January 19, 2021

insurance

NOIDA, India, Dec. 3, 2020 /PRNewswire/ — A comprehensive overview of the automotive usage-based insurance market is recently added by UnivDatos Market Insights to its humongous database. The automotive usage-based insurance market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the automotive usage-based insurance market. The automotive usage-based insurance market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the digital advertisement market at the global and regional levels. The Global Automotive Usage-Based Insurance Market is expected to grow at a CAGR of 24.4% from 2021-2026 to reach US$ 93 billion by 2026.

Market Overview

The National Association of Insurance Commissioners (NAIC) revealed in 2015 that about one-fifth of auto insurers will offer automotive usage-based insurance in the next five years. Moreover, nearly 90% of the new car sales in 2020 will include embedded telematics packages, as per the European Commission. The key factor impacting the market of automotive usage-based insurance is the government regulations on telematics, lower insurance premium compared to regular insurance, surging vehicle fleet, etc., and a rise in the connected car services. In 2019, the global sales of connected cars with embedded telematics are estimated to have hit 28.5 million units. Moreover, it is expected that the number of connected cars would reach around 74 million units by 2025.

Automotive Usage-Based Insurance (UBI) is a type of auto insurance that tracks mileage and driving behaviors. The global auto industry is undergoing a major transformation due to technological advancements.  The growing adoption of IoT coupled with the introduction of 5G technology worldwide has generated a wave of connectivity. Moreover, surging automotive production and sales coupled with the escalating internet penetration has pleasantly impacted the market of automotive usage-based insurance.

Request Sample Copy of this Report @ https://univdatos.com/report/automotive-usage-based-insurance-market-current-analysis-and-forecast-2020-2026

Covid-19 Impact

COVID-19 pandemic adversely impacted the industries. The insurance companies started making unparalleled moves such as reduce premium, partial refund, etc., Moreover, the demand for the new insurance policies witnessed an uptick with a low premium. As per a report by J.D Survey, online demand for new insurance policies has gone up by 27% since March. Also, as of May around 40% of consumers were interested in telematics-based auto insurance options. Moreover, the driven hours also reduced due to the lockdown in the counties. In a study, it was found that driven hours in Washington reduce from 29.2% to 11.6% in the month of April-May. Also, in a survey, it was found that the COVID-19 pandemic impacted the willingness to use usage-based insurance. As of 24 March 2020, there were around 10% of people who were more willing to use UBI. However, the number increased to 31% till 12 May 2020 which is 3.1 times the prior results.

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Car insurance is fairly expensive for Rhode Island drivers. The average driver pays $1,300, about $300 more than the US national average, according to the Insurance Information Institute. There are some ways to save if you’re willing to put in a few minutes of work. 

Shopping around for coverage is the best way to make sure you’re getting the best price for you. Your premium, or the amount you’ll pay for auto insurance coverage, depends on several factors, including things like your credit score, the type of car you drive, how many years of driving experience you have, and even where you live in Rhode Island.  

Every company weighs these factors differently, so getting quotes from different companies and comparing them is the best way to find the most affordable policy for you.   

The following are the most popular car insurance companies in Rhode Island, based on the percentage of insured Rhode Island drivers who use them:

Company Market share (%)
Progressive 24.40
GEICO 12.99
Amica 11.44
Allstate 10.41
USAA* 6.66
Liberty Mutual 6.11
MetLife 4.71
Nationwide 4.64
MAPFRE 2.71
Travelers 2.47
State Farm 2.35
American Family 2.29
Auto Club Exchange 2.17
Selective 1.19
Providence Mutual Fire Ins 1.07
Ohio Mutual Insurance 1.03
The Hartford 0.55
Quincy Mutual 0.50
National General Holdings 0.44
Horace Mann 0.34

*USAA is only for active military, veterans, and their families.

