In Depth Insurance News


More People Die in the US due to Pollution than Car Crashes

No Image

By: Hemanth Ramesh November, 25, 2019

Climate change and the ever-increasing pollution levels have been having a significant impact on people’s health. Gavop compares the average health insurance rates of the 10 most polluted states in the U.S.

The number of people in the U.S. who have died due to pollution-related causes is much higher than automobile fatalities, according to data analyzed from a report published by the National Acadamy of science. About 107,000 people die from air pollution each year, while 36,560 people died from car crashes in 2018 according to the NHTSA.

According to data from Airnow, 39% of the U.S. population lives in areas with unhealthy air. Louisiana was found to be the state in the U.S. with the worst quality of air. Moreover, the average health insurance premium was found to be $5,926 in Louisiana, which was about $1000 above the national average. Citizens in Tennessee paid the highest average health insurance rate at $6,318, which was $1,378 higher than the national average.

Continue reading


Life Insurance Companies Now Have Access to Your Social Media Content

No Image

By: Gokul Menon November, 22, 2019

It is prudent to exercise caution before posting pictures of oneself smoking or chugging down alcohol now that the  New York State Department of Financial Services has authorized the usage of “external consumer data and information” to set premium rates, by life insurance companies in New York.

The New York State Department of Financial Services (NYSDFS) recently permitted life insurance companies to use social media posts of consumers to determine insurance premium rates.

Continue reading

The Race to develop Airless Tires: Top Companies

No Image

By: Hemanth Ramesh November, 22, 2019

A tire bust when driving on a highway could be extremely dangerous, causing the vehicle to go out of control and potentially lead to an accident. According to the National Highway Traffic Safety Administration (NHTSA), tire blowouts are estimated to cause around 738 deaths and 78,000 automobile crashes each year.

A safer technology for tires might help lower insurance costs as well as save lives.

Continue reading

Can Hydrogen Fuel Cell EVs Replace Battery EVs?

No Image

By: Hemanth Ramesh November, 21, 2019

The Toyota Mirai, is a hydrogen fuel cell electric vehicle (HFCEV), with a range of 300 miles. While the Tesla Model 3 is a battery electric vehicle, the Mirai is still an electric car, driven by an electric motor, but instead of a battery, it has a hydrogen fuel cell. The car has a tank into which pressurized Hydrogen is pumped, like a petrol or diesel car. Hydrogen is then combined with Oxygen from the air in the fuel cell to generate electricity. It generates electricity on demand, as the driver presses the pedal for the electric motor that drives the car.  Newer car technologies have always struggled without an infrastructure that already exists. One reason for higher insurance premiums for such vehicles is because of expensive parts that are produced in limited quantities.

Continue reading

Believe it or not, These Insurance Coverages Do Exist

No Image

By: Gokul Menon November, 18, 2019

Insurance companies seem to constantly push boundaries to go where no man has gone before. While providing insurance coverages that adhere to the norm, they also bring out innovative policies to cover the “out of the ordinary.” Here is a list of insurance coverages provided by insurance companies that are anything but usual. The basic idea is to insure oneself against one’s worst fears regardless of the scientific validity of the subject.

Continue reading

Are electric trucks the way of the future?

No Image

By: Hemanth Ramesh November, 15, 2019

According to the Emissions Database published by Boston University, trucks are one of the most significant sources of carbon emissions. 60% of the emissions in the U.S. come from 250 million passenger cars, SUVs and pickup trucks. According to data from the Environment Protection Agency, freight trucks contribute about 23% of the emissions in the U.S.

Transportation was also found to be one of the top sources of carbon emissions in the U.S., having surpassed electricity in 2017. With Tesla launching their two new fully-electric Semi Trucks and also planning to present the proposed “Cyber Truck,” will electric trucks be the way of the future?

Continue reading

Will Trump’s Requirement of Unsubsidized Health Insurance, for Prospective Immigrants, Lead to a Decrease in Immigration?

No Image

By: Gokul Menon November, 12, 2019

"Immigrants who enter this country should not further saddle our healthcare system, and subsequently, American taxpayers, with higher costs." Trump’s Presidential proclamation on October 4th aimed to exclude lawful immigrants who could not show the purchasing capacity to acquire health insurance at unsubsidized rates. The proclamation made it clear that prospective immigrants have to prove that they can afford to pay for private health insurance within 30 days of their entry. This move would have barred prospective immigrants from the country unless they could find a way to purchase private health insurance.

Continue reading

Over 348,000 California Home Insurance Policies Were Not Renewed Citing Wildfire Risk

No Image

By: Gokul Menon November, 05, 2019

As heavy winds continue to fan flames around Los Angeles, California, finds itself in the middle of yet another wildfire crisis. The last few years have been quite devastating for the residents of California, with repeated wildfires disrupting normal life. Research by Gavop has shown that 348,000 home insurance policies were not renewed due to wildfire risks between 2015 to 2018. Gavop’s research also found a widening gap between non-renewed home insurance policies in state responsibility areas (SRA) and non-state responsibility areas.

Continue reading

Veteran Suicide Rates are Twice That of the General Population

No Image

By: Gokul Menon October, 30, 2019

The number of suicides among military veterans in the country is on the rise. Though this isn’t a new problem, the State seems to be searching for new and active solutions. The country has come a long way in its interaction with suicide and post-war trauma. Post World War I, mental health, among troops who fought for the country, was relegated to the personal realm. However, the agonies of war continued even after they returned to their regular lives. Post the World Wars, the families of veterans faced a similar situation after the deployment of troops in Iraq and Afghanistan.

Continue reading

Norfolk, Virginia, homeowners can save up to 30% on home insurance costs

No Image

By: Ajay kumar Medagani October, 30, 2019

In Norfolk, Virginia, the average homeowner's insurance premium is $1030 per annum, which is moderately lower than the United States’ national average of $1,228. To further reduce their home insurance rates, Norfolk homeowners can consider the options recommended below.

Constructing homes with superior fire-resistant material can help Norfolk homeowners get a discount of up to 19% on their insurance premiums. Homeowners living in brick veneer constructions can get a discount of up to 4%, whereas those with masonry homes can get a discount of up to 14%.

Continue reading

Top 5 Home Insurance Companies in Gilbert, Arizona, by Market Share

No Image

By: Hemanth Ramesh October, 30, 2019

Homeowners in Gilbert, Arizona, pay an average homeowner's insurance rate of $910 per annum, which is much lower than the national average of $1,228 per annum.

Gavop analyzed data from the 2019 market share report published by the National Association of Insurance Commissioners (NAIC) to identify the top 5 homeowners' insurance firms in Gilbert.

State Farm

State Farm is the largest firm providing multi-peril homeowners insurance in Gilbert and holds a 17.97% market share in the multi-peril home insurance segment. In 2018, State Farm was awarded an A++ rating by A.M. Best, which is the highest possible rating given to a firm for its superior financial ability to meet ongoing insurance obligations.

Continue reading