Auto Insurance News Archive for February, 2011

• Fundamentals of auto insurance laws in the state of Arizona

  by Richard Burton
  

  Every state in the United States has specific laws governing the auto insurance policies and the state of Arizona is not different. There are state specified minimums that every auto insurance policy in Arizona should cover in order to ensure validity and credibility of the policy. According to the laws of the state of Arizona, the drivers who drive along the highways should have liability coverage that is purchased from one of the insurance providers in the state who have the relevant permits to conduct business in this region. In case, a driver is caught without the relevant auto insurance … (more) February 28, 2011

• Claims and catastrophes caused a drop in Allstate profits

  by Richard Burton
  

  Catastrophes, coupled with increasing number of auto insurance claims from policy holders has pulled down the net profit of Allstate Insurance by 43%. The total for the fourth quarter of 2010 stood at just $296 million as compared to the net profit of $518 million that this insurance provider had announced in the final quarter of 2009. The operating income for the last quarter of 2009 was reported at $592 million while the operating income for the corresponding period in 2010 was $271 million. Despite the huge difference in the profits for the last quarter, Allstate declared an overall net … (more) February 27, 2011

• California auto insurance rates become cheaper in 2011

  by Richard Burton
  

  Lower cost car insurance coverage policies and lower premiums will be available to the drivers in Californian cities in 2011 along with option to pay as they drive in Los Angeles. The car insurance premium will become cheaper according to many insurance quote providers and local auto insurance companies. As per the recent statistics, the auto insurance quote for a California driver is $1143 in January of this year. This represents a significant drop of 11% from the same time last year. It also represents a whopping 31% drop from what the numbers were in 2009. The California average in … (more) February 26, 2011

• Auto insurance warning from a legal perspective

  by Richard Burton
  

  In recent times, a startling statistic that has come out is the fact that as high as 30% of car drivers on the roads of South Florida don’t have even the minimum auto insurance required by the laws of Florida law. One must carry at least insurance for property damage in order to pay for damage they might cause to another car. The PIP or personal injury protection would be required to pay for the medical bills of the driver and income lost, up to $10,000. The only exception for these rules is for the individuals who lease cars to … (more) February 25, 2011

• 2 critical elements in your free car insurance

  by Richard Burton
  

  A lot of car owners who are looking to procure auto insurance coverage for their vehicles aren’t aware of the right things they should check for in their insurance policy. It is always advisable to make sure that two crucial elements of the car insurance policy are present on the policy, before you take them. The insurance policy is mandatory by state laws and motorists are expected to have a minimum coverage as soon as they get a new vehicle. The car insurance will protect the vehicle owners against theft, natural disasters and accidents. But car owners must find out … (more) February 24, 2011

• Insurance minimums required to drive in the state of Florida

  by Richard Burton
  

  According to statistics which appeared in one of Florida’s local newspapers, about 30 percent of drivers on the roads of South Florida do not have even the minimum required automobile insurance. According to Florida’s laws, every automobile driver is required to carry property damage coverage, which pays for physical damage of the other car, and the PIP or the personal injury protection which pays for the individual’s medical bills up to $10,000. Although drivers are required to show the proof of insurance at the time of obtaining their auto license tags, most of them only get the insurance on a … (more) February 23, 2011

• Reducing the insurance premium rates in Florida state

  by Richard Burton
  

  Florida State’s no-fault auto insurance laws are under scrutiny by the industry groups in Florida, because of the rising auto insurance premiums in the state. This rise is being attributed to the increasing insurance scams or the staged accidents by which the scam artists are collecting the claims they do not deserve. Most staged accidents were recorded in Florida in the recent years according to the records of National Insurance Crime bureau. Insurance Fraud division has made 49 arrests related to the personal injury protection frauds this year, according to the Alexis Lambert, department’s spokeswoman. The Property Casualty Insurers Association … (more) February 22, 2011

• Industry group recommended measures to counter Florida insurance scams

  by Richard Burton
  

  Industry groups in Florida are demanding that the legislature to find out about the insurance scam and put an end to it, since it is the prime reason for rising motorists’ insurance premium. William Stander, assistant vice president for Property Casualty Insurance Association is of the opinion that this rise in premium is the direct result of the increasing auto accidents which are ‘staged’ by the scam artists.  William Stander was backed by the Florida Chamber of Commerce and the Associated Industries of Florida, which unanimously called for the reform in Florida’s No-fault insurance program. Many noted businessmen and industrialists … (more) February 21, 2011

• Low-cost auto insurance program formally introduced by insurance commissioner dave jones

  by Richard Burton
  

  The low-cost auto insurance program was formally introduced by the Insurance Commissioner Dave Jones to the students at the East Los Angeles Community College with the new corporate partner – ASUS Computer International.  This program is administered by the California Department of Insurance (CDI). All students are on a tight budget and look for ways to save money.  The California Low Cost Automobile Insurance Program (CLCA) is an affordable liability-only auto insurance program which meets the requirements of the state’s financial responsibility laws and is available for less than $400 per year. Commissioner Jones stated that the CLCA was a … (more) February 20, 2011

