Most Recent Auto Insurance News in State Insurance News

• 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

• PIP auto insurance system in Florida goes out of control

  by Richard Burton
  

  Kevin McCarty, Insurance Commissioner, Florida has given a bleak outlook of the PIP auto insurance system that seems to have spiraled out of control in the recent times. The benefits that have been doled out on the PIP claims seem to have skyrocketed to a whopping 70% since 2008, while the number of licensed drivers has remained the same, and even though the accidents have decreased. The massive hike in PIP payments which was about $2.37 billion in 2010 when compared to $1.43 billion in 2008 is due to the rise in fraudulent practices and due to the abuse of … (more) September 13, 2011

• Auto insurance companies and lawyers battle over the auto insurance bill

  by Richard Burton
  

  Last year, 38-year-old, Samuel Milons Jr., was killed by a driver in Milwaukee. The driver suffered a seizure and lost control over the vehicle and crossed the median killing Milons. Following Milon’s death, Angela Minerick his fiancée racked up credit card debt as she could not afford to pay up the rent on their Milwaukee townhouse. However, Minerick who is a funeral director is far more secure with the thought that her son Samuel III will be able to afford college. According to the auto insurance law of 2009, Minerick was allowed to stack two of her auto insurance policies … (more) September 12, 2011

• Review auto insurance to prevent fraud claims suggests Lloyd’s

  by Richard Burton
  

  The leading auto insurance provider Lloyd’s, reported a steeping incline in fraudulent claims. This can be a chief reason for elevating auto insurance premiums. What is more alarming is the fact that the fraudulent car insurance claims are on the rise across the globe. As the insurance companies are exposing escalated number of fake claims, the situation is deteriorating around the world. The Insurance Information Institute of the United States approximates that fraudulent claims constitute over 10% loss each year in the auto insurance industry. How would these frauds affect us when we review or compare auto insurance quotes? Examples … (more) September 10, 2011

• Advertise your auto insurance with BrokersWeb enhanced pay-per-click targeting platform

  by Richard Burton
  

  The top provider of pay-per-click (PPC) services, BrokersWeb, Inc. has launched a superior market targeting tool for auto insurance providers. The platform allows customers to maximize their promotions for increased exposure to their auto insurance products. The high rate of conversions and ROI is achieved by targeting prospects residing in a defined demographic outline, within particular zip code(s). BrokersWeb’s advanced PPC campaign management leverages the advantage to target and engage the customers who meet an advertiser’s desired parameters. Further, the advertisers can amend their proposals for improving their position on the search engine listings, thus increasing the frequency of their … (more) September 7, 2011

• Auto insurance – a $12m sham in South Carolina

  by Richard Burton
  

  In a yearly report released recently, Attorney General Alan Wilson, South Carolina alleged that in 2010, approximately $12 million dollar in auto insurance scam was reported in the state. Counterfeit vehicle claims, contributed over 50% towards the registration of complaints regarding insurance scams, last year. Defrauding insurers not only rips off the insurance company, but also increases the premiums drastically; making it more challenging for people seeking coverage under “affordable” auto insurance. Attorney General’s Office indicated that the average U.S. home cover scam cost is above $1,000 per year form the insurer’s pocket. In South Carolina, last year the complete … (more) September 6, 2011

• The rise in auto insurance premiums in NJ must be curbed

  by Richard Burton
  

  The New Jersey auto insurance premiums were a big mess earlier, because they were among the most expensive nationwide. Insurers were in fact, fleeing the scene and there were angry motorists who were protesting on the streets in Trenton. However, in 2003, Gov. James E. McGreevey’s administration spearheaded the reforms, that not only brought in more competition, but also lowered the prices as well. Yet, these changes did not do anything for the PIP coverage, which covers medical costs for accident victims. Bringing about changes in PIP coverage meant battling with two groups – the doctors and the lawyers and … (more) September 4, 2011

• Auto insurance rate hikes unpredictable in New Jersey

  by Richard Burton
  

  The auto insurance rates in New Jersey are very unpredictable and can really be really frustrating at times. They come in cycles that are unpredictable and there seems to be nothing that one can do.  Even the lawmakers simply shrug their shoulders and state that it is a terrible thing to happen, but they claim that they can do nothing about it because New Jersey is such a crowded state. Now, voters have found out that the lawmakers have no inclination to push these insurance reforms as they are being driven around by state cars, at the expense of the … (more) September 1, 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

• 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

• 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

• 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

• Major changes likely in PIP laws in NJ

  by Richard Burton
  

  The Department of Banking and Insurance (DOBI) in NJ is looking at ways to revise the PIP laws in the states less than 2 years after the previous reforms made their exit. During the end of 2009, the Supreme Court had affirmed the decision made by the Superior Court’s Appellate Division in the state, that the auto insurance department’s latest PIP medical fee schedule was not arbitrary as doctors had earlier challenged. New Jersey has witnessed a lot of battles over fee schedules in the past and now again, based on the new information gathered by DOBI with regard to … (more) August 14, 2011

• Auto insurance rates on the rise in NJ again

  by Richard Burton
  

  Auto insurance rates in NJ are steadily rising again, after years of steadily declining rates. To add to that the Christie administration is now proposing fresh rules that would put restrictions on the type of medical care that would be offered to injured motorists, under their policy cover. The new rules that have now been proposed could reignite the raging debate over car insurance, an issue that has dominated NJ for years, as enraged motorists had regularly opposed the new rates stating that they were among the highest in the nation. Now, the old fight over who rules in case … (more) August 10, 2011

• Auto insurance rates in florida rises steadily

  by Richard Burton
  

  All the four auto insurance majors have been battling for supremacy – including Geico, Progressive, Allstate, and State Farm. These are the biggest auto insurance firms in Florida and are competing with one another to get maximum business. They have been making irresistible offers and each one is promising better rates than the others and this might make you think that auto insurance is getting more affordable – but you might be wrong. On the contrary, auto rates are high in Florida. Although this is one state where it has always been high, it continues to rise steadily with twice-a-year … (more) August 9, 2011