Auto Insurance News Archive for 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

• 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