Most Recent Auto Insurance News in State Insurance News

• Allstate announces second quarter loss of $620 million

  by Richard Burton
  

  Allstate Corp has been hit by a loss of $620 million in the second quarter and it has been the worst hit for the company since the catastrophe claims made during Hurricane Katrina when it struck the Gulf Coast during 2005. The devastating tornadoes that had hit across South and Midwest also cost about $2.34 billion, which was in tune with the predictions made by Allstate to its shareholders, according to WSJ reports. The operating loss excluding some investment results was at $1.23 a share and beat the Wall Street expectations of a steeper loss of 33 cents. Tornadoes seem … (more) August 8, 2011

• Steady rise in auto insurance rates in Florida

  by Richard Burton
  

  There is a stiff competition in the auto insurance industry in Florida. Some of the major companies such as Geico, State Farm, Progressive, and Allstate have been marketing their products quite aggressively and promising some of the best deals ever. This might even make you think that auto insurance is getting cheaper by the day, but that is not true. In fact, auto insurance rates are rising steadily. Florida is one of the most expensive states when it comes to auto insurance. Despite the fact that it already has a high national average, the rates are hiked twice a year … (more) August 7, 2011

• Rise in catastrophe claims – Allstate claims loss

  by Richard Burton

  Allstate Corp. has claimed a loss of $620 million in the second-quarter. This is the worst quarter for Allstate and the losses have mounted due to a sharp rise in catastrophe claims ever since Hurricane Katrina hit the Gulf Coast during 2005. Around $2.34 billion has been contributed towards the damages caused due to the devastating tornadoes that hit the Midwest and the South. Allstate had earlier issued a warning to its shareholders with regard to these estimated losses. These tornadoes have proven to be very costly for the entire insurance industry, but Allstate being the largest publicly traded insurance … (more) August 6, 2011

• Local motorists get tips on overcoming auto accidents from PTL insurance brokers inc from California

  by Richard Burton
  

  Now residents of California will get a few lessons from PTL Insurance Brokers Inc. which is a local independent California insurance agency. It continuously strives to improve the services they provide to the community as a whole. The CA Department of Insurance and California insurance agents know the traffic scenario and the associated problems, and hence, they know the solutions as well. There is bound to be traffic congestion in a place that has a population of 37 million, where the land mass spans around 840 miles in length. Added to this, are the 5-lane highways, expressways, as well as … (more) July 31, 2011

• Heralding the end of insurance fraud in Staten island

  by Richard Burton
  

  All of us want the lowest car insurance premiums with the best coverage. Shopping around for the best insurance policies will work to a very large extent, but short cuts such as registering outside the state will not work anymore. Now, there is a legislation to bring down this practice and this is more likely to be turned into a law. There would be tough penalties that would also include a 15-year jail term. Sen. Diane J. Savino D-North Shore/Brooklyn who is the bill’s co-sponsor stated that the bill was given more teeth in order to discourage fraudsters to stop … (more) July 30, 2011

• Gap insurance coverage to cover bad credit auto loans

  by Richard Burton
  

  Gap insurance certainly makes sense for the approved auto loans. When it is regarding bad credit auto loans, most people find it difficult to decide if they need to purchase gap insurance. Most people who have been in the bad-credit auto sales are aware of this and are also familiar with these situations. In the last few years,they have managed to help hundreds of buyers with no credit and help them get approvals for the no credit auto loans from Auto Credit Express. Here, they will get help to pass on a ‘tote the note’ loan and also help them … (more) July 29, 2011

• State auto insurance company to leave R.I. – will benefit local insurers

  by Richard Burton
  

  State Auto Insurance Company has decided to pull out of R.I. as well as reduce all its offerings in Massachusetts. But, this move might actually help the local insurance companies. The Columbus, Ohio-based company has decided not to write any home, auto, or business insurance policies in Rhode Island. The company will no longer offer insurance cover in Massachusetts and it is continuing to adjust to its affiliation with the Patrons Mutual Group of Connecticut. Narragansett Bay Insurance Company is now in an arrangement with State Auto and will extend offers to the State Auto customers of both states beginning … (more) July 27, 2011

• New York city has the highest auto insurance rates in the US

  by Richard Burton
  

  According to a study released by an online auto insurance quote provider, New York City is the most expensive city in the whole of US, to buy auto insurance. The Tri-State members New Jersey, New York, and Connecticut have the highest auto insurance premiums throughout the country. There are a number of factors that have contributed to these high auto insurance rates such as, poor traffic conditions, high crime rates, as well as high population density. New Jersey has continuously been ranked number one for 3 years in a row. But New York as well as Connecticut has also ranked … (more) July 26, 2011

• Online auto insurance releases list of states and cities with bad towing practices

  by Richard Burton
  

  The online auto insurance company has advised customers to look out for signs of poor towing practices after results were published by Property Casualty Insurers Association of America or the PCI. Unscrupulous tow truck operators take stranded motorists for a jolly ride in Chicago than in any other part of the nation, as per the survey. The poll has also found that the towing and storage charges had skyrocketed and were always inconsistent throughout the nation. This was the biggest challenge faced by consumers. New York City, Philadelphia, and Chicago were considered to be the worst cities nationwide as they … (more) July 24, 2011

• Luxury car owners now claim farm-use discounts from auto insurance companies

  by Richard Burton
  

  A company which verifies policyholder data for auto insurance companies has found out that insurance companies are losing out about $150 million by way of unpaid premiums each year due to the application of farm-use discounts on luxury vehicles. If you go by the latest versions of farm vehicles you would be in for a surprise as you are likely to find a Mercedes, BMW, Porsche Carrera etc. None of us would expect to see these high-end vehicles pulling tillers or spraying pesticides, or hauling fertilizers between rows of corn. But, this is what their owners have listed these vehicles … (more) July 22, 2011

• Helmet law repealed by Michigan senate but conditionally

  by Richard Burton
  

  It has been a decades-old dream for motorcyclists in Michigan to ride without a helmet. With the passage of the bill by the Senate, they are now closer to realizing that dream. Now, those who are over 21 years of age need not wear a helmet while riding but it comes with some conditions. It has been approved on a bipartisan vote (24-14) but those who wish to ride without a helmet will have to fulfill other requirements. They have to purchase medical payment coverage of $100,000, which would translate to around $1,000 if we go by today’s rates. As … (more) July 21, 2011

• Auto insurance would be tied to helmet law debate

  by Richard Burton
  

  The auto insurance representatives from Michigan have stated that they will oppose repealing of the state’s motorcycle helmet law, but would want to discuss the no-fault reforms with Governor Snyder. In the fallout in the state Senate vote with regard to allowing motorcyclists to ride their bikes without helmets, Governor Snyder has stated that he will consider the matter in a broader perspective, after looking at the no-fault insurance reforms. Governor Snyder has not disclosed any further details, but the insurers do have a rough idea. The insurers want the state to repeal the requirement that every motorcyclist should have … (more) July 17, 2011

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

  by Richard Burton
  

  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
  

  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

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

  by Richard Burton
  

  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
  

  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

• Compulsory auto insurance, the minimum liability insurance cover required by each state

  by Richard Burton
  

  Auto insurance is mandatory in almost all states in the US and there is a minimum liability insurance cover that is required by each state. This is needed to show as proof in the event of an accident. Having an auto insurance cover means proving that the motorists have the ability to pay for damages as prescribed by the state. In these states where you are required to show proof of compulsory liability, you have to provide details of the insurance policy even before you can legally drive around. According to the liability cover which is mandatory in most states, … (more) June 26, 2011