Auto Insurance News Archive for July, 2010

• Recommendations for Teens to avail Better Auto Insurance Rates

  by Jeanny Hopper
  

  Strong support to decrease number of car mishap is considered as experts brought to fore suggestions for amateur and young drivers. This, after it is known that there is a correlation of car accidents with Auto Insurance premium rates. Auto Insurance agencies assign young male teenage group the highest premium rates when it comes to insuring a car. This is because they are vulnerable to road accidents. Statistic indicates that there are about 5,000 teenagers between 16 to 20 years old who die of fatal injuries as an aftermath of car accidents each year. And around 400,000 drivers belonging to … (more) July 31, 2010

• Kanetix Reveals Second Quarterly Insurance Rates Review for 2010

  by Jeanny Hopper
  

  ­Kanetix, Canada’s leading mortgage and insurance online marketplace, revealed its quarterly review results of the insurance rates in the provinces of Ontario, Quebec, and Alberta last Wednesday July 7. This quarterly review is to highlight auto insurance pricing trends in the country, and Kanetix believes that these rates are an accurate reflection of what clients find when they deal with their insurance needs. This information that have been taken for this review have been taken from various drivers in the said regions, though their profile information and vehicle data have not been given. The results of this quarterly review are … (more) July 30, 2010

• High Cost of Auto Insurance Cripples Car Owners

  by Jeanny Hopper
  

  The exorbitant rate of Auto Insurance today set by car insurance companies is causing car owners to shun away from buying one. From the time, changes were made that increases the premiums for an Auto Insurance; many were not happy and decided not to give it a priority. Statistic derived from the Motor insurer’s Bureau reveals that 1 out of 5 does not have car insurance. It was learned that the main culprit why many are hesitant is its exorbitant cost making it unreachable for the driving public. This applies most especially to the teenager group. While this is true, … (more) July 29, 2010

• Tampa Tops Number of Staged Vehicular Accidents

  by Jeanny Hopper
  

  Doubtful vehicular insurance claims have been mounting up quickly in the state of Florida. These suspicious vehicular accidents were said to be just staged accidents in order for the claimants to receive money from their auto insurance policy providing companies. In the staged accidents, the claimant would purposely drive their cars to walls, trees, street lamps, or other pavements and would claim their insurance policy to repair the damages and to pay for their medical expenses. According to the study about the questionable claims made in 2008 to 2009 conducted by the National Insurance Crime Bureau or the NCIB, Florida … (more) July 28, 2010

• Geico Tops Ward’s 50 Again

  by Jeanny Hopper
  

  The fastest growing auto insurance company in the country, aside from achieving the third spot in relation to the largest auto insurance providing company in the United States has been named as the top financial insurer of Ward’s 50 high-performing insurers in terms of financial help. GEICO, or the Government Employees Insurance Company, has earned the top spot in Ward’s 50 for the twentieth time in the past consecutive years! Ward’s 50 is a list of the country’s top insurance companies wherein the companies who makes it in the list are successful in maintaining a consistent and safe height of … (more) July 27, 2010

• GEICO Makes It in Ward’s 50

  by Jeanny Hopper
  

  Ward Group, leader of insurance company benchmarking, has declared GEICO a slot in the top 50 High Performing Insurers in the United States. The annual study revealed that GEICO had made it in the top 50 for twenty consecutive years. And during that double decade wins, the company have been busy introducing new strategies on policy management and improved ways of getting safe insurance coverage. The Government Employees Insurance Company or GEICO began its leading journey in Ward’s top 50 in 1991. It is renowned because of its auto insurance and other insurance covering motorcycles, terrain vehicles, boats, apartments, houses … (more) July 26, 2010

• Credit Scores Used for Auto Insurance Rates

  by Jeanny Hopper
  

  Last week, the Insurance Institute of Michigan has succeeded in using customer credit scores as basis for auto insurance pricing. The Supreme Court of Michigan has ruled in favor of the insurance institute with a vote of 4-3. The Office of Financial and Insurance Regulations has attempted to ban the use of the credit scores to determine auto insurance prices since the consequences may be too harsh for the Detroit residents. The office lost but the battle goes on. Michigan’s insurance consumer representative, Melvin Butch Hallowell, states that there is no relationship between a person’s credit score and driving. Insurance … (more) July 25, 2010

• Older Drivers Safer on the Roads

  by Jeanny Hopper
  

  Statistics state that drivers over the age of 50 have lower accident involvement risk than ages under 50. The main reason behind this is that these people have more driving experience. Experts state that older drivers tend to drive less and that their house has a garage. These people are most likely to live alone or with their spouse making their policies lighter since there are no young drivers added to theirs. Their consciousness on road safety increases as they age. They also drive at minimum speed to avoid sudden impacts and get variety of security devices on their cars … (more) July 24, 2010

