Auto Insurance News Archive for July, 2011

  • Public auto insurance is the best, provided it is executed well

    by Richard Burton
    Public auto insurance is the best, provided it is executed well

    The IBC or the Insurance Bureau of Canada has been actively convincing the British Columbians since the last four years stating that the private insurance system provides the best service and would be much better than ICBC. However, there seems to be overwhelming evidence to show that when the government takes up something and does it right, the choice between private and public would become quite obvious. Just last week Lindsay Olso had argued on behalf of the IBC and stated that the insurance rates in B.C. would actually decline if it had to come under the private system. Olson … (more) July 14, 2011

  • Fraudsters now insure their luxury vehicles as farm vehicles to avail hefty discounts

    by Richard Burton
    Fraudsters now insure their luxury vehicles as farm vehicles to avail hefty discounts

    The unpaid premiums have gone up to a tune of around $150 million each year due to improper application of discounts, states an executive from a firm which checks the data for auto insurance companies. Insurance fraudsters are now turning to other innovative ways to cheat on the amount of insurance they pay. They claim their luxury cars to be farm equipment and are reaping the benefits by way of hefty discounts on their auto insurance premiums. The San Francisco Company Quality Planning is in charge of the verification of the policyholder’s data for auto insurers and this company has … (more) July 13, 2011

  • No-fault insurance is least popular among most people

    by Richard Burton
    No-fault insurance is least popular among most people

    The crisis in the auto insurance sector has been spreading all across the states in the US and this is largely due to the flawed no-fault insurance system in most of the states say insurance experts. Critics state that the no-fault insurance system is the root of the crisis in the auto insurance sector. Some of the insurers have stopped doing business in Florida due to the widespread auto insurance fraud because of the no-fault insurance system there. Experts state that if adequate reforms are not brought in at the earliest, the no-fault system in New York will soon reach … (more) July 12, 2011

  • Top ten auto insurance providers that excel in consumer satisfaction

    by Richard Burton
    Top ten auto insurance providers that excel in consumer satisfaction

    According to a study conducted by J.D. Power and Associates, the California-based market information services company Amica has won accolades with the highest consumer satisfaction score for auto insurance companies. This is as per the information that has just been released in the ‘2011 US National Auto Insurance Study.’ Customer satisfaction was measured using five factors such as policy offerings, interaction with customer, billing and payment, as well as claims. According to the study, there was overall improvement in customer satisfaction this year and the average index score was 790 on a 1000-point scale, which is up by 13 points … (more) July 11, 2011

  • The five claims that make insurers happy

    by Richard Burton
    The five claims that make insurers happy

    Insurance companies are there to make money and they know how to do it. They can judge people as they have spent a lot of time honing their skills. Since they have so much exposure, they can easily predict whether you will be involved in crashes, fall ill, set your house on fire, or have a short life span. Their knowledge is gathered over a period of time and is based on the claims that are filed regularly. So, insurance companies don’t necessarily frown upon each and every claim you make and in fact, some of these claims make them … (more) July 10, 2011

  • The best option is public auto insurance as long as it is done right

    by Richard Burton
    The best option is public auto insurance as long as it is done right

    Though the Insurance Bureau of Canada has been trying to convince the British Columbians about private insurance being better than public insurance, it is not true. Four years have been spent by the IBC in actively pushing forward the for-profit auto insurance systems. They claim that private insurance can provide better services than ICBC. However, the argument doesn’t hold good since there is a lot of evidence to prove that when it is done right public insurance is certainly a better option than private insurance. The IBC basically represents the interests of private insurance companies. Last week, Lindsay Olson also … (more) July 9, 2011

  • Most expensive place to buy auto insurance in US is New York

    by Richard Burton
    Most expensive place to buy auto insurance in US is New York

    As per recent studies conducted by online auto insurance quote it has been found that the New York City Metropolitan area’s auto insurance rates are the highest in the US. According to the study New York is the most expensive state to purchase auto insurance in 2011. The Tri-State members that are New York, Connecticut, and New Jersey have the highest average insurance cost throughout the nation. There are a number of contributing factors such as high crime rates, high population density, as well as poor traffic conditions. These have caused the auto insurance rates to shoot up. New Jersey … (more) July 8, 2011

  • Local insurance company likely to benefit from state auto insurance company leaving Rhode Island

    by Richard Burton
    Local insurance company likely to benefit from state auto insurance company leaving Rhode Island

