Auto Insurance News Archive for September, 2011

• Auto insurers in Michigan keen on controlling the rising medical costs in the state

  by Richard Burton
  

  All the auto insurance providers in Michigan are keen on making changes to the no-fault system in the state that has been in existence for over two decades now. This need, they attribute, to the increasing cost of medical facilities in the state. Insurance Institute Of Michigan’s executive director, Peter Kuhnmuench, said that the no-fault auto insurance law in the state has worked without any concerns till date, the burgeoning costs of medical facilities in the state is calling for a  change to this law to curb this before things roll out of control. This law was brought into implementation … (more) September 30, 2011

• Auto insurance coverage without credit check

  by Richard Burton
  

  Long gone are the days when customers could show their impeccable driving record, void of any speeding tickets or accidents, and proof of paying their insurance premiums regularly and expect to be rewarded in return by the auto insurance provider in the form of discounted auto insurance premiums. Today, auto insurance providers do not pay as much attention to these aspects, as they do to the credit history and the fact that your spouse or partner getting the pink slip due to the downward spiraling economy. Therefore, even insurance holders with good driving records and good payment scheduled are still … (more) September 29, 2011

• Michigan auto insurance premiums can be lowered with optimum level of medi cover

  by Richard Burton
  

  The no-fault auto insurance law in the state of Michigan entitles the person with catastrophic injury to claim lifelong benefits for medical expenses and rehabilitation costs. However, with the increasing cost of availing medical facilities it will be very tough for many residents of the state to be able to avail this policy. Over the last ten years, the cost of availing medical facilities has upped the average of the PIP claims by at least 166%. The cost that stood at $13,617 in the year 2000 has now risen to $36,245 in the year 2010. Through these years, the Catastrophic … (more) September 28, 2011

• Changes in auto insurance would be debated in Michigan legislature

  by Richard Burton
  

  Michigan has always boasted of a unique auto insurance system when compared to the rest of the states. However, there are proposals to bring about some changes to this system. This would be a hot topic for discussion in the Michigan Legislature. Michigan is the only state in the US that provides unlimited medical coverage for those who are seriously injured in motor vehicle accidents. However, if the proposed changes come into effect, all of that is bound to change. Motorists will then have an option of choosing a less expensive insurance coverage where they would only get limited PIP … (more) September 27, 2011

• Paying for the fraud you did not commit

  by Richard Burton
  

  There are consumers who are unhappy about the rising auto insurance prices which are attributed to the increase in the number of auto insurance frauds. Most of them also believe that this is a reason that is being cited without enough proof to substantiate it. For those who feel that this is all hogwash, here is a reality check. The number of fraudulent auto insurance claims is indeed increasing not just in one state, but across the country. There is also evidence to prove the same. Numerous fraudsters who allegedly ran an auto collision ring by staging accidents and filing … (more) September 26, 2011

• 25% of the drivers in the state of Oklahoma driving without auto insurance

  by Richard Burton
  

  The Insurance Research Council is a body that regularly conducts surveys to find out the most recent happenings in the world of auto insurance and compile the results for comparative analysis at a later time. One of the latest surveys conducted by this council has revealed that close to 25 percent of the drivers in the state of Oklahoma do not have a valid auto insurance policy. These figures are a cause of concern in the industry circles because of the impact it can have not just on the auto insurance providers, but also those people who actually have a … (more) September 25, 2011

• $30 million increase in Medicaid costs if proposed Michigan auto insurance changes get approval

  by Richard Burton
  

  One of the recent studies conducted has revealed that there will be an increase of $30 million in the Medicaid program in Michigan if the legislature gives a nod to the changes proposed to the state’s no-fault insurance law which has been in existence for nearly 39 years now. In fact, the no-fault auto insurance law in this state is considered to be so good that many other states use this model to build of the no-fault laws for their respective states. One of the changes proposed is to allow drivers to select different levels of coverage for PIP (personal … (more) September 24, 2011

• Over $10 billion losses annually due to uninsured drivers

  by Richard Burton
  

  Every state in the country has made it mandatory for citizens to carry a valid auto insurance policy when they drive a car. Despite this, over 14 percent of the drivers flaunt this mandatory requirement without the fear of being caught, partially due to the shaky economic situation, thereby putting the lives and property of people in grave peril. According to data from the Insurance Research Council, the rate of uninsured drivers in the state of Wisconsin stood at 15 percent. The latest data made available by the National Association of Insurance Commissioners has revealed that the people with insurance … (more) September 23, 2011

• Michigan residents not happy with the proposed changes to the no-fault auto insurance

  by Richard Burton
  

  Michigan is one of the few states in the country which has a high effective no fault car law. This law is so functional that it serves a model for other states that would like to bring this into effect. However, despite the fact that this law is highly popular, Michigan lawmakers are in a hurry to make changes, citing the fact that it will reduce overall cost. The residents are crying out loud against this move because the law is not defective for it to be repaired. The No Fault law in Michigan has a privately funded system to … (more) September 22, 2011