• Travelers’ Deceptive Ad Pulled Out

  by Jeanny Hopper
  

  Auto insurance is a necessity. But if a person doesn’t have it, it doesn’t mean he or she can lose his or her house when the person gets into a crash because of being uninsured. This was based on a commercial aired by Travelers Insurance. Its mother company, The Travel Companies Inc. was demanded by the Texas Attorney General to remove the said commercial as it is misleading. Greg Abbott, the Texas Attorney General, together with the Texas Department of Insurance sent a cease-and-desist letter last week with a text that if Travels does not remove the ad, it would … (more) July 23, 2010

• Esurance Set to Launch Out-of-Home Advertising

  by Jeanny Hopper
  

  Esurance, a well known name in the field of auto insurance is taking yet another step to strengthen its brand positioning. This time, the company plans to launch a new outdoor ad campaign across countries spreading the message that the company is best whether it comes to helping them in terms of online taking advantage of the technology or through their 24/7 customer service over the phone. Featuring in the ad would be the individuals seen in the new television ad campaign. The characters have been chosen keeping in mind the features the company aims to represent through their advertisement … (more) July 22, 2010

• Hand-held Ban Useless?

  by Jeanny Hopper
  

  Drivers are always told to keep their eyes on the road. Getting distracted, even by seconds, can cause car crashes or other accidents and that’s a common fact. Another fact is that distraction can come from our best buddy devices: the hand-held’s. Cellular phones and hand-held devices play an important part of our lives. They bridge communication gaps, they provide timely messages and they provide entertainment. However, why are they the deadliest distractions on the roads? Bans on texting and talking while driving are starting to crawl in many states in the country as a response to preventing car crashes. … (more) July 21, 2010

• Auto Insurance Jargon Defined

  by Jeanny Hopper
  

  Many car owners consider auto insurance terms too foreign or alien. Of course, no one expects that an average car owner would have a glossary list in his pocket or in his car. And not everybody presumes that the insurance agents have given these drivers the full insurance lecture. Young drivers, especially those who just got in the driver’s seat for the first time, won’t be able to deal with numerous insurance policies. The only thing they know is that they have a car and they need insurance. They’d probably be seen confused when agents ask them what kind of … (more) July 20, 2010

• Pricing the Premiums

  by Jeanny Hopper
  

  Drivers are charged high auto insurance premiums only if they possess the high-risk factors. Thus, a sports car driver is has a high probability of paying high premiums while a sedan driver will be required to pay the average or lower premium rate. Logically, insurance companies determine premium rates basing on the cars features: color, model, security and others. The Highway Loss Data Institute (HLDI), an organization dedicated to provide auto insurance loss statistics and studies, provide regular reports about losses under six insurance Coverages namely collision, property damage, medical, personal injury protection (PIP), bodily injury liability, and comprehensive. HLDI … (more) July 19, 2010

• Young Men Claims Insurance Most

  by Jeanny Hopper
  

  Insurance premiums for young drivers are more expensive than matured drivers. Drivers with the age of 16 – 19 have the highest frequency claims and average loss per claim, according to a study from Highway Loss Data Institute. The age group has the highest loss as to collision, property damage liability and bodily injury coverage. Age group 30 – 59 has lesser losses, three times lesser than the teenage group. Drivers aging over 70 have the least overall losses because of their increased concern about their driving. Younger drivers are posed to have higher risks than older drivers. Insurance companies … (more) July 18, 2010

• Auto Insurance Rates Drop

  by Jeanny Hopper
  

  Auto insurance is becoming more of a necessity than requirement. With the numbers of deaths and injury on the roads, it is starting become clearer that every car owner and driver must avail of auto insurance. But with the current economic situation, it seems that auto insurance rates have dropped. The variables of economics have come into play and produced a conclusion that the cost of repairs and gas have caused drivers not to avail of these cost-adding policies. Drivers are forced to commute and leave their cars home when going to work or school to cut costs. This is … (more) July 18, 2010

• Pennsylvania Supreme Court overturns Conahan ruling of an underinsured motorist arbitration case

  by Jeanny Hopper
  

  The Pennsylvania state Supreme Court has returned a controversial ruling that had been issued by corrupt former Luzerne County judge Michael Conahan to decide if a $500, 000 awards should be restored in an underinsured motorist arbitration case. This ruling was issued in the Forester Vanderhoff vs. Harleysville Insurance case last Wednesday, and it reinstates the 2004 ruling that had been issued by Conahan that allowed the case to be brought to arbitration. This is one of the many underinsured motorist arbitration rulings that is part of the corruption probe that is ongoing in the Luzerne County, with federal authorities … (more) July 17, 2010

• Be Informed To Avoid Auto Insurance Overspending

  by Jeanny Hopper
  

  There is that common misconception where people think the more expensive something is, the better quality that thing is. Hence, people like you go for products and services that cost a lot of money. Now apply that concept to auto insurance, and you would find that people do the same and are guilty of auto insurance overspending. As a driver, you deserve not only the best kind of financial protection but also the right kind of auto insurance. Buying the most expensive auto insurance plan or having more than you actually need is not the right way to go, and … (more) July 16, 2010