Auto Insurance News Archive for May, 2010

Targeting LGBT, a good marketing strategy
by Jeanny Hopper

Opportunities are brought about with change in business. And those states where gay marriage is now legal show opportunities in marketing to sell insurance products for gay couples. According to the merge media based in Texas, the gay market is humongous in the US. It says that about $800 billion in policies is bought by bisexuals, transgender, lesbians and the gay community. These communities usually have powerful allegiances to one brand in particular. Merge media that has clients like Coors and hotels.com and BMW say that about 89% of these communities usually buy brands that are advertised directly to them. … (more) May 14, 2010
Students opt for less expensive Insurance Policies
by Jeanny Hopper

Many consumers believe the insurance rates they are paying are very high and in some cases are beyond the budget of many families. Auto insurance is an essential for road vehicles. The younger generation of working class people who are still stepping stones to their success find the cost of insurance very high. Most consumers below the age on 25 have had complaints with the cost of these policies whereas more well-off consumers have not done so. Experts suggest that consumers must search for the right auto insurance policy to suit their needs and preference. Insurance policies are available from … (more) May 13, 2010
Retaining customers hard due to recession
by Jeanny Hopper

As the recession in the US has brought about financial difficulties to millions of its residents, it is significant to retain existing customers. Customer retention is absolutely important for those insurance agencies that have long term profit goals says the report given by JD power and associates. The report showed that 30% of the households who earned less than $50,000 opted for new insurance carriers in the past year and almost 45% of the customers changed their carriers. And 26% of the households, those that earned more than $100,000 opted to buy new carriers leaving just 31% of them actually … (more) May 12, 2010
Prop 17 opposed by many, Mercury Insurance to face lawsuit
by Jeanny Hopper

Prop 17 bill, which was on the verge of being passed this June, was not passed by the Democratic Party, California. This bill, Prop 17 gives insurance companies the ability to make consumer’s loyalty or auto insurance purchase and management history one of the factors which determine the insurance coverage and monthly coverage rates. The new changes were brought to the voting session by Mercury Insurance. Prop 17 being one of Mercury’s top priorities of the year has cost the company $5.25 million so far. Mercury Insurance ranked as one of California’s biggest names in auto insurance, has created a … (more) May 11, 2010
Monarch Insurance VIP On-The-Spot very effective, say consumers
by Jeanny Hopper

All vehicle owners and drivers alike are very careful when travelling by road. Vehicle owners are careful to not cause any damage to their vehicles or other vehicles on the road. They are also a danger to themselves and pillions when they meet with accidents. Many people are careful to avoid accident as they find it an inconvenience to go and get auto insurance or health insurance policy as the process of filling it up is complex. Monarch Insurance’s Vehicle Insurance Policy provides consumers for on the spot application and receipt of insurance policies and on the spot payments on … (more) May 10, 2010
Mississippi learns about the hike in premiums
by Jeanny Hopper

The policy holders in the gulf of Mississippi know for sure that there is in the hike in the rates of insurance but what they don’t know is that to get home loans or auto insurance, their credit scores are factored! Consumers who have faced financial difficulties are looking at high premiums for home and auto insurance loans because of the economy. But it is said that there can be hikes in report even due to errors in the reports. Mike Chaney, the commissioner of insurance in Mississippi also says that he saw a 10 % increase in his rate … (more) May 9, 2010
Maine has the Best Auto Insurance Policy Prices
by Jeanny Hopper

Auto insurance rates vary in different states. The least auto insurance is paid at Maine Ohio, where consumers enjoy very low rates of insurance. Insure.com a website shows statistics stating Maine charges consumers the country’s least expensive auto insurance. Drivers in other states like Michigan who have an average annual insurance rate which is almost twice as much as the average insurance rates of the country itself pay the highest insurance coverage in the country. Maine is the least expensive state with $902.85 average coverage falling lower than Ohio and Vermont and Louisiana State with the highest insurance coverage rate … (more) May 8, 2010
Louisiana auto rates ranked highest in the nation since Katrina
by Jeanny Hopper

