Auto Insurance News Archive for August, 2011

• Use of credit scores in auto insurance rates – ballot petition to prohibit its use

  by Richard Burton
  

  A number of socioeconomic factors are taken into account while pricing your policy. For instance, if you haven’t paid all your bills on time, it may actually affect your auto insurance rates. However, a new ballot petition will now ensure that it doesn’t. What are the factors that should actually play a role while determining your auto insurance premiums? There are some large companies that have been arguing that your credit scores as well as occupation also makes a huge difference in the way you drive, but not everyone is in agreement with that. Presently, in the Massachusetts the credit … (more) August 31, 2011

• Usage-based discount program offered by yet another major insurance company

  by Richard Burton
  

  A new device has been unveiled by State Farm and it will provide a range of safety features for policyholders. All that needs to be done is to simply plug them into the savings for low mileage drivers via the company’s discount auto insurance program. This new in-drive service functions through an easy-to-install device which works in almost all vehicles manufactured post 1995, states the company. In-drive is very similar to the OnStar system that was launched by General Motors and it will give drivers access to a host of features such as: Roadside assistance Stolen vehicle location assistance … (more) August 30, 2011

• Students can now avail great deals on car insurance

  by Richard Burton
  

  Car insurance for students is generally very high and parents go through a lot of anguish just looking at auto insurance rates that they are expected to pay for their children. Drivers between the age groups of 15 and 24 are considered to be in the high-risk category for auto accidents. Hence, most insurance companies place very high premiums on that particular age group. Young males are considered to be riskier than the young females. So, their rates are much higher, but students still have some advantages when compared to non-students in that age group. There are a number of … (more) August 29, 2011

• Reasons for high auto insurance rates in Louisiana

  by Richard Burton
  

  Most families in Louisiana are already struggling with their finances and the fact that Louisiana is one of the most expensive states in the country if you have to purchase auto insurance is not really good news. The auto insurance rates in Louisiana have climbed steadily since many years now and they are the second highest in the US and are only behind Michigan. As per the new study conducted by a website, Pelican State drivers are currently paying an average premium of about $2,453 each year, which is a lot of money. During such tough economic conditions where the … (more) August 28, 2011

• PIP system in NJ likely to see changes

  by Richard Burton
  

  The New Jersey Department of Banking and Insurance (DOBI) are likely to revise the PIP regulations once again. It has been two years since the earlier reforms made their exit from legal wrangling. It was during the end of 2009 when the Supreme Court gave an affirmation to the decision taken by the state’s Superior Court’s Appellate Division that the PIP medical fee schedule given by the insurance department was not arbitrary, as the doctors had challenged. The fee schedules as well as the ongoing battles that followed have been a regular feature in New Jersey for many decades. Now, … (more) August 27, 2011

• Personal injury fraud to get prioritized

  by Richard Burton
  

  The state’s new insurance consumer advocate stated on Thursday that it is important to crack down on auto insurance fraud and strengthen property insurance market, in order to help consumers in the long run. This was on top of the priority list, she stated. The Florida Insurance Consumer Advocate, Robin Wescott has stated that the health of the markets is directly dependent on consumer satisfaction and protection. She stated this shortly after she was chosen for the post. This is a role that is both delicate as well as adversarial at times and has pitted advocates against the Legislature as … (more) August 26, 2011

• Modernization in insurance regulation is the key to cutting costs

  by Richard Burton
  

  There are hundreds and thousands of policyholders who receive their auto insurance bills on a daily basis and wonder if a time will come when their policies would cost less. In fact, many people might be asking the same question regarding their homeowners’ coverage or their life insurance premiums. The answer is plain and simple – insurance can cost less if the entire regulatory system costs less. In the US, insurance regulation is a complex web of over 50 separate state-based insurance regulatory systems and each one has its own unique features such as regulations, procedures, legal definitions that are … (more) August 25, 2011

• Increase in claims send florida insurance rates soaring

  by Richard Burton
  

  A sharp increase in claims have been driving up auto insurance and homeowner premiums in the state of Florida, although the state has not been hit by a hurricane since the last five years, a new study has shown. In the last six years since Hurricane Wilma hit Florida, there has been a sharp rise in ‘everyday claims’ as well as the new and reopened claims from the past storms, that have gone up by 80%. Lynne McChristian who is Florida’s representative for the Insurance Information Institute has stated that Insurers are seeking rate increases based on a number of … (more) August 24, 2011

• Important measures to take in order to avoid rejection of auto insurance claims

  by Richard Burton
  

  Just purchasing an auto insurance policy is of no good if you cannot ensure that your claims will be settled quickly when it is required. A number of claims keep getting rejected by auto insurance companies due to some common errors committed by the customer. These are mistakes that can prove to be costly, but they are mistakes that can be avoided easily. The most important thing is to ensure that you renew your policy on time. Even if you have been a customer with the same insurer for a number of years, just missing your renewal by a single … (more) August 23, 2011

