• Vehicle Insurance

    Virginia minimum wage goes up Saturday, along with vehicle insurance minimums | State

    Virginia workers, employers, drivers and voters will see three changes in state law effective Saturday. For employers and employees, the next step in a series of state minimum wage increases begins Jan. 1 with a $1.50 hike in the base wage from $9.50 to $11. The latest wage hike will lead to another $1 increase in January 2023 to $12, $1.50 in January 2024 to $13.50, and a $1.50 rise to $15 in January 2026. If Congress approves a minimum wage rate higher than the state level at the time, the Virginia minimum wage rises to that level. With that  

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  • Vehicle Insurance

    Vehicle insurance coverage requirements to change Jan. 1

    RICHMOND, Va. (WWBT) – The Department of Motor Vehicles in Virginia is reminding drivers that the minimum insurance coverage required for vehicles will increase beginning Jan. 1, 2022. Senate Bill 1182 raises the minimum insurance coverage requirements over the next three years to the following: The increase will begin Jan. 1, 2022(Department of Motor Vehicles) The bill would apply to vehicle insurance policies issued or renewed on or after Jan. 1. DMV says in order to purchase license plates, a title, and register a vehicle in Virginia, a customer must certify the vehicle is covered by the minimum insurance  

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  • Vehicle Insurance

    Michigan auto insurance refunds to total $400 per vehicle

    The Michigan Catastrophic Claims Association will issue refunds of $400 per vehicle totaling $3 billion during the second quarter of 2022, Gov. Gretchen Whitmer’s office said Tuesday. The refunds are a result of cost-cutting measures in the 2019 auto insurance reform Whitmer signed into law. “Michiganders have paid into the catastrophic care fund for decades, and I am pleased that the MCCA developed this plan so quickly after unanimously approving my request to return surplus funds to the pockets of Michiganders,” Whitmer said in a statement. Last month, Whitmer called for the MCCA to issue refunds from an $5 billion  

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  • Vehicle Insurance

    Commercial vehicle insurance markets went from bad to less bad: AM Best

    Commercial auto insurance, which includes trucking, lost money in 2020. And yet a new report by insurance rating and benchmark company AM Best still declared last year’s performance as “the best underwriting results” in several years. Improved performance was recorded “across a number of key metrics, although the line still incurred an underwriting loss overall,” Best wrote in a recently released report.  But the report noted that the improvement last year was driven in part by the sharp drop in the number of cars on the road. That decline “finally moved the needle substantially in 2020.” Commercial auto insurance includes  

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  • Vehicle Insurance

    How to choose the right motor insurance policy and add-ons for your vehicle

    Anyone who has had any exposure to driving on Indian roads would agree that accidents are far easier to get into than out of. The data reverberates this fact, with an alarming rate of around 4.5 lakh road crashes each year as per a recent World Bank report. Not just this, the report also states that India tops the list when it comes to road accident deaths, even though we contribute to only 1 per cent of the total vehicles in the world. These numbers sure paint a dismal picture, but they are also a caution light for you to  

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