Data from S&P Global Market Intelligence

The best car insurance in Rhode Island based on customer satisfaction

Customer satisfaction with car insurance providers may factor into your decision. According to J.D. Power, a consumer research company that surveys customers, these are the top car insurance companies in the New England region (which includes Rhode Island):

  1. Amica Mutual
  2. State Farm
  3. GEICO
  4. Region Average
  5. Progressive
  6. The Hanover 
  7. Arbella
  8. Liberty Mutual
  9. Plymouth Rock Assurance
  10. Travelers
  11. Allstate
  12. MetLife
  13. Safety Insurance 
  14. MAPFRE Insurance 

The best cheap car insurance in Rhode Island based on credit score

Consumer Reports compiled a list of all car insurance pricing formulas from all companies in every state. It used an average single adult driver to find the best pricing in each state, and found that three companies came out on top for three different credit levels. Here are the three best companies and their average price for coverage:

Drivers with excellent credit, meaning a FICO score of 800-850, will see some of the best average rates on car insurance.

  • USAA car insurance: $562 per year
  • Amica car insurance: $1,432 per year
  • Allstate car insurance: $1,550 per year

Drivers with good credit, meaning a FICO score of 670-739, will see the best coverage from these three companies, on average:

  • USAA car insurance: $760 per year
  • Amica car insurance:
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Westfield Transport, the defunct Massachusetts trucking company linked to a June 2019 New Hampshire crash that killed seven motorcyclists, did not perform a required background check of 24-year-old driver Volodymyr Zhukovskyy, who awaits trial on several charges including manslaughter, negligent homicide and driving under the influence.

The company did not review Zhukovskyy’s driver history and safety performance, or complete a qualification checklist required by the Federal Motor Carrier Safety Association (FMCSA). When the company first hired Zhukovskyy, a West Springfield resident who was arrested on a drunk driving charge in Connecticut just weeks earlier, Westfield Transport did not maintain a drug testing program for commercial drivers as required by FMCSA.

Volodymyr Zhukovskyy

Volodymyr Zhukovskyy, 23, of West Springfield, appears in Springfield District Court on Monday. (Don Treeger / The Republican)

Westfield Transport only sought to add Zhukovskyy to its insurance policy about an hour after his pickup truck crossed the center lane on U.S. Highway 2 in Randolph, New Hampshire, and crashed into six motorcycles, according to National Transportation Safety Board investigators.

“They basically had nothing,” Michael Fox, an NTSB highway accident investigator, told board members in a public hearing on Tuesday. Essentially “everything” was missing from Zhukovskyy’s file when it comes to required safety protocols, Fox noted.

After an in-depth review by NTSB investigators, who are preparing a report and recommendations to help improve safety in the wake of the crash, NTSB members sharply criticized Westfield Transport and FMCSA for severe lapses in oversight and the Massachusetts Registry of Motor Vehicles for systemic administrative failures.

“Not only did the RMV drop the ball, but FMCSA has missed the point as well,” Robert Sumwalt, NTSB chairman, said. He added that Westfield Transport “had nothing except for an unsafe safety culture.”

The NTSB unanimously found the probable cause of the crash was that Zhukovskyy, impaired with both morphine and heroin in his system at the time, crossed over into the oncoming motorcyclists. Neither distracted driving due to a cellphone or other device, nor road and weather conditions, played a role in the crash, NTSB found.

Bikers bid goodbye to 7 motorcyclists killed in New Hampshire crash

This photo provided by Miranda Thompson shows the scene where several motorcycles and a pickup truck collided on a rural, two-lane highway Friday, June 21, 2019 in Randolph, N.H. (Miranda Thompson via AP)AP

The group also found that broad deficiencies in RMV processing of out-of-state notifications and other administrative failures allowed Zhukovskyy, and more than 5,000 other drivers, to retain their Massachusetts licenses despite several violations on record.

The NTSB found that FMCSA fails to consistently issue imminent hazard orders against unsafe drivers and companies. NTSB described the shutdown orders as an effective tool that can block unsafe drivers and carriers from resuming operations under another outfit, a process dubbed “reincarnation.” Over the last few years, NTSB said FMCSA had only issued a handful of such orders, compared to hundreds of times under the Obama administration.

NTSB also called for added layers of oversight, including more on-site inspections and compliance reviews, of recent graduates of FMCSA’s new

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Hawaii drivers pay around $803 a year for car insurance on average, according to the Insurance Information Institute, which is below the national average. 

