Auto Insurance News Archive for April, 2010

• 80% of drivers benefited if there is a change in insurance

  by Jeanny Hopper
  

  Insurers that are independent are fighting for fair rates for consumers saying that it’s their job to provide consumers with policies that have low costs and strong protections. That is why preposition 17 is supported by insurers. Millions of drivers in California are going to benefit from the discounts extended by this preposition who now who pay more than $300 if companies are switched. Responsible drivers will be rewarded and $250 can be saved per year. The problem that preposition 17 will fix is that the drivers maintaining insurance with the same company have an eligibility to apply for … (more) April 30, 2010

• 21st century acquisition finalized by Farmers Inc.

  by Jeanny Hopper
  

  The acquisition of 100% of the U.S group called the AIG U.S personal auto group has been completed by the Farmers insurance group of companies which is located in Los Angeles. This acquisition includes the insurance of the 21st century. Along with the 21st century insurance, the acquisition also includes the agency auto business and former AIG direct business. The price available for purchase touches 1.9 billion dollars. The agreements state that the business of AIG’s U.S personal auto insurance is actually being sold to the Farmers group inc. this group is Los Angeles based. It is a subsidiary of … (more) April 29, 2010

• Customer Satisfaction Causes Gaps Between Direct Insurers and Agencies

  by Jeanny Hopper
  

  Auto insurances companies have brought up the customer satisfaction rate by a significant margin in 2009.a study conducted showed that the level of customer satisfaction shook due to low premiums. The study showed that out of 34 insurers, 18 had improvements increasing from one year to another. Five factors are measured in determining customer satisfaction with auto insurance agencies. The factors are- payment and bills, claims, prices, offers in policies and interactivity. The study also shows that the satisfied customers with the auto insurance companies have increased touching 801 on a scale of 1000. This records a 14 point increase … (more) April 28, 2010

• Final regulations given for pay as you drive policy in California

  by Jeanny Hopper
  

  The insurance commissioner of California, Steve Poizner, gave out the final regulations of ‘pay as you drive’, which is aimed at the insurers to provide consumers with good rates which are based on the number of miles you drive and not an estimated number. Poizner says that this idea is a wise way of creating incentives for the motorists of California by asking them to drive less so that they could pay a low cost for auto insurance. This could also reduce pollution in the air and also reduces use of foreign oils. This policy was proposed in 2008 by … (more) April 27, 2010

• War in Massachusetts auto insurance market! Direct writers wait for a fair chance

  by Jeanny Hopper
  

  Massachusetts is targeted at for its auto insurance market ever since an announcement was made stating that its first policy had been written and soon it would be writing in Massachusetts as well. One of the largest insurers of automobiles in the nation, Geico wrote insurance yesterday in the state. an reception was held to greet the officials of the state and also the local officials. Their reception was held in Boston. It was announced by the company that auto insurance quotations and writing would begin this month in the bay state. Regional vice president, Steve Cunningham stated that they … (more) April 26, 2010

• Insurance agent from Atlanta makes policies fun

  by Jeanny Hopper

  Chris Jordan, an entrepreneur in the field of insurance has been posted on to inc. magazine. He is posted in a story on businesses that say entrepreneurs can begin a new business in their pjs. He uses a web cam, a dig cam, networks and significantly his humor to bond with people making them his customers. He says that insurance is all about building trusting relationships and he strongly believes that relationships too can be forged online. He says that chats, web cams and other communicative devices gives the owners of the agencies a chance to bond with customers like … (more) April 25, 2010

• Insurance hiked? Supreme Court blamed

  by Jeanny Hopper
  

  For the victims of accidents that resulted in paralysis or brain damage or other injuries, the drivers of Michigan will have to pay $20 dollars more for their care. In this case, it’s the Supreme Court to blame and not the usual bad stock or medicine costs. Last month, two men who suffered brain damage and who required a nurse at all times got full reimbursement of insurance by the Michigan catastrophic claims association as ordered by the court. The association that contained insurers who did no wrong, that was created in the 1978 had a goal which was to … (more) April 24, 2010

• State Farm had warned US officials about Toyota

  by Jeanny Hopper
  

  In late 2007, private insurance company state Farm had informed a US Government regulator of a disturbing trend of accidents involving vehicles manufactured by Toyota motor Corp. Company spokesperson Kip Diggs said, “When you start to see significant claims activity that indicates that there may be widespread problems with a product, that’s when you go to the NHTSA, There had to have been significant activity, a noticeable trend, for that to happen.” The Illinois based company is America’s largest insurer according to the Insurance Information Institution, and has in excess of 42.4 million insurance policies, which accounts to an 18% … (more) April 23, 2010

• Safeco required to disclose customers who have been surcharged for Auto Insurance

  by Jeanny Hopper
  

  The Court of Appeal in Los Angeles California has passed judgment that Safeco Insurance Co, the Seattle based insurance company is now required to disclose information on which customers they surcharged for not having continual auto insurance. According to the proceedings between Safeco Insurance Company of America v/s The Superior Court of Los Angeles County, the plaintiffs have stated that surcharges that were not approved and disclosed were in violation of Proposition 103 which was approved in 1988 by California voters as the insurance regulation. Consumer Watchdog invested in Safeco auto insurance application process in 2002, post which Consumer Watchdog … (more) April 22, 2010