Ever since the hurricane Katrina hit Louisiana, the rates for auto insurance have hiked up to an extent that now it ranks the highest in the nation with the drivers paying a yearly premium if about $2510 as posted by web site insure.com. NAIC ahs data only till the year 2007 but another study by it shows the ascending insurance prices when compared with the other states. Fro the year 2003 to 2005, based on the average auto insurance premium rates, Louisiana ranked the 4th, climbing up to the 3rd place in 2006 and 2nd in 2007. The … (more) May 7, 2010
High average rates in Georgia
by Jeanny Hopper

Moving to Mexico, Oregon, Missouri or Illinois would get you cheaper insurance for cars. Ranking the 8th highest in the annual ranking is Georgia, where the drivers here pay an average of about 1751.42 dollars annually while the national average rate for premiums annually is 1429.26 dollars. While the average on premium is just 902.85 dollars in Maine, Louisiana has a whopping $1751.42 a year. Several factors affect the rates creating a variation from one state to the other. Information based on a variety of policies that include health, life, disability and auto insurances and also the rates are being … (more) May 6, 2010
Father Son Duo hoodwinks consumers and insurers
by Jeanny Hopper

The dynamic duo of a father and son at Macon Insurance were apprehended for absconding with insurance money paid by consumers for various insurance policies at Goodwill Industries, John W Oxendine, the Commissioner of Georgia Insurance said. The son, Matthew P. Marshall and the father, Broadus W. Marshall Jr. are to be tried for insurance fraud. Broadus and Matthew Marshall who were employed at Marshall Insurance Agency set up at Macon, stole funds which were given to them as payments by consumers for their vehicle insurance and other lines of insurance. The duos are licensed insurance agents and are employed … (more) May 5, 2010
Commercial auto insurance required for all vehicles, company owned or personal
by Jeanny Hopper

All vehicles need an insurance policy. From home owned cars to company transport as easy to use and stylish as they are, they still need a good insurance policy. “With more vehicles you have more risk, so you need more protection,” Nathan Brown said. Brown employed at W.E. Walker-Lakenan insurance agency insists all vehicles, no matter the number, a person or company own; they all need separate auto insurance policies. Daniel and Henry Co. agent Rob Johnson stated that his employer along with many other insurers offer companies discounts if they possess very large number of vehicles or have low … (more) May 4, 2010
Auto insurance sees increased fraud due to bad economy
by Jeanny Hopper

Most people are good citizens of the law, until they fall victim to the economy. These people try swindling auto insurance companies to make just enough money to handle their financial situation better. As more people lose their jobs because of the economy and more people cant pay back their loans and hence lose their property and vehicles. The district attorney of San Bernardino County has seen a steady rise in auto insurance frauds and the story so far has been the same. “I see it as a crime that otherwise law-abiding people see it as OK to break,” said … (more) May 3, 2010
Auto insurance premium rates hike up even before the costs are being cut
by Jeanny Hopper

Increase in the rates of auto insurance has been approved of by Ontario prior to the changes that were aimed at reducing costs of minor claims of injury. This has taken many people by surprise as it can increase their monthly financial burden. The day when standard accident benefit coverage is said to reduce, is when the increase (27.3% for money) would come into effect i.e. the 1st of September. All the increases calculated and approved for TD in the duration of 12 months lies at 54%. Although TD general lost about 1.2 million dollars in the year 2009, it … (more) May 2, 2010
Auto insurance ahead of Home Insurance in customer satisfaction race
by Jeanny Hopper

A new study by J.D. Power & Associates shows that consumers with insurance on their homes have more complaints regarding the working in comparison to the vehicle insurance customers. The home insurance owners have a low satisfaction rate to their appeals whereas the auto insurance consumers have showed their enthusiasm with the experience. J.D. Power and Associates 2009 Auto Claims Satisfaction Study shows that based on a survey, on a scale of 1000, auto insurance scored 842 for its working satisfaction rate and the home insurance scored 828 on the scale. “Home claims are typically far more complex than auto … (more) May 1, 2010