Shopping around for coverage is the best way to make sure you’re getting the best price for you. Your premium, or the amount you’ll pay for auto insurance coverage, depends on several factors, including things like your credit score, the type of car you drive, how many years of driving experience you have, and even where you live in Hawaii. 

Every company weighs these factors differently, so getting quotes from different companies and comparing them is the best way to find the most affordable policy for you.  

The following are the most popular car insurance companies in Hawaii, based on the percentage of insured Hawaii drivers who use them:

Company Market share (%)
GEICO 27.84
State Farm 18.28
USAA* 11.92
Allstate  9.19
Progressive  7.71
Farmers Insurance  5.54
Tokio Marine  5.03
Liberty Mutual  4.93
Island Insurance  3.13
MS&AD Insurance  2.19
The Hartford  1.11
Auto Club Exchange  1.06
DB Insurance Co.  0.76
American Family Insurance  0.33
Fairfax Financial  0.30
Markel  0.17
Ocean Harbor Insurance  0.16
AIG  0.13
Chubb  0.09
MetLife  0.03
Pacific Specialty Insurance Company 0.03
Travelers 0.03

*USAA is only for active military, veterans, and their families.

Data from S&P Global Intelligence

For a driver in Hawaii age 25 or older with no accidents and one vehicle, the following companies provide the best average rates:

Company Average monthly insurance premiums
USAA* $113
State Farm $113
GEICO $115
Liberty Mutual $117
Progressive $134
Allstate $139

*USAA is only for active military, veterans, and their families.

Above data obtained from Savvy, based on 536 policyholders in the state of Hawaii

For a driver in Hawaii age 25 or older, with one or more accidents and one vehicle, the following companies provide the best average rates:

Company Average monthly insurance premium
GEICO $130
Progressive $155
State Farm $158
Allstate $174

Above data obtained from Savvy, based on 536 policyholders in the state of Hawaii

Below is the estimated average annual premium of auto insurance policies per household in Hawaii’s most populous cities:

Company Average annual insurance premium
Urban Honolulu  $1,339
East Honolulu  $1,555
Pearl City   $1,454
Hilo   $1,328
Waipahu   $1,426
Kailua   $1,540
Kaneohe   $1,501
Kahului   $1,452
Mililani Town   $1,517
Ewa Gentry   $1,584
Kihei   $1,407
Mililani Mauka   $1,629
Makakilo   $1,549
Schofield Barracks   $1,351
Kapolei   $1,551
Wahiawa   $1,323
Wailuku   $1,435
Royal Kunia   $1,560
Ewa Beach   $1,522
Halawa  $1,489
Waimalu  $1,389
Kailua  $1,373
Waianae   $1,335
Hawaiian Paradise Park   $1,306
Nanakuli   $1,401
Lahaina  $1,391
Waipio   $1,453
Kalaoa   $1,441
Ocean Pointe   $1,627
Kapaa   $1,375
Maili   $1,405
Kaneohe Station   $1,331
Holualoa   $1,402
Waimea  $1,444
Makaha  $1,310
Waihee-Waiehu  $1,522
Aiea   $1,528
Haiku-Pauwela   $1,459
Ahuimanu   $1,528
Hickam Housing   $1,445

Data from S&P Global Intelligence

Hawaii does

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Nov 26, 2020 (The Expresswire) —
“Global Automotive Vehicle Insurance Market” 2020 report also supports to increase economies with the product distribution and to select best way of growing business. The Automotive Vehicle Insurance market report is designed with SWOT analysis, primary as well as secondary research methodologies, and the proper research techniques. Moreover, competitive landscape of the Automotive Vehicle Insurance market also provides with a detailed strategic analysis of the manufacturer’s performance and business.

TO UNDERSTAND HOW COVID-19 IMPACT IS COVERED IN THIS REPORT – REQUEST SAMPLE

Based on the Automotive Vehicle Insurance market development status, competitive landscape and development model in different regions of the world, this report is dedicated to providing niche markets, potential risks and comprehensive competitive strategy analysis in different fields. From the competitive advantages of different types of products and services, the development opportunities and consumption characteristics and structure analysis of the downstream application fields are all analyzed in detail.

