Auto Insurance News Archive for January, 2012

• Florida legislature contemplating new rules for auto insurance

  by Richard Burton
  

  The ever increasing rates of auto insurance in the state of Florida have instigated the legislature in the state to come up with new moves to curtail this price rise. The legislature is considering making changes to the personal injury protection insurance which is one of the main reasons for the increase in insurance premiums. A large number of customers with the PIP insurance plans are filing fraudulent claims in large numbers which in turn is leading to increased cost for auto insurance providers. In a bid to curtail their losses, auto insurance companies are increasing the premiums on all … (more) January 30, 2012

• Auto insurance rates in New Jersey on the rise

  by Richard Burton
  

  As per the most recent data from the National Association of Insurance Commissioners, the average premiums rates for auto insurance policies in New Jersey has increased over the last few months. The insurance regulators in this state and also the other representatives of this industry place the blame on the increasing cost of availing the personal injury protection plan. The figures released on Tuesday after the completion of an NAIC study said that the average cost of insurance a personal vehicle in New Jersey has risen from $1,198 to $1,218. The premium for comprehensive auto insurance, collision insurance and liability … (more) January 25, 2012

• Large scale auto insurance fraud being investigated by the State

  by Richard Burton
  

  State investigators in Tallahassee are mulling over the possibility of filing criminal charges after unearthing violations in over ninety percent of clinics that have provided treatment to patients involved in accidents in Miami-Dade county. One of the reports filed by AHCA (Agency For Health Care Administration) unveiled the fact that these discrepancies were found during the latest sweep conducted over three days by the investigators in the Miami-Dade county. One among the 49 cases that were investigated showed that the customer has charged the insurance company up to $19000 under PIP while the money was actually used for massage therapy. … (more) January 22, 2012

• Auto insurance based on usage apt for pricing and handling claims

  by Richard Burton
  

  The perks of usage based insurance policies for vehicles can go beyond just availing the insurance at the best prices. These policies can also help in curtailing fraud and inform policy holders about fuel consumption, CO2 emission, and other aspects that reduce the driving costs, says a recent Celent report. The recent Celent report titled “Telematics-Based Insurance: Has the time finally arrived?”clearly mentions that all insurance providers are clearing any obstacle that comes in the way of offering usage based auto insurance policies to their customers. Celent also goes on to say that the cost involved in purchasing the devices, … (more) January 20, 2012

• Instant scrapping of stolen vehicles will be stopped if bill gets through

  by Richard Burton
  

  In South Carolina, one does not require proof of ownership in order to sell vehicles that are eight years old or even older. So, it is easy for car thieves in South Carolina as they can simply steal an older vehicle and sell it to a scrap dealer and take cash in return. Senator Joel Lourie from Richland states that South Carolina is a thriving area for car thieves. Lourie is the lead sponsor of the Bill that is likely to make things difficult for car thieves who steal older vehicles in order to dispose them off quickly to scrap … (more) January 16, 2012

• Change is certain in an uncertain economy – western insurance agents roundtable

  by Richard Burton
  

  The first annual Insurance Industry Roundtable was held in Irvine, California recently. The topics of discussion included the need to gain proficiency in certain technologies, the economy, as well as the hard insurance market among other things. It was a daylong event and was attended by 23 professionals from the insurance industry. There were roundtable discussions regarding the present status of insurance industry and its future. It also included three presentations as well. A similar roundtable would be held every year by Rancho Cordova, a WIAA Education & Research Foundation, based in California. After the meeting commenced, the question of … (more) January 13, 2012

• Auto insurance risk shows slight increase after a series of quarterly declines

  by Richard Burton
  

  TransUnion’s Index for Auto Insurance Risk showed a marginal increase of about 0.03% by the end of September 2011. After having experienced a series of declines in the last four quarters, the index registered at 98.85, which is 3 basis points more than the second quarter of 2011, and thirty one basis points lesser than last year around the same time. It is also seventy three basis points lesser than the second quarter results of 2009. Chet Wiermanski, global chief scientist from TransUnion has stated that the auto insurance risk is now transitioning towards a period of higher risk, going … (more) January 11, 2012

• Ban on drivers using electronic devices in the U.S.

  by Richard Burton
  

  The U.S. National Transportation Safety Board has imposed a ban on use of mobile phones by the drivers to prevent the distracted drive crash cases in the country on Thursday. While imposing the ban, Deborah Hersman, NTSB Chairman in Washington hearing exclaimed that a decision to this effect is taken to put a stop on distract driving, as no call or text is as important as human life. According to Kelly Nantel, an NTSB spokeswoman, the requisite mobile ban is not going to affect the global positioning systems being installed into automobiles such as General Motors Co.’s OnStar. Furthermore the … (more) January 9, 2012

• Auto insurance fraud cases accelerating

  by Richard Burton
  

  Auto insurance companies have once again came into limelight, basically for fighting the duping acts of clients in the case of being charged for high premiums for their policies. Such scams hitting across the US has made the auto insurance companies to look into the matter with great concern. To overcome these instances, authorities are trying to convince the people that the relative cost of the premiums they need to pay are quite cheaper than for avoiding in purchasing the one. Following the scam the three claimants were found guilty before the court against the auto insurance fraud case for … (more) January 7, 2012

• Ten supercars at Dubai motor show sold for $1.3 million each

  by Richard Burton
  

  Shelby Supercars (SSC) recently sold out a few of its mega-performance sports cars. Earlier they used to boast about being the manufacturer of the fastest car in the world. Founded in 1999,SSC – West Richland company in the sate of Washington has confirmed the sales booking of its latest model- Tuatara, at a whopping price tag of USD $1.3 million each for 10 cars, during the  Dubai International Motor Show in 2011. The two seater coupe which had a futuristic look is to be brought under production by the year 2012.  It is powered by a twin-turbocharged 6.6-liter V8 engine which offers … (more) January 5, 2012

• Asian auto stocks decline shares auto news report

  by Richard Burton
  

  With the decline in the US economy, the Asian markets have witnessed a steep decline in their auto share price as well. The sales of automobiles failed to recover, subsequently slowing down the speed of accelerating fiscal growth. The situation has driven analysts to estimate inferior rates for light-vehicle delivery for the current and next financial year. The two companies like General Motors and Chrysler have already warned the federal government and the shareholders that there is a huge chance of bankruptcy. If they are not provided with help now then they will surely die out within a few days. … (more) January 3, 2012

• Cleaner air for California reports auto news

  by Richard Burton
  

  The air quality regulation according to Auto news section of California has asserted new rules on Wednesday claiming to reduce the amount of green house gases and harmful gases from emissions by vehicles. They have proposed to bring in 1.4 million electric and hydrogen cars on the roads in the state of California by the year 2025 to attain a healthy air for the residents of the state. The Air Resources Board of the state said that this program initiated by the state government will not only help to reduce pollution to a great extent but also car drivers will … (more) January 1, 2012