Auto Insurance News Archive for May, 2010

• Insurance policy holders face an increase in interest rates

  by Jeanny Hopper
  

  Illinois insurance policy holders now face an increase in their insurance interest rates starting coming July. Homeowners face an increase of 8% by Allstate Corporation. The Northbrook-based company has also proposed to give auto insurance holders who take their policy over Geico insurance a discount of 5% on their insurance rates. Allstate is now offering discounts of 7% of to consumers who pay their bills on the whole in one go. The company is also offering various integrated schemes for auto insurance consumers to suit their requirements. Allstate, is the second largest insurance company in the USA. SNL Financial has … (more) May 31, 2010

• Increase in fraud rate may lead to increase in insurance policy interest rates

  by Jeanny Hopper
  

  The 19th of April saw a couple in Woodland come forth and confess that they have been involved in insurance fraud. The District Attorney’s Office said the couple admitted to auto insurance fraud on 19th of April, a Monday. The DA’s office announced the findings of the case on Tuesday. “Operation Cover Me”, a combined effort by five Sacramento Regional Counties along with California Department of Insurance had the case transferred to the District Attorney’s Office. On the 1st of November 2008 the case of 48 year old Jose Angel Dera Sandoval and 38 year old Maria Nuno reached the … (more) May 30, 2010

• First Quarter Financial Reports Out

  by Jeanny Hopper

  State Auto Financial Corporation said their net income for 2009 is $14.0 million in 2009. Their old net income was $12.9 million. The new health care act now prevents companies from giving Medicare Part D subsidies to employees as prescription medication. The STFC imposed a one time tax fee of $4.5 million towards the health care act. STFC’s nominal values of shares were $21.65 per share on March 31, 2010 and saw an increase on 0.6% from 2009. STFC Chairman Bob Restrepo said “Our story for the quarter is one of underwriting profit, strong growth and improving return on equity. … (more) May 29, 2010

• Expert views to choose the right auto insurance policy

  by Jeanny Hopper
  

  Auto insurance is important for people use their vehicles for transport, and every driver is required to be insured by law. Every driver must be insured in order to be eligible for compensation by the insurance company in case they meet with a road accident. Consumers must find an insurance policy which suits their needs and must make sure they do not pay less than or more than the required coverage prices. Experts suggest that consumers should gather information on various insurance policies and its schemes and compare them before they choose the insurance policy for the company. Consumers must … (more) May 28, 2010

• Cost shifting taking its toll on insurers

  by Jeanny Hopper
  

  A report released by the Insurance Research Council of 2007 said hospitals charge excessive prices on insurance claims from consumers for bodily harm and automobile insurance agencies have to shell out in Billions yearly. Hospitals receive low returns from Medicare schemes and this puts a burden on insurers. Caroline Steinberg American Hospital Association, vice president said after analyzing recent events that this was indeed true. “This report highlights what hospitals have long known: Medicare and Medicaid pay less than the cost of caring for patients. When the government fails to pay its share of healthcare costs, it threatens the financial … (more) May 27, 2010

• Staged fraud accidents take eight more into prison

  by Jeanny Hopper
  

  Auto insurance fraud cases rose by eight more people on Wednesday announced Steve Poizner, the insurance commissioner of the state. The people who are suspected to have committed the fraud staged traffic accidents claiming to be a part of it so that bogus files based on personal injuries could be claimed from insurers, said Steve Poizner. This fraud scheme that got the suspects more than $200,000 payouts worth was cracked down in October by the task force after it was found that about eleven suspects were charged with operation hit and run after an investigation on them that lasted a … (more) May 26, 2010

• Insuring in style and substance

  by Jeanny Hopper
  

  It is very significant to go revise your insurance policies over a period of time, to make sure you are not paying coverage than that which is required. Two factors that i come across when it comes to car insurance is coverage that is not required for physical damage and limits of liability which are less for the current financial status. Usually when a new or used car is purchased, collision and comprehensive coverage is opted for to protect their car. When cars then get old and their value depreciates, you might end up paying for coverage close to its … (more) May 25, 2010

• Comparing insurance quotes among insurers can help you get low premiums

  by Jeanny Hopper
  

  Car insurance policies are usually bought from insurers by average motorists who after purchasing the insurance keep the same old vehicles for a long time without even exploring other insurers that might provide better policies. The premiums of drivers and of insurers keep changing with time. So it is important to keep a check on the rates provided by different companies so as to get the best rates that could actually get consumers low rate coverage. The marketing strategies of insurers include entering markets with rates that may seem profitable. The rates provided are very competitive as every insurer would … (more) May 24, 2010