• MetLife Auto and Home now includes an Identity Theft Service

  by Jeanny Hopper
  

  MetLife Auto and Home has added the functionality of an Identity Theft Service to help protect their customers’ from tax related identity theft. The program is made available to its customers from states where such a service is permitted by regulators, to protect them from identity theft with respect to their vehicles and homes at no extra cost. Bob Lundgren, vice president of product marketing at MetLife Auto & Home said “Tax-related identity theft has become a serious consumer concern, impacting tens of thousands of taxpayers each and every year,” With use of this service, customers who suspect that they … (more) April 21, 2010

• Congress Seeks Insurance Records

  by Jeanny Hopper
  

  After Toyota released a statement that they will be recalling 8 million cars worldwide due to a faulty part, State Farm released a statement that way back in late 2007, they had noticed a trend and informed the NHTSA – National Highway Traffic Safety Administration of a possible problem with Toyota vehicles. The insurance company also kept in touch with the NHTSA – National Highway Traffic Safety Administration after the complaint. State Farm noticed a sharp increase in the number of Toyota vehicles involved in accidents and thought that something was amiss. Other insurance companies didn’t register any such statistics, … (more) April 20, 2010

• Arizona to verify Auto Insurance

  by Jeanny Hopper
  

  Jan Brewer, Gov of Arizona has enforced a bill which aims at reducing the number of uninsured motorists. HB2224 states that a driver who has a three or more violations for not providing proof of insurance within a three year period will be required to submit proof of financial responsibility before the state restores the persons drivers license and license and registration plates are re-installed. According to Arizona law, the owner of a motor vehicle must be able to provide proof of financial responsibility; this evidence must be carried in the vehicle at all times. Failure to produce the evidence … (more) April 19, 2010

• Ulster Bank announces car insurance services

  by Jeanny Hopper
  

  April 2010 marked a new edge for Ulster Bank– one of Ireland’s largest banks as it recently announced that it diversified its market and will now begin to offer car insurance services to its clients. Working on the map to create the largest network of car insurance holdings, the bank announces its car insurance services as it opens to the Ireland public. Ulster Bank has 135 branches nationwide that are all set to put private motor coverage up on its market. It further expands its services, as it makes car insurance premiums and policies available over the telephone and online. … (more) April 18, 2010

• The rule of the Supreme Court of Massachusetts disappoints the MAIA President

  by Jeanny Hopper
  

  A law suit by the Arbella Mutual Insurance Co and the insurance agents of the state based on costs given to a new company and the policy related to the risk plan was approved by the Supreme Court of Massachusetts. This legal battle began in June of 2008, questioning the decision made by Commissioner Nonnie Burnes who added a process to help new insurance companies to assign high risks and the profile of individual agents who owned the rights to rework on this process. The state’s earlier auto insurance system gave private organizations levy to charge their customers, which was … (more) April 17, 2010

• A Bill that raises the Minimal Insurance Coverage drivers in Maryland must have on their insurance policies was passed by a second Senate Committee on Monday.

  by Jeanny Hopper
  

  Based on a survey conducted by the state Division of Insurance, it showed the benefits of the ‘managed competition auto insurance system’ for the last one year in Massachusetts show carriers added to individual agencies to nine auto insurance companies. The survey also shows a dip in drivers who are not insured and the market written policies. The average premium based on each automobile witnessed a dip in the year when it was part of managed competition. As for the reports from DOI, from the year 2006 to the year 2007 this dipped only to 5.2%. The state earlier had … (more) April 16, 2010

• Second Senate Committee Okays Minimum liability auto insurance bill

  by Jeanny Hopper
  

  A Bill that raises the Minimal Insurance Coverage drivers in Maryland must have on their insurance policies was passed by a second Senate Committee on Monday. The Judicial Proceedings Committee held hearings on the bill and it showed statements from victims of various accidents supportive of the change and opposed by people who advocate for the poor “We are seriously concerned about what this will do to the most vulnerable people in the state,” Job Opportunities Task Force’s Melissa Broome stated. 90 percent of drivers involved in automobile accidents are low income persons according to Frank Boston. The minimum coverage … (more) April 15, 2010

• Con Artist Finally Pleads Guilty

  by Jeanny Hopper
  

  As per the investigators of insurance fraud, Ana Keegan attempted to swindle the system repeatedly filing false claims for mishaps for which she received compensation. Ana Keegan, a woman aged 39 years who stayed at Haverhill previously, was caught red-handed from Seabrook. Keegan driver’s license was suspended for one year and she has to shell out $11,700 in return to many auto insurance companies since she pleaded guilty to two counts of larceny involving amounts in excess of $250, attempted larceny, insurance fraud and three counts of auto insurance scams in the Salem Superior Court. John T. Lu, the Judge, … (more) April 14, 2010