    State Auto Insurance a Columbus, Ohio-based company, has decided to pull out of Rhode Island and also to reduce its offering in the State of Massachusetts. This might actually prove to be beneficial for a Pawtucket insurance company. Now, State Auto Insurance has stopped writing new home, auto, or business insurance policies in Rhode Island. It will no longer have its offerings at Massachusetts as it is trying to make readjustments after the affiliations with Patrons Mutual Group, Connecticut. As per this arrangement with State Auto, Narragansett Bay Insurance Co. would be extending its offers to the State Auto Insurance … (more) July 7, 2011

  • J.D. power & associates – consumers who combine policies are dissatisfied

    by Richard Burton
    J.D. power & associates – consumers who combine policies are dissatisfied

    According to J.D. Power & Associates, the satisfaction with the pricing among auto insurance customers is now comparable with those levels that were earlier reserved for those policyholders who bundled their homeowner’s policies and auto insurance policies. The study conducted by J.D. Power measured consumer satisfaction with the auto insurers based on 5 factors such as policy offerings, price, interaction, claims, and billing & payment. The study has found that satisfaction levels in those who had purchased a homeowner’s policy from another insurer and those who only had an auto insurance policyhad gone up now when compared to 2010 (it … (more) July 6, 2011

  • High costs correlate with the high numbers of theft in Fresno

    by Richard Burton
    High costs correlate with the high numbers of theft in Fresno

    A report was released on Tuesday by the National Insurance Crime Bureau where it indicated all the hot spots for vehicle theft. There were indications that ‘Fresno California metropolitan statistical area’ had the highest number of theft last year. OAI or online auto insurance had compared the policy prices in this area with that of another city which had a lesser theft rate. It was found that the residents of that place had much better accessibility to affordable auto insurance compared to Fresno, especially when it comes to comprehensive cover. There are a number of factors that the car insurers … (more) July 5, 2011

  • Certain auto insurance add-ons are worth paying more

    by Richard Burton
    Certain auto insurance add-ons are worth paying more

    All motorists are required to carry a certain amount of liability coverage as prescribed by the state. But, your insurance agent may also offer you other ancillary or add-on coverage that is optional. While there are some that are worth the extra cost, there are those that are simply not worth the cost. Hence, it is important to choose them with care and do a lot of research before purchasing auto insurance. The first one is Gap Insurance and this one offers protection in case you owe much more on the vehicle when compared to what the insurance companies will … (more) July 4, 2011

  • Catastrophic auto insurance suggested by Halifax lawyer

    by Richard Burton
    Catastrophic auto insurance suggested by Halifax lawyer

    A Halifax personal injury lawyer has suggested to the Nova Scotia government that there needs to be a boost in the medical rehabilitation benefits which are handed out to those who suffer ‘catastrophic’ injuries in motor vehicle accidents. John McKiggan has stated that those who suffer severe injuries in accidents required extensive medical treatment and should be eligible to receive more medical benefits, maybe up to $100,000. They must also have additional benefits such as income replacement of up to $1,000 for every week that the injured person is unable to go to work as a result of the accident. … (more) July 3, 2011

  • Are we seeing a drop in auto insurance rates?

    by Richard Burton
    Are we seeing a drop in auto insurance rates?

    Auto insurance costs seem to be on the decline as it has been observed in the two sets of data that are generally used to track pricing. When you look at the recent trends in America auto insurance costs have actually dropped by about 6.75% between 2004 and 2008. There was a rise of around 3.4% during the same time as well. There are two reliable sources of information such as Bureau of Labor Statistics (BLS) and the National Association of Insurance Commissioners (NIAC) and both of them have reported that the cost has gone up and down during the … (more) July 2, 2011

  • Lower rates next year by Manitoba public insurance

    by Richard Burton
    Lower rates next year by Manitoba public insurance

    MPI made an announcement on Tuesday stating that it would lower the rates next year where a majority of the motorists will see a 6.8% cut in their auto insurance rates. This would be possible only because the theft costs and injury claims have come down. This has also increased operational efficiencies. But the rates are yet to be approved by the Public Utilities Board and after the approval the new rates will take effect on the 1st of March 2012. For a private passenger vehicle the average premium would be $836 which is $61 lesser than the last year. … (more) July 1, 2011