Besides presenting notable insights on Automotive Vehicle Insurance Market factors comprising above determinants, the report further in its subsequent sections of this detailed research report on Automotive Vehicle Insurance Market states information on regional segmentation, as well as thoughtful perspectives on specific understanding comprising region specific developments as well as leading market players, objectives to trigger maximum revenue generation and profits.

Get a sample copy of the report @ https://www.360researchreports.com/enquiry/request-sample/16516071

This study covers following key players:
● USAA
● Amica Mutual
● Allstate Insurance
● Allianz
● Geico
● Berkshire Hathaway Homestate
● American International Group
● People’s Insurance Company of China
● Ping An Insurance

Brief Description about Automotive Vehicle Insurance market:

Based on the Automotive Vehicle Insurance market development status, competitive landscape and development model in different regions of the world, this report is dedicated to providing niche markets, potential risks and comprehensive competitive strategy analysis in different fields. From the competitive advantages of different types of products and services, the development opportunities and consumption characteristics and structure analysis of the downstream application fields are all analyzed in detail. To Boost Growth during the epidemic era, this report analyzes in detail for the potential risks and opportunities which can be focused on.

In Chapter 2.4 of the report, we share our perspectives for the impact of COVID-19 from the long and short term.
In chapter 3.4, we provide the influence of the crisis on the industry chain, especially for marketing channels.
In chapters 8-13, we update the timely industry economic revitalization plan of the country-wise government.

By the product type, the Automotive Vehicle Insurance marketis primarily split into:

● Liability Insurance ● Collision Coverage ● Comprehensive Coverage ● Personal Injury Protection

By the end users/application, Automotive Vehicle Insurance marketreport coversthe following segments:

● Passenger Car ● Commercial Vehicle

Inquire or share your questions if any before the purchasing this report – https://www.360researchreports.com/enquiry/pre-order-enquiry/16516071

Some TOC Points:

Section1 MarketOverview

Section2 MarketDynamics

Section3 AssociatedIndustryAssessment

Section4 MarketCompetitiveLandscape

Section5 AnalysisofLeadingCompanies

Section6 MarketAnalysisandForecast,ByProductTypes

Section7 MarketAnalysisandForecast,ByApplications

…...

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

On average, Massachusetts drivers pay around $1,136 a year for car insurance, according to the Insurance Information Institute. But there are ways to save if you’re willing to put in a few minutes of work. 

Shopping around for coverage is the best way to make sure you’re getting the best price for you. Your premium, or the amount you’ll pay for auto insurance coverage, depends on several factors, including things like your credit score, the type of car you drive, how many years of driving experience you have, and even where you live in Massachusetts. 

Every company weighs these factors differently, so getting quotes from different companies and comparing them is the best way to find the most affordable policy for you.  

The following are the most popular car insurance companies in Massachusetts, based on the percentage of insured Massachusetts drivers who use them:

Company Market share (%)
MAPFRE  22.00
GEICO 14.04
Liberty Mutual  10.33
Safety Insurance  8.08
Arbella Insurance  7.51
Plymouth Rock Co.  6.74
Progressive  5.68
MetLife  3.42
Travelers  3.29
USAA* 3.18
The Hanover Insurance Group 2.96
Amica  2.85
Allstate  1.92
Quincy Mutual  1.43
Norfolk & Dedham Group  1.07
Vermont Mutual Insurance  1.01
American Family Insurance  0.88
IAT Insurance  0.76
Preferred Mutual Insurance Co. 0.57
State Farm  0.34
National General Holdings  0.32
Chubb  0.31
Concord Group Insurance  0.30

*USAA is only for active military, veterans, and their families.