• Buying Good Car Insurance plays a significant role

  by Jeanny Hopper
  

  You can save a good amount of money just by doing some research work online. The popular Edmunds.com posts a study that shows that a lot of people buy auto insurance at the end of an advertisement on TV just by calling out the number. To find the best value follow the couple of things jotted down below: It is important to know how much coverage you actually need, many states offer minimum required amounts to cover up accidents that result in body injuries, the injuries that are liable for all those that are injured in the accident and damage … (more) May 23, 2010

• Arizona Drivers Provided With Low Cost Auto Insurance Premiums

  by Jeanny Hopper
  

  While most states including a few provinces in Canada and several American states face a hike in the auto insurance costs, Arizona slides away from this price hike. A Wisconsin based company called the American family is ranked 5th as an auto insurer in the U.S and is also ranked the third largest in underwriting policies of casualty and property. This insurer lowered the premium rates for drivers this march. A story posted recently on weekly news of insurance shows that the owners of automobiles in the state of grand canyon would see a rates descending by at least 7.2%. … (more) May 22, 2010

• A New Car Insurance Application, Launched By Android

  by Jeanny Hopper
  

  A car insurance application has been launched by the Ohio direct to consumer agent for smartphones. This application uses the operating system of google android which is rich attracting platforms and also one of the fastest growing grounds for smartphones. This deal was announced by progressive insurance earlier this week. Matt Lehman, the web experience director of progressive said they saw a good 30% increase in the number of visits to the smartphone website mainly by the users of android during the last four months. This application by android was mainly created to make mobile experiences simpler for the growing … (more) May 21, 2010

• 423 Frauds Cracked Down By Task Force

  by Jeanny Hopper
  

  In a shocking incident, Jaime Antonio Tavares acquired a broken hand to try and get coverage for his medical bills just after stating on September 14 after the crash that he wasn’t injured. Tavares claimed $5000 for his mustang after the collision and also an extra $1500 for a car that was rental from liberty mutual. After the company paid his bills, they grew suspicious when they analyzed his accident that didn’t happen the way he said it did. Later, the company denied paying for his claims and shifted the case to the insurance fraud bureau of Massachusetts. The 36 … (more) May 20, 2010

• Two new hires by Elephant stun the public with remarkable records

  by Jeanny Hopper
  

  On the 19th of April, 2010 it was posted that the Elephant Insurance Services announced two new hires today. This Virginia based company which is rated a leading auto insurance provider announced this important news today. The two hires are Greg Minkler, the marketing manager of Richmond and john carpenter, the new operations manager of Richmond. John carpenter holds an impressive record in organizational change, managing operations excellently, as an external vendor and also personal development with 200 companies as fortune. His previous position was that of a director of sites for services of insurance at the bank of America. … (more) May 19, 2010

• Get smart car insurance now and benefit from it

  by Jeanny Hopper
  

  The company that a consumer chooses plays a very important role in the rates of the auto insurance policies and premiums. The factors that affect the auto insurance rates are driving habits, age, the residential state and records. A website called the autoinsurance.net is a place where consumers can conveniently receive information that is reliable and comprehensive from several insurance companies. It is a smart move by consumers who explore all options before settling down to one decision. Certain issues should be kept in mind while choosing an insurance policy. When choosing details like amount to be deducted, limits and … (more) May 18, 2010

• Ever had trouble getting insurance? Here are a few steps to make things easier

  by Jeanny Hopper
  

  You need auto insurance that would cover up all your costs during an accident, but you don’t want to pay any more than you actually have to, so what do you do? If you are someone who loads thousands into your insurance companies just for a couple of tickets, during an accident or a credit rating, it would be worth the effort to shop for your policy against others. You could covert the money saved by you into a long term desired item. If you have to find the right auto insurance for you, it is important to know how … (more) May 17, 2010

• Universal Casualty Company is now in big trouble

  by Jeanny Hopper
  

  An order has been issued against the universal casualty company by the Illinois insurance department because of its failure to maintain and perform procedures for accurate settlement and investigation of the claims of consumers. UCC, an insurance company for automobiles doing business in Indiana, Missouri and Illinois and located in the elk grove village was ordered by the department in the year 2009 on august eleventh to a fine of $200,000 and was made to correct the processes of the claims right then. Sanctions have been imposed by both Indiana and Missouri because of the unfair practices of the UCC. … (more) May 16, 2010

• The new east region headquarters in Maryland has new jobs coming its way thanks to the State auto insurance

  by Jeanny Hopper
  

  In the eastern region head quarters located at hunt valley, support, sales and professional underwriting staff is being hired by the auto insurance group of the state. This head quarter, when completely staffed, the hunt valley team will touch about 51 employees almost 9 times more than it had just 3 years back. This new hunt valley headquarters is placed in the newly renovated offices that cover 21000 square feet at the 10 north park drive. The regional pay roll of the company when it is staffed completely is predicted to go beyond 5 million dollars. Hunt valley is listed … (more) May 15, 2010