• Install safety devices and cut your auto insurance bills

  by Richard Burton
  

  You cannot cut down on auto insurance bills by just being a safe driver and not putting a lot of miles on road.  You will have to prove it to the insurance company.  In a trend that is fast catching up, insurance firms will drastically cut down on premiums for drivers who are willing to install the electronic devices to their vehicles, in order to check how much they drive each month and to prove that they are safe drivers.  While some of the drivers are jumping at the opportunity to make some savings, there are those who think that … (more) February 19, 2011

• Higher sales and cost-cutting measures increase profits in state auto insurance

  by Richard Burton
  

  The cost-cutting measures as well as higher sales have helped boost the profits during the fourth quarter as per reports from the State Auto Insurance.  The stock prices jumped more than 7% after this news arrived. An income of $37.6 million was reported by State Auto, which is more than double compared to $14.4 million a year ago.  The revenue rose to $356.9 million which means an increase of 11%. The State Auto Insurance Company made $24.5 million for the year when compared to $10.2 million in 2009.  The revenue rose from $1.3 billion to $1.4 billion in 2009. The … (more) February 18, 2011

• The senate is likely to take up the insurance bill

  by Richard Burton
  

  The senate is likely to take up the insurance bill on Tuesday in order to lower the minimum amount of insurance that motorists must carry and thereby reversing the higher minimums that was put in place couple of years ago by the Democrats. The drivers will still be carrying insurance under this bill, but the insurance amounts could be much lower and this could in turn reduce the premiums and the financial burden for most families.  However, the critics have pointed out that by doing this the motorists could be putting themselves at a grave financial risk if they are … (more) February 17, 2011

• Streets and highways riddled with potholes – ensure your car is insured

  by Richard Burton
  

  The snow, ice, and wind have damaged the streets and highways and driver have to face the challenges of winter.  The streets and highways in many parts of the country have turned into virtual obstacle courses and drivers have to face the challenge and fortunately one can avail insurance coverage due to damage caused as a result of potholes and other winter-related disasters, as per the Insurance Information Institute. Car owners will have to protect themselves with the right type of insurance cover and with the right amount during winter season, as this season could wreak havoc on the vehicles.  … (more) February 16, 2011

• Protect your car from the winter-related hazards with optional auto insurance cover

  by Richard Burton
  

  Insurance companies generally don’t offer coverage for car damaged due to potholes and all the winter-related hazards on the road.  Most of the residents from Buffalo to New York have seen their vehicles take a beating this winter season due to the badly damaged streets and highways, fallen tree trunks, ice and snow related incidents etc. Insurance superintendent James Wrynn states that consumers will have to help themselves and get a better understanding of what the policy covers and what is not covered.  They can always turn to the insurance department if they need any assistance with auto insurance related … (more) February 15, 2011

• Progressive and its usage-based insurance cover can help save a lot of money

  by Richard Burton
  

  Progressive has come out with the usage-based insurance discounts in Florida and has helped drivers save money by agreeing to be tracked by up to 30% depending on when, how, and how much they drive.  The program is called Snapshot and gives motorists a tiny gadget that is plugged into their vehicles and will store the driving data for 30 days.  Motorists can easily avail discounts if they do travel at times when the crashes are less likely to happen and if they drive less and make lesser number of sudden stops. Richard Hutchinson, GM for usage-based insurance, Progressive has … (more) February 14, 2011

• Premium hikes after a DUI conviction can sober you down

  by Richard Burton
  

  A DUI conviction can have a sobering effect and no matter what you do, the insurance premiums are likely to go up steeply.  The DUI conviction changes everything even if you have had a clean slate before.  These are some of the reasons: To get the license back You will have to file an SR-22 Proof of Financial Responsibility Form if you have to get your license reinstated.  This is because auto insurance post DUI conviction is an expensive affair and to keep you from avoiding the system by carrying insurance just for the period until you get your license … (more) February 13, 2011

• Northeast Ohio auto insurance claims coverage denied – action taken by 5 on your side

  by Richard Burton
  

  There are two instances that have come to the forefront – two accidents, two claims and two denials for auto insurance coverage. North Ridgeville resident Nera Poling, was involved in an auto collision which damaged the front end of the Pontiac Sunfire and the collision was due to her fault.  The Buick she rammed into sustained damages to the tune of $1,800.  Poling called Allstate, her insurance provider and they stated that they would look into the matter. She was always regular with her insurance premiums and even her insurance card clearly showed that she had coverage till June.  However … (more) February 12, 2011