Insurance News - Saturday, August 24, 2013

Here are the leading auto insurance headlines from ONTARIO AUTO INSURANCE TOPICS ON TWITTER for Saturday, August 24, 2013:

• A Cornell University study based on interviews of industry members suggesting that prior approval of auto rates does not benefit consumers.  Although most experts agree that promoting the affordability and availability of auto insurance are appropriate objectives for regulators, they express strong disagreement with many of the tools commonly used by regulators.
• Bad news for older truck drivers; it seems that employees age 55 or older who drive as part of their jobs are more likely to be killed in accidents than younger colleagues because of declining cognition and greater susceptibility to injury. 
• Mixed reviews on the government's strategy to reduce auto insurance rates as consumers will need to wait 2 years (or longer depending on when their policy is up for renewal) to see the full 15% reduction.
• As well, the amendments to the Automobile Insurance Rate Stabilization Act, 2003 were proclaimed in force effective August 16, 2013. 
• Driver surprised to learn her auto insurer has launched a lawsuit without her knowledge.  Her insurer has used section 24 of the Repair and Storage Liens Act to resolve a dispute over storage costs.
• Newly licensed teens often drive older vehicles short of safety features that might lessen injuries in the event of a crash.