Columbia Hyundai

from June 2021 Midwest Edition

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Mississippi were driving uninsured. That was up from 23.7% in 2015, which doesn’t bode well, given the

state implemented an insurance verification system for traffic stops in 2017 and further toughened penalties for driving uninsured in 2018.

Tennessee similarly launched an insurance verification system in 2017, but saw the percentage of uninsured drivers there rise from 20% in 2015 to 23.7% in 2019.

More than one in four drivers in Alabama in 2007 lacked insurance, but tougher state regulations brought that down to 18.4% in 2015. State

regulators earlier this year said they expected that had dropped still further, to 10% or less by 2019. But the IRC report pegs the number as actually having risen to 19.5% that year.

North Dakota also saw a big spike in uninsured motorists, from 6.8% in 2015 to 13% in 2019. Idaho last summer implemented increased efforts to crack down on uninsured drivers, which comprised about 8.2% of the state’s drivers in 2015, but jumped to 13.2% by 2019.

Arkansas also began cracking down on uninsured drivers last year. A new law that went into effect in January 2020 requires a state agency to notify residents whose registered vehicles appear to lack insurance that they have been fined $100 for the lapse. If they don’t provide proof of insurance within 30 days, their vehicle registration can be suspended. By the end of last August, the state had mailed 179,126 such letters to Arkansas drivers. The state hopes to reduce its rate of uninsured drivers, which stood at 19.3% in 2019, according to the IRC.

Two large states did see significant declines from 2015 to 2019 in uninsured driving. Florida fell from having 26.7% of drivers uninsured in 2015―the highest in the nation― to 20.4% in 2019, and Texas cut its rate nearly in half, from 14.1% in 2015 to just 8.3% in 2019.

The Insurance Research Council issued a report this year showing the rate of uninsured drivers ranges from a low of 31% of drivers in New Jersey to a high of 294% in Mississippi

Continued from Cover

Historic Recovery

possibility of future lockdowns, vaccine distribution concerns and the nation’s understanding of the COVID-19 virus will have the greatest effect on the strength of the rebound.

Interest rates are similarly projected to remain near zero until mid2024, when the Federal Reserve will slowly begin reversing the rate cuts made during the COVID-19 recession. The Fed’s delay to increase interest rates will help fuel investment growth once the pandemic subsides.

“This is all uncharted territory for monetary policy,” Snaith says. “Washington D.C. has been focused on politics more so than the economy and there is no previous playbook on how best to carry policy forward.”

For the complete U.S. report from the Institute for Economic Forecasting, visit business.ucf.edu/ centers-institutes/institute-economic-forecasting. The Institute for Economic Forecasting strives to provide complete, accurate and timely national, state and regional forecasts and economic analyses.

Snaith is a national expert in economics, forecasting, market sizing and economic analysis who authors quarterly reports about the state of the economy. Bloomberg News has named Snaith as one of the country’s most accurate forecasters for his predictions about the Federal Reserve’s benchmark interest rate, the Federal Funds rate.

We thank UCF Today for reprint permission.

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Autobody News

Axalta, a leading global supplier of liquid and powder coatings, on April 22 announced the launch of Axalta Mobility Coatings, a rebranding of its Transportation Coatings business unit.

The redefined business will focus on supporting the accelerating demand for e-mobility and the evolving coatings needs of established and emerging light and commercial vehicle original equipment manufacturers (OEMs), fleet owners and shared mobility providers.

As part of the rebranding, Axalta Mobility Coatings is unveiling a new solutions portfolio that brings together the best of Axalta’s experience and innovation into three categories: Core Mobility Solutions, Advanced Mobility Solutions and Axalta Advantage.

For more information about Axalta Mobility Coatings, visit www.axalta.com.

Source: Axalta