• Ballot measure to be used to ban insurers from using credit scores – Massachusetts agents

  by Richard Burton
  

  Massachusetts Independent Insurance agents have been opposing the use of credit scores, education level, as well as occupation for quite a while now. These are factored in while underwriting auto insurance policies and the agents have put a petition seeking to ban such pricing, on the State’s ballot. The MAIA or the Massachusetts Association of Insurance Agents has stated that it has filed the required 10 signatures with the Attorney General’s Office. This will begin the process of putting forward the petition on the 2012 ballot to prevent insurance companies from using socioeconomic factors such as occupation, credit scores, or … (more) August 22, 2011

• Agents in Massachusetts seek ban on insurers’ use of credit scores

  by Richard Burton
  

  The independent insurance agents in Massachusetts are opposing the use of credit scores, education level, and occupation, in the auto insurance pricing by the auto insurance companies they represent. They have been pushing to get a ban on such pricing, on the 2010 ballot by the state. The MAIA or Massachusetts Association of Insurance Agents have stated that they have put forward their petition with the Attorney General’s Office after obtaining 10 signatures that are required to start the process of putting forward the petition on the 2012 ballot, to prevent insurance companies from using such information such as an … (more) August 21, 2011

• 7AARP driver safety course hosted by Pasadena senior center

  by Richard Burton
  

  The AARP Driver Safety Course gives senior citizens an opportunity to refresh their driving skills and the auto insurance companies offer them a discount in appreciation of that. This course was held at the Pasadena Senior Center on Saturday. Senior citizens will be attending the all-day class and it would help them refresh their driving skills as well as traffic laws. It will also offer them tips to stay safe while they are behind the wheel. There were nine senior citizens who enrolled in the class. They were later given workbooks and literature and sent home. They could use this … (more) August 20, 2011

• The new program offered by state farm is likely to change the way americans drive

  by Richard Burton
  

  Auto insurance company, State Farm in collaboration with a telematics company is now offering its customers certain in-vehicle communications systems as well as a chance to avail discounts on their auto insurance rates. This is a joint effort and is called In-Drive and it uses a technology that is developed by the Atlanta-based Hughes Telematics Inc. State Farm will start offering this optional service to its customers in the state of Illinois, sometime in September and will possibly offer it in the other states by next year as well. The features in this technology is very similar to that which … (more) August 19, 2011

• Ten of the most stolen vehicles named by NICB for the year 2010

  by Richard Burton
  

  The NICB has today released its list called Hot Wheels which is a list of 10 of the most stolen vehicles in the US. This report has used the vehicle theft data that has been submitted by the law enforcement to the NCIC or the National Crime Information Center. It determines the vehicle model, make, and the model year most stolen vehicle in 2010. The most stolen vehicles in the year 2010 were: 1991 Toyota Camry 1994 Honda Accord 1994 Acura Integra 1995 Honda Civic 1997 Ford F150 Series/Pickup 1999 Chevrolet Pickup (Full Size) 1999 Ford Taurus 2000 Dodge … (more) August 18, 2011

• One of the most underutilized resources are auto insurance quotes

  by Richard Burton
  

  Everybody is trying to find ways and means to find the lowest auto insurance quotes due to the severe economic crisis that every individual is facing. However, this may turn out to be a highly time-consuming task for most people, especially since there are so many insurers who are now offering auto insurance policies these days. Most of these auto insurance companies offer huge incentives to attract customers, and offer free quotes as well. Most of the American citizens seem to be coming to their senses finally, and have realized the significance of auto insurance. The economy is not really … (more) August 17, 2011

• More than 100 people likely to be hired by progressive by September end

  by Richard Burton
  

  Progressive auto insurance has been named one of Austin’s top workplaces by Austin American-Statesman. Hence, people who are looking forward to having a rewarding career must consider Progressive. It is the fourth largest auto insurance company throughout the nation and is presently going to fill at least 101 positions in sales, claims, and service. These are new vacancies at the Austin contact center and would be filled up by September end. In the month of May, Progressive had announced that it would be hiring around 65 customer service representatives in Austin. These new entrants will be in charge of selling … (more) August 16, 2011

• Medical costs to be cut in NJ auto insurance

  by Richard Burton
  

  Auto insurance rules are likely to be revamped if everything goes as per the proposals made on Monday in Governor Chris Christie’s administration. They claim that it will help in controlling auto insurance costs, if the medical costs for those injured in accidents are curtailed. A number of revisions to the PIP system in the state will change the fees that are paid to some of the same-day surgery centers and will also bring down the costs that are associated with alternative therapies such as chiropractors and the rest. It will also help in clamping down on the attorney’s fees … (more) August 15, 2011