Data from S&P Global Intelligence

Customer satisfaction with car insurance providers may factor into your decision. According to J.D. Power, a consumer research company that surveys customers, these are the top car insurance companies in the New England region (which includes Massachusetts):

  1. Amica Mutual
  2. State Farm
  3. GEICO
  4. Region Average
  5. Progressive
  6. The Hanover 
  7. Arbella
  8. Liberty Mutual
  9. Plymouth Rock Assurance
  10. Travelers
  11. Allstate
  12. MetLife
  13. Safety Insurance 
  14. MAPFRE Insurance 

For a driver in Massachusetts age 25 or older with no accidents and one vehicle, the following companies provide the best average rates:

Company Average monthly insurance premium
Travelers $145
GEICO $156
Allstate $159
USAA* $172
Progressive $178
MetLife $188
Safeco $221
Liberty Mutual $228
Esurance $240

*USAA is only for active military, veterans, and their families.

Above data obtained from Savvy, based on 1,630 policyholders in the state of Massachusetts

For a driver in Massachusetts age 25 or older, with one or more accidents and one vehicle, the following companies provide the best average rates:

Company Average monthly insurance premium
GEICO $169
Esurance $189
Allstate $196
Progressive $222
Bristol West $239

Above data obtained from Savvy, based on 1,630 policyholders in the state of Massachusetts

Below is the estimated average annual premium of auto insurance policies per household in Massachusetts’s most populous cities:

City Average annual insurance premium
Boston  $1,481
Worcester  $1,412
Springfield  $1,333
Cambridge   $1,555
Lowell   $1,429
Quincy   $1,503
New Bedford  $1,372
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The “Automotive Usage Based Insurance Market Forecast to 2027 – COVID-19 Impact and Global Analysis by Technology Fitted; and Geography” report has been added to ResearchAndMarkets.com’s offering.

Dongles Segment is Expected to Dominate the Automotive Usage Based Insurance Market in 2027

The market is estimated to reach US$ 124.02 billion by 2027 from US$ US$ 19.64 billion in 2019. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.

At present, the insurance providers are following either installation of hardware devices, where devices are equipped to the policyholders’ cars or the low-priced smartphone app route. Both of these methods of tracking information have their advantages and disadvantages; however, they are not commonly exclusive. An insurance provider might want a customer to download an app and later shift to a plug-in device.

To stay competitive in the market, the insurance providers need to build internal capability, i.e. significant investment and efforts are required to establish liaison with telematics service providers. Before selecting an appropriate method to track information, an insurance provider needs to make several considerations. Most of the insurance providers use on-board diagnostics systems, i.e. OBDII (black boxes or dongles). However, they also offer smartphone apps that are easier to access and are economical. Comparatively very few of the insurance providers offer both the hardware and smartphone app.

Based on technology fitted, the global automotive usage based insurance market is segmented into smartphones, black box, dongles, and others. The dongles segment is expected to dominate the market by 2027. Dongles are a type of telematics hardware, commonly known as on-board devices (OBD). They are provided to customers either by the insurance company or third-party providers. Generally, they are owned by the insurance companies themselves. Dongles are plugged into vehicle’s on-board computer to capture real-time data around particular events. Dongles are capable of measuring almost all vehicle mechanisms from acceleration and braking pattern to speeding and crashes.

Due to the outbreak of COVID-19, the count of car trips has dropped drastically across the world. Therefore, the drivers and the vehicle owners are seeking for different criteria for making payment of insurance instead of making a flat rate, as the cars have been parked idle in the garages since last few months. Due to reduced trip of vehicles, the usage-based insurance is expected to be adopted highly. Thus, the companies are carefully monitoring the driving behavior because of restrictions imposed to curb the spread of COVID-19. To encourage safe driving in this pandemic situation, the need to measure the user’s driving behavior is a must. This pandemic situation would assist in stimulating the use of telematics more in the auto insurance industry.

Key Topics Covered:

1. Introduction

1.1 Scope of the Study

1.2 Research Report Guidance

1.3 Market Segmentation

2. Key Takeaways

3. Research Methodology

4. Automotive Usage Based Insurance Market Landscape

4.1 Market Overview

4.2 Ecosystem Analysis

4.3 PEST Analysis

5. Automotive Usage Based Insurance Market –

…...

DUBLIN–(Business Wire)–The “Automotive Usage Based Insurance Market Forecast to 2027 – COVID-19 Impact and Global Analysis by Technology Fitted; and Geography” report has been added to ResearchAndMarkets.com’s offering.

