Auto Insurance News Archive for June, 2011

• Electronic verification likely to turn into reality very soon

  by Richard Burton
  

  As the electronic verification may turn into reality very soon, uninsured drivers may be in for a rude shock in West Virginia. Many have gotten away for years now, by just taking temporary insurance. These are also dubbed as the 90-day wonders by some people. This is done to keep the liability going until such time where they can get their registration card renewed, after which the coverage is dropped. There are those who even buy shorter terms of liability cover, states Steve Dale, Deputy Commissioner, Division of Motor Vehicles. According to a report by the Insurance Research Council, the … (more) June 13, 2011

• Online quotes for auto insurance the most popular route states J.D.Power

  by Richard Burton
  

  Most of the auto insurance buyers turn to the internet to obtain a quote and they are no longer going through the traditional channels such as the insurance agents or other call centers, states J.D. Power and Associates in its recent report. For the first time, states the Westlake Village, a California-based marketing information services company, there are over 50% of the insurance buyers who are obtaining their quotes online. In the US Insurance shopping study conducted this year, at least 54% of insurance shoppers had turned to the net to get their first quote. But there are many who … (more) June 12, 2011

• Lots of disparity in auto insurance premiums for young drivers

  by Richard Burton
  

  A piece of advice if you are a young driver who is below 25 years of age and if you are planning to purchase auto insurance – shop around. Auto insurance premiums generally vary from insurer to insurer and there is a lot of disparity irrespective of the age. However, the disparity is much greater when you are younger, states Des Toups who is a senior managing editor at the California-based auto insurance website CarInsurance.com. If you are a 55-year-old then you can save at least $456 on an average per year by just shopping around with multiple insurance providers, … (more) June 11, 2011

• Catastrophic insurance call by halifax lawyer

  by Richard Burton
  

  Now a Halifax personal injury lawyer has called on the Nova Scotia government to bring about a sharp increase in the medical rehab benefits that are given to those who suffer serious injuries in an auto accident. These injuries are termed as ‘catastrophic’ and the medical costs involved are huge. Hence, John McKiggan of the Atlantic Trial Lawyers Association states that those who suffer such severe injuries in auto accidents require extensive treatment and they should be made eligible to receive medical benefits of at least $100,000 along with income replacement of around $1,000 per week, in case they are … (more) June 10, 2011

• Usage-based insurance and telematics solutions for auto insurance industry as a result of collaboration

  by Richard Burton
  

  An announcement was made by The Evogi Group a telematics solutions provider for vehicles and Exigen Insurance Solutions a provider of core systems for insurance about a partnership that has been forged between the two companies. This announcement was made at ACORD LOMA Insurance Systems Forum. This partnership will offer a complete usage-based insurance or UBI as well as pay-as-you-drive PAYD options for insurers. This collaboration between these two companies will provide insurers billing, full policy administration, claims, as well as account management for both commercial and personal auto usage-based insurance products with the help of GPS technology and telematics. … (more) June 9, 2011

• Now insurance fraud would become more difficult – thanks to the bill

  by Richard Burton
  

  Insurance fraud is costing the policyholders as well as the state millions of dollars each year and business leaders in New York are hence urging policymakers to pass the legislation to help enable them to fight the insurance fraud. Fraud Costs New York is a coalition of consumers, business leaders, and lawmakers. It has called upon the state legislature to bring about reforms in the no-fault auto insurance policy in order to curb auto insurance fraud and insurance scams that they claim has totaled to over $200 million in the last year alone. The New York State Business Council’s acting … (more) June 8, 2011

• Electronic verification for auto insurance on the verge of implementation

  by Richard Burton
  

  Drivers in the state of West Virginia driving without a valid insurance policy are going to be in for rude shock in the near future. For a long time now, people are making do with temporary three month coverage just to ensure they get their vehicle registration renewed and then discard it. Department of Motor Vehicles’ Deputy Commissioner, Steve Dale also said that there are people who buy even shorted insurance policies to save costs. As per the report from the Insurance Research Council, 13.8% is the national average for the uninsured drivers. The state of West Virginia alone has … (more) June 7, 2011

• Call for catastrophic auto insurance by Halifax lawyer

  by Richard Burton
  

  A Halifax personal injury lawyer has called upon the Nova Scotia government to boost the medical rehabilitation benefits that are given to those who suffer ‘catastrophic’ injuries in motor vehicle accidents. John McKiggan from the Atlantic Trial Lawyers Association stated that those who suffered severe injuries in accidents needed extensive medical treatment and should hence be eligible for medical benefits for about $100,000 and must additionally have income replacement of up to $1,000 for every week that the person is unable to get back to work following the accident. McKiggan has also served in an advisory committee at the Nova … (more) June 6, 2011

• A majority of people get online quotes for auto insurance – J.D. Power

  by Richard Burton
  

  Most of the first-time auto insurance buyers prefer to get their auto insurance quotes online and tend to bypass the insurance agents or the call centers, says a report from J.D. Power and Associates. The California-based marketing information services company The Westlake Village states that for the very first time over 50% of the insurance buyers have stated that they obtained their auto insurance quotes online. During an Insurance Shopping Study conducted in 2011 at least 54% of the shoppers had obtained their insurance quotes from the internet. However, there are many who still purchase auto insurance either from an … (more) June 5, 2011

• Huge variations in auto insurance premiums for young motorists

  by Richard Burton
  

  Young motorists who are below 25 years of age can easily save around $1,000 annually or even more if they compare premiums from various auto insurance providers, before signing up. All you need to do is to shop around if you are planning to buy a car and if you are below 25 years of age. You can save some mega bucks by spending some time on research. In general, auto insurance premiums vary from one insurer to another, irrespective of how old you are. But the difference in premium is quite significant especially if you are a young motorist, … (more) June 4, 2011

• Billion-dollar deal struck by allstate as it plans to buy esurance to increase online sales

  by Richard Burton
  

  Auto insurance major Allstate has struck a billion-dollar deal with plans to buy Esurance as well as Answer Financial from White Mountains Insurance Group Ltd as it has major expansion plans with regard to its online sales. Thomas Wilson, CEO is now looking at ways and means to bring in more customers through the rest of the channels like the internet as the younger generation generally avoids insurance agents. Most often, online shoppers opt for insurance coverage from lesser known insurance companies. Allstate seems to have lost a lot of customers due to this since the last 3 years. Paul … (more) June 3, 2011

• Unfair treatment meted out to low-cost auto insurance bill in senate hearing

  by Richard Burton
  

  The bill that was supposed to charge most motorists in Nevada a drivers’ fee in order to subsidize the low-cost insurance pilot program for those residents of Clark County who were eligible, ran into some tough questioning at the Senate hearing. This bill was the subject of a lot of vote trading in order to get the required two-thirds support that was needed to move it out of the assembly last month. This bill was sought by Assemblyman Kelvin Atkinson, D-North Las Vegas. The two-thirds vote was a prerequisite for the bill as it planned to impose a 50% fee … (more) June 2, 2011

• Students at California colleges introduced to low-cost auto insurance programs

  by Richard Burton
  

  Notebook computer maker ASUS Computer International and representatives from California’s Department of Insurance have been paying visits to the community colleges in California in an attempt to introduce students to the CLCA program or the California Low Cost Automobile Insurance Program that has been offered by the state. Most students look forward to saving money in today’s scenario and the CLCA program helps in providing affordable liability-only insurance which meets the requirements of the state’s responsibility laws for under $400 per year. Chris Shultz, Deputy Commissioner stated that although the CLCA program was a wonderful resource for citizens of California, … (more) June 1, 2011