Economic Downturn Increases Risk

Economic Downturn Increases Risk

by Jeanny Hopper

More often than not, road accidents lead to serious injury and loss, not only to property, but also life. Surviving family and friends do not only deal with emotional stress, but also financial distress.  Things turn up a notch higher in these difficult business conditions where people forego a lot of conveniences because of tight finances. Just recently a massive traffic accident occurred in Louisiana that resulted in the deaths of five people.  The lone survivor of the accident, an elderly woman broke both her legs.  She lost her son, grandchildren, and daughter who all perished in the mishap.  The … (more) November 16, 2009

Click for more auto insurance headlines »

  • Prolonged Recession Causes Increase in Maryland Fraud Reports

    by Jeanny Hopper
    Prolonged Recession Causes Increase in Maryland Fraud Reports

    The Maryland Insurance Administration has been receiving almost twice the normal number of complaints involving fraud for this year compared to 2008. This may be attributed to the ongoing recession and an increasing popularity of the use of technology. According to Carolyn Henneman, Fraud Division Head of the Maryland Insurance Administration, their division has recorded around 1,400 reports for the fiscal year 2008. For fiscal year 2009, ending on June 30, more or less 2,600 insurance fraud reports have been received – almost double the previous number. Current statistics regarding fraud complaints is not an exact value, according to an … (more) November 14, 2009

  • Auto Insurance Fraud Reports Increase in Maryland

    by Jeanny Hopper
    Auto Insurance Fraud Reports Increase in Maryland

    The Insurance Administration in Maryland reports that auto insurance fraudulent activity have doubled in 2009. Increase in car insurance fraud in Maryland is blamed chiefly to the abused use of technology and the country’s current fiscal situation. According to reports, Maryland Insurance Administration (MIA) fraud division head, Carolyn Henneman, announced that as her department concluded the 2009 fiscal calendar last June 30, they received an estimated 2,600 complaints regarding auto insurance fraud. When asked if the department has the exact number of complaints received, an MIA representative said that exact figures are still unavailable as fraud data is still being … (more) November 11, 2009

  • Repair Shops: Drivers Pocketing Auto Insurance Money

    by Jeanny Hopper
    Repair Shops: Drivers Pocketing Auto Insurance Money

    Owners of auto repair shops thought that their business would never get affected by recession. In fact, they expect body repairs to go up during economic crunch since drivers would choose to have their old vehicles repaired instead of buying a new one. But things took an unexpected U-turn this year, with car fixers saying the bad economy is driving them out of business. A shop owner from Greenfield Ind. says he may stop operating this year since car owners prefer not to have their vehicles fixed. He pointed out to the economy as the culprit behind his failing business. … (more) November 2, 2009