Dongles Segment is Expected to Dominate the Automotive Usage Based Insurance Market in 2027

The market is estimated to reach US$ 124.02 billion by 2027 from US$ US$ 19.64 billion in 2019. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.

At present, the insurance providers are following either installation of hardware devices, where devices are equipped to the policyholders’ cars or the low-priced smartphone app route. Both of these methods of tracking information have their advantages and disadvantages; however, they are not commonly exclusive. An insurance provider might want a customer to download an app and later shift to a plug-in device.

To stay competitive in the market, the insurance providers need to build internal capability, i.e. significant investment and efforts are required to establish liaison with telematics service providers. Before selecting an appropriate method to track information, an insurance provider needs to make several considerations. Most of the insurance providers use on-board diagnostics systems, i.e. OBDII (black boxes or dongles). However, they also offer smartphone apps that are easier to access and are economical. Comparatively very few of the insurance providers offer both the hardware and smartphone app.

Based on technology fitted, the global automotive usage based insurance market is segmented into smartphones, black box, dongles, and others. The dongles segment is expected to dominate the market by 2027. Dongles are a type of telematics hardware, commonly known as on-board devices (OBD). They are provided to customers either by the insurance company or third-party providers. Generally, they are owned by the insurance companies themselves. Dongles are plugged into vehicle’s on-board computer to capture real-time data around particular events. Dongles are capable of measuring almost all vehicle mechanisms from acceleration and braking pattern to speeding and crashes.

Due to the outbreak of COVID-19, the count of car trips has dropped drastically across the world. Therefore, the drivers and the vehicle owners are seeking for different criteria for making payment of insurance instead of making a flat rate, as the cars have been parked idle in the garages since last few months. Due to reduced trip of vehicles, the usage-based insurance is expected to be adopted highly. Thus, the companies are carefully monitoring the driving behavior because of restrictions imposed to curb the spread of COVID-19. To encourage safe driving in this pandemic situation, the need to measure the user’s driving behavior is a must. This pandemic situation would assist in stimulating the use of telematics more in the auto insurance industry.

Key Topics Covered:

1. Introduction

1.1 Scope of the Study

1.2 Research Report Guidance

1.3 Market Segmentation

2. Key Takeaways

3. Research Methodology

4. Automotive Usage Based Insurance Market Landscape

4.1 Market Overview

4.2 Ecosystem Analysis

4.3 PEST Analysis

5. Automotive Usage Based Insurance Market

…...



Warren Buffett wearing a suit and tie: Warren Buffett Getty Images


© Getty Images
Warren Buffett Getty Images

  • Mark Cuban and Chamath Palihapitiya are challenging Warren Buffett in the car-insurance market.
  • The “Shark Tank” star and Social Capital chief are part of a group investing $160 million into Metromile, which offers pay-per-mile insurance and personalized pricing to drivers.
  • Buffett’s Berkshire Hathaway owns Geico, one of the biggest US auto insurers and a key component of its business.
  • Metromile is poised to go public via a “blank-check” company at a projected $1.3 billion market capitalization.
  • Visit Business Insider’s homepage for more stories.

Billionaire investors Mark Cuban and Chamath Palihapitiya are taking on Warren Buffett in car insurance.

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The pair are among the investors plowing a total of $160 million into Metromile, which offers pay-per-mile car insurance and tailored pricing to drivers. The startup relies on a device that subscribers install in their vehicles, which tracks their mileage and reports other data with their permission.

Metromile announced the PIPE (private investment in public equity) on Tuesday as part of a deal to go public at a projected $1.3 billion market capitalization. It has agreed to merge with NSU Acquisition Corp II, a special-purpose acquisition vehicle (SPAC) set up by asset manager Cohen & Co.

Read More: A portfolio manager at $38 billion Baron Funds shares his checklist for investing in the most promising SPACs — and names 3 of the booming ‘blank-check companies’ he finds attractive now

Buffett’s Berkshire Hathaway conglomerate counts Geico — one of the major US auto insurers that Metromile is seeking to disrupt — among its largest and longest-owned subsidiaries.

