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Price Optimization: What it is & what it isn’t

Florida regulators issued a memorandum to insurers recently to eliminate the use of something called price optimization. That’s probably an unfamiliar term to most people. It’s interesting that the memo had to define what “price optimization” is in order for insurers to stop doing it. Simply, the memo from the Florida Office of Insurance Regulation was to stop a practice that few insurers are using in the first place and that may actually help lower insurance costs.

Price optimization is a tool that other industries have used for years,

Older drivers and safety: Tips to save lives and money

Taking a Mature Driver Course could earn you a discount on auto insurance.

Last week was Older Driver Safety Awareness Week, and while it was an event that just sped past me, it offered an idea worthy of putting in park for contemplation. When you’re considering hiding the car keys from an aging relative, suggest a driving fitness evaluation from a third party. 

Teen Driver Safety Week: Don’t touch that phone

8 percent of the total daily car crashes in Florida involve teen drivers.

Every day, on average, there are more than 700 traffic crashes on Florida roadways, according to the crash facts report by the Dept. of Highway Safety & Motor Vehicles. About 8 percent of those crashes involve teen drivers.

Drivers between the ages of 15-19 naturally have less experience. But teen drivers also tend to think they are experts at multitasking, which is an incredibly dumb thing to believe while driving.

What ride sharing drivers and passengers need to know about insurance

Most personal auto insurance policies do not provide liability coverage if the vehicle is used as a “public or livery conveyance”.

Another innovation born of mobile technology is the move to a sharing economy. People like to connect, and many like to make extra money by sharing stuff they already own. That’s what ride sharing is all about.  It links people who need a ride with car owners who want to use their cars to bring in a little extra cash by chauffeuring strangers around town. It’s a business model that seems to fit in Florida where public transportation is often spotty and hailing a cab is simply not possible on every street corner, as it is in a metro like New York City.

NO FLASHERS: Florida rules of road for driving in rain

Auto hazard lights in rain.

It is illegal to drive with flashers blinking in Florida.

Somewhere in Florida, nearly every sunshiny summer day is interrupted by a thunderstorm – or a brief, blinding, monsoon-like downpour. I got caught in one on I-4 last week. Several drivers on the interstate had their emergency flashers on.

Do older cars need collision coverage?

Old car collision

You may choose to not repair a mechanical problem or major body damage if your car has little resale value.

Let’s say the new-car smell wore off years ago, and the air freshener mimicking the scent can’t hide the stinky fact that your car’s best years are in the rearview mirror. You’ve always had full coverage, and that made sense then – but does it make sense now? Like so many things in life, the answer to that question is: It depends.