You should know how to use auto insurance for 2017
The National Association of Insurance Commissioners released its 2017 “Insurance Market Knowledge” report today, revealing that Americans are more aware of the benefits of auto insurance than ever before.
Insurance experts also reported that the industry is “on a roll” thanks to the Affordable Care Act, which is expected to boost the number of Americans covered by auto insurance.
But with that surge in coverage comes a new set of challenges.
Insurers say they are experiencing a spike in premium increases, particularly in some of the states that will be covered by the ACA.
And many of the nation’s biggest insurers have also seen their share of coverage gains drop, while others have seen increases.
For example, UnitedHealth Group reported that it will likely lose more than $4 billion in 2018, or about 8% of its total revenue.
The National Association for Insurance Commissioners, which produces the report, said insurers are trying to balance competing interests, and they need to do so in a way that benefits consumers, consumers, and the health care system as a whole.
The association said insurers will have to improve their customer service and communication, particularly with younger consumers who might be less likely to be covered.
But it also warned that insurance companies will have little choice but to cut back if they cannot keep up with rising insurance premiums.
The ACA is expected have the biggest impact on premiums in 2018 as the law requires insurers to cover more people with pre-existing conditions.
The law also allows insurers to raise premiums for those who are healthy and younger, and provides subsidies to help people afford coverage.