at greater risk. In Iowa alone, hail events increased by 133% from 2022 to 2023. The state experienced seven billion-dollar weather disasters in 2024, far exceeding the historical average of 1.9 such events per year since 1980. The 2020 derecho — a result of our overheating planet — continues to influence insurance rates in Iowa. As extreme weather events become more common, you might find it increasingly difficult to obtain affordable coverage for your home. This creates a troubling cycle where insurance becomes less accessible when you need it most. The financial strain affects your monthly budget and your long-term housing security. You can take several practical steps to help manage these climbing premiums while also supporting climate solutions. Do you think your city has good air quality? Definitely Somewhat Depends on the time of year Not at all Click your choice to see results and speak your mind. Start by talking with your insurance agent about possible discounts. "You might want to talk to your insurance agent to make sure any security features you have on your house are being considered in your premium and any mitigation efforts you have taken," Sellmeyer advised, per WQAD. If you've upgraded to wind-resistant shingles or made other home improvements that boost resilience, make sure your insurer knows about these changes. Consider shopping around for better rates from different companies. You can look into raising your deductible to a still-affordable amount to lower your monthly payments. Making your home more climate-resilient helps protect it from damage and can reduce your insurance costs. Simple improvements like better insulation, energy-efficient appliances, and properly sealed windows can make your home more sustainable and better protected against extreme weather. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Newsweek
16-05-2025
- Automotive
- Newsweek
Tesla Could Escape Brunt Of Trump's Tariffs While Other Brands Suffer
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Elon Musk's Tesla will remain largely unscathed from the expected negative impact of Donald Trump's tariffs on the U.S. and global car industry, experts have told Newsweek. Digital insurance agent Insurify expects the billionaire's company to see a modest 5 percent increase on sales prices as a result of the Trump administration's policies, while car sales prices in the U.S., in general, face an average 15 percent increase. Why It Matters Tariffs imposed by the Trump administration have received significant backlash from the U.S. auto industry, to the point that the president announced a softening of the policies in late April. While Trump has presented his tariffs as a way of helping American manufacturing thrive against global competitors, companies and dealerships have expressed concern over rising costs, which are expected to bring up prices for U.S. consumers in the short term. What To Know In April, the Trump administration introduced a 25 percent tax on cars imported into the U.S. Earlier this month, a 25 percent import tax on engines, transmissions, and other crucial car parts came into effect. These levies are expected to have enormous consequences on the U.S. car market, considering that nearly half all vehicles sold in the country last year were imported from outside the nation. Additionally, many U.S. manufacturers rely on parts imported from abroad. According to Insurify's early projections, new car sales prices in the U.S. will increase by about 15 percent as a result of Trump's tariffs on the U.S. trading partners, and insurance costs will rise by 6 percent. Some foreign-assembled models might see price hikes of up to 25 percent. "About 75 percent of the materials used in vehicles purchased by Americans come from outside the U.S., according to the White House," Insurify's Matt Brannon told Newsweek. "Tariffs have raised the cost of those automobile imports and auto parts imports, which will in turn make car prices more expensive because they are pricier to produce." People walk by a Tesla showroom on May 1, 2025, in San Diego, California. People walk by a Tesla showroom on May 1, 2025, in San Diego, it comes to insurance, carriers will be facing higher costs for repairs or replacements, and they are likely to take that into account when they set rates, transferring the financial burden to customers. "Tariffs could increase car insurance rates for all models, but newer models are facing larger increases because more expensive cars are generally more costly to insure, and they may require more specific parts," Brannon said. "Because of the auto parts cost increase, insurers will have to spend more money on repair claims, and the consensus is that to avoid excessive losses, insurers will pass those costs to policyholders through higher premiums." Newsweek contacted Tesla for comment by email on Friday morning. Modest Price Hikes for Tesla, While Buick and Hyundai Will See Massive Increases Tesla will be among the least affected companies, Insurify experts found, with the company's sales prices expected to rise by only 5 percent and insurance costs by 3 percent—the lowest increases of the brands analyzed by the team. "Tesla's most popular new models, the Model X and Model 3, are assembled in the U.S. with at least 60 percent domestic content," Brannon explained. "So, compared to other popular models, these Teslas have a smaller share of foreign material that would be tariffed. Additionally, the Tesla content that is foreign is mainly sourced from Mexico, which faces lower tariff rates for autos compared to vehicle content from nations that aren't part of the U.S.-Mexico-Canada Agreement (USMCA)," he added. The Tesla Model 3 contains 73 percent of U.S. content, and the Model X is made up of 60 percent of U.S. content, according to National Highway Traffic Safety Administration data. "While these vehicles would still see both cost and insurance rate increases, we expect those increases will be much smaller compared to models that have a higher percentage of foreign content," Brannon said. Musk previously said that tariffs won't impact Tesla as much as other U.S. automakers, as the company has "localized supply chains" in North America, Europe, and China. The billionaire, who has recently taken a step back from his prominent role in the Trump administration, said that he opposes high or unpredictable tariffs, but stated that it is "entirely up to the president of the United States" to decide on them. Buick and Hyundai, on the other hand, will face the highest price increases at 22 percent, according to Insurify's projections, followed by Kia at 21 percent. Another company that, like Tesla, will see only modest increases is Jeep, at a projected 6 percent. Of the 100 bestselling new models analyzed by Insurify, 22 could face both a 25 percent increase in sales prices and a 9 percent increase in annual insurance costs—what Brannon said are the maximum potential increases according to their projections. That includes seven of the top 50 bestselling new models of 2025: the Toyota RAV4, Chevrolet Trax, Subaru Forester, Mazda CX-5, Hyundai Elantra, Chevrolet Trailblazer, and Hyundai Palisade, Brannon explained. Of the three most popular new car models in the U.S., the Toyota RAV4 would see the highest projected cost increase due to tariffs, at 25 percent, followed by the Chevrolet Silverado (12 percent) and Ford F-series (11 percent). Risk Of Higher Insurance For Teslas Widespread anger against Musk and his role in massive cuts to the federal workforce implemented by his Department of Government Efficiency has brewed across the country in recent months and exploded in acts of vandalism against Tesla cars and dealerships. These incidents, should they continue, could fuel insurance rate hikes for Tesla vehicles, experts say. "If rates of Tesla vandalism continue to rise and don't decrease, it is possible that we could see premiums for these vehicles rise in the future," Brannon said. "However, it could take months before we have hard evidence of targeted Tesla vandalism raising rates for Tesla models in general—vehicles that haven't actually been vandalized," he added. "If a Tesla owner has already had their vehicle vandalized, they are likely to pay more in premiums if they file a vandalism claim because insurers typically raise rates on individuals who file a claim, since the claim is evidence that the policyholder presents additional financial risk to the insurer," Brannon said. What Happens Next Tesla's resilience to the Trump administration's tariffs might help the company at a time of difficulties, though Musk himself said that the company won't be completely unscathed by tariffs and will still suffer their impact. Last month, Tesla quarterly earnings and sales reported a 20 percent year-over-year fall in revenue and a 71 percent drop in net income.