The famed investor personally bought Geico stock in the early 1950s. He shelled out $47 million to purchase a third of the company for Berkshire in 1976, and acquired the rest of the business for $2.3 billion in 1995.

Geico has added more than $50 billion to Berkshire’s intrinsic value since 1993, and generated more than $22 billion in insurance float to invest elsewhere, Buffett said in his 2018 letter to shareholders. The investor also praised the auto insurer as a “jewel” and “incredible company” at Berkshire’s shareholder meeting that year.

“Buffett had Geico,” Palihapitiya — the boss of Social Capital, Virgin Galactic’s chairman, and a SPAC specialist — tweeted on Tuesday. “I pick Metromile.”

Read More: The investment chief at a $20 billion family office explains how he allocates assets for the ultra-wealthy — and shares 3 outperforming mutual fund managers on his buy list

“The option to pay for insurance by the mile is a game changer and why I’m incredibly excited about Metromile’s future!” Cuban said in a press release. The “Shark Tank” star and Dallas Mavericks owner was an early investor in Metromile.

The car-insurance upstart generated $53 million in revenue last year and stomached an operating loss of $57 million, an investor presentation shows. Meanwhile, Geico racked up $35.6 billion in revenue and $1.5 billion in pre-tax income in 2019.

Cuban, Palihapitiya, and Metromile have a long road ahead if they

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Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

Maine is the second-least expensive state in the US for car insurance. The average driver pays $667, about $200 less than the US national average, according to the Insurance Information Institute. But, that’s not to say that there aren’t still some ways to save if you’re willing to put in a few minutes of work. 

Shopping around for coverage is the best way to make sure you’re getting the best price for you. Your premium, or the amount you’ll pay for auto insurance coverage, depends on several factors, including things like your credit score, the type of car you drive, how many years of driving experience you have, and even where you live in Maine. 

Every company weighs these factors differently, so getting quotes from different companies and comparing them is the best way to find the most affordable policy for you.  

The following are the most popular car insurance companies in Maine, based on the percentage of insured Maine drivers who use them:

Company Market share (%)
Progressive  15.78
State Farm  12.90
GEICO 11.47
Liberty Mutual  8.26
Allstate  6.86
USAA* 4.94
MetLife  3.94
Concord Group Insurance  3.84
Travelers  3.39
The Hanover Insurance 3.20
MMG Insurance Co. 2.94
Auto Club Exchange  2.91
Quincy Mutual  2.76
National General Holdings  2.30
American Family  1.77
Frankenmuth Insurance  1.61
Horace Mann  1.57
Vermont Mutual Insurance  1.33
Amica  1.09
The Hartford  1.01
Sentry  0.91
MAPFRE  0.69
Farmers Insurance  0.67
Ohio Mutual Insurance  0.53
Nationwide  0.47

*USAA is only for active military, veterans, and their families.

Data from S&P Global Intelligence

The best car insurance in Maine based on customer satisfaction

Customer satisfaction with car insurance providers may factor into your decision. According to J.D. Power, a consumer research company that surveys customers, these are the top car insurance companies in the New England region (which includes Maine):

  1. Amica Mutual
  2. State Farm
  3. GEICO
  4. Region Average
  5. Progressive
  6. The Hanover 
  7. Arbella
  8. Liberty Mutual
  9. Plymouth Rock Assurance
  10. Travelers
  11. Allstate
  12. MetLife
  13. Safety Insurance 
  14. MAPFRE Insurance 

The best cheap car insurance in Maine based on credit score

Consumer Reports compiled a list of all car insurance pricing formulas from all companies in every state. It used an average single adult driver to find the best pricing in each state, and found that three companies came out on top for three different credit levels. Here are the three best companies for each level and their average price for coverage:

Drivers with excellent credit, FICO score 800-850, will see some of the best average rates on car insurance.

  • USAA car insurance: $480 per year
  • GEICO car insurance: $601 per year
  • State Farm car insurance: $814 per year

Drivers with good credit, FICO score 670-739, will see the best coverage from these three companies, on average:

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