• Auto insurance providers increasing coverage premiums in Texas

  by Richard Burton
  

  Most of the major auto insurance providers in the state of Texas are considering increasing the premiums for the car insurance policies. This, they say, is being done due to the losses sustained and the revised liability limits that can into implementation early this year. Every state in the country has a set of minimum liability that has to be covered by every company that offers auto insurance coverage in the state. These minimums vary across the states and can be revised if deemed necessary. Texas is one of the states that have brought about some new minimum liability rules … (more) September 21, 2011

• Michigan legislature likely to debate on changes in auto insurance

  by Richard Burton
  

  Michigan has a unique auto insurance system and changes in this system of coverage for people who are injured in accidents, is likely to come up for debate in the Michigan Legislature. As of now, Michigan is the only state in the whole of US, which mandates unlimited coverage for those who have suffered catastrophic injuries in a motor vehicle accident. Currently, there are proposals to offer auto insurance that is less expensive in exchange for limited PIP coverage. Those who are in support of bringing about this change (including auto insurance providers themselves) state that this would help motorists … (more) September 20, 2011

• Auto insurance – No credit check auto insurance hard to find

  by Richard Burton
  

  Earlier, auto insurance providers would reward customers who had a good driving record, credit history, and paid insurance on time. However, all of that seems to have changed now as auto insurance providers no longer seem to care if you keep up to your payment schedule and have a good credit record etc. In the present scenario, in case you or your spouse lose your job due to the economic downturn, auto insurance companies will still nail you with a hike in premiums or even cancel your policy. However, one fails to understand the connection between credit history and auto … (more) September 19, 2011

• MetLife auto welcomes GM auto insurance

  by Richard Burton
  

  MetLife Auto & Home has welcomed a direct marketing proposal from General Motors that facilitates auto insurance to new car owners. In an effort to enhance its brand image, General Motors incepted MetLife Auto policy that would cover liability and physical damage coverage and serve new GM customers for models Chevrolet, Buick, GMC or Cadillac. It is presumed the marketing campaign will help the distribution force of independent agency, as well. The proposal is currently extended to Washington and Oregon. However, several independent insurance agents have raised concerns regarding the marketing gimmick. Bob Rusbuldt, president and CEO of IIABA (Independent … (more) September 18, 2011

• Low cost auto insurance coverage from west coast to be promoted

  by Richard Burton
  

  With an estimated 400,000 people in California driving in absence of auto insurance policy, Department of Insurance is planning to launch a major promotional campaign, later this year. It will focus on options that would facilitate lower cost premiums for drivers who struggle to pay the rising insurance costs. Pat McConahay from the California Department of Insurance said, “We have to have billboards. We hope to have some advertising. We have been doing some outreach on campuses.” When asked the reasons for a large-scale promotion, she responded: “If we get pulled into a road accident and hit by somebody who … (more) September 17, 2011

• How well did auto insurance measure up this year

  by Richard Burton
  

  In April, with the enactment of vetoed coverage-related bills in Mississippi and Montana, the average prices of the policies increased marginally and Arizona banned crash taxes.  This step was taken in response to a latest published report, stating that in 2009, One in Seven American drove uninsured. The most recent Consumer Price Index report indicates that the cost of insuring an automobile climbed only one-tenth of a percent between February and March. However, the cost of the auto insurance policies in March 2011 was four percent greater than March, last year. A new study conducted nationwide in relation to uninsured-motorist … (more) September 16, 2011

• DOT – Better implementation of laws results in lowering distracted driving incidents

  by Richard Burton
  

  In an effort to restrain unfocused driving, a number of communities across the country have increased the presence of law enforcement personnel on the road. As per the National Highway Traffic Safety Administration in Hartford, Connecticut and Syracuse, New York, fewer instances were reported by police officers reported for sidetracked driving after powering up their awareness program for distracted driving. In Syracuse, cell phone usage while driving was dropped by a 1/3rd, in presence of higher numbers of police patrolling the roads. In Connecticut, the numbers declined by 57% when police enforced heightened driver distraction program. According to NHTSA, Hartford … (more) September 15, 2011

• Drivers urged to exercise caution by tegner-miller insurance brokers

  by Richard Burton
  

  Tegner-Miller Insurance brokers are now encouraging motorists to drive safely by educating them on safe driving practices. Now, the brokerage is acting swiftly to educate citizens about the traffic-related deaths that seem to rise in the month of August. These brokers want to ensure that the clients are well protected while they are on the roads. It does not occur to anyone that they can be involved in an accident or that their loved ones could be involved in a serious crash and when it happens it can be really shocking. Motorists, who are sometimes lucky, manage to escape without … (more) September 14, 2011