A Brave New World of Car Insurance ; Deregulation Has Taken Effect, Giving Drivers More Options - and Confusion
Monday, May 05, 2008
As a state steeped in history, Massachusetts has more than its fair share of unique traditions. But one of them just disappeared: the state's strict auto insurance regulations that essentially made rates among insurers carbon copies of each other.For the first time in more than 30 years, insurance companies are allowed to set their own rates for policies in this state....
Top Insurers Still Avoiding Massachusetts ; They're Waiting to See If Managed Competition is Here to Stay
Monday, May 05, 2008
Top national insurance agencies are still steering clear of the Massachusetts auto market, even though the state's insurance commissioner opened the market up to "managed competition" April 1.Allstate, Geico, Nationwide and State Farm are holding out, with representatives for all four big national insurers saying Insurance Commissioner Nonnie Burnes' reforms efforts are still under review.Similarly, a State Farm spokesman said the insurer is "still reviewing the new market reforms" and Allstate said it is "encouraged" and "monitoring the situation closely."...
The Road to Competition
Monday, May 05, 2008
Here's a look at some of the recent milestones in the road to managed competition:May: Gov. Mitt Romney appoints a panel to look at overhauling the state's regulated car insurance system.August: Romney's insurance commissioner, Julianne Bowler, begins to implement changes to the shared-risk pool for high-risk drivers, known as CAR, or the Commonwealth Automobile Reinsurers....
INSURANCE Drivers Travelling Light
Monday, May 05, 2008
UK motorists taking their car across the Channel are at risk of being under-insured. Comparison site Money-supermarket.com says well over a third of drivers are unaware their motor cover is downgraded from comprehensive to third party when they're on the Continent.Drivers with Barclays, Direct Line, esure and Swiftcover are most at risk: these firms reduce existing policies to third party in Europe....
Huge Car Insurance Hikes Predicted Spikes of More Than 63 Percent May Be Ahead If Perdue Approves a Bill.
Saturday, May 03, 2008
ATLANTA - Some consumers could see spikes of more than 60 percent in car insurance rates if Gov. Sonny Perdue signs a bill passed during the 2008 legislative session that would allow insurance companies to raise rates without justifying them to regulators, Insurance Commissioner John Oxendine warns.Plus, an unknown number of other insurance companies could be expected to take advantage of the new rules if the measure becomes law, he said.Amica, he said, has a filing in which some customers would see reduced premiums, but others would see increases of as much as 63 percent....
REAR VIEW Mirror: NEWS IN BRIEF ; IN ASSOCIATION WITH Firestone Together
Saturday, May 03, 2008
A NEW initiative aimed at inst ruct ing secondary students in road safety has been launched. The scheme is being sponsored by the Education Minister Mary Hanafin and Minister for Transport Noel Dempsey. The scheme is set to go nationwide from September and is currently being piloted in 50 schools around the country....
IllinoisstateInsurance.Com Introduces New Car Insurance Service
Saturday, May 03, 2008
IllinoisstateInsurance.com has introduced its new affordable car insurance for Illinois drivers with less than perfect driving records, such as tickets, accidents, suspensions, international driver's licenses, and those who need SR-22 insurance in Illinois.Using advanced auto insurance rating software technology, IllinoisstateInsurance.com rates online applicants against 15 to 20 different insurance companies to find the most favorable matches for there clients.Greg Tosto, founder and CEO of IllinoisStateInsurance.com, said: "This is fantastic news for those with a history of tickets and accidents or who need SR-22 insurance....
YOUR Money: Spring Clean Your Finances
Friday, May 02, 2008
THE average family is already forking out pounds 1,048 a year on energy - and experts warn prices will continue to soar. The Garretts, who have electricity-only, found a pounds 71-a- month deal paying direct debit to Scottish Power - but uSwitch says they could save a further pounds 38.75 a year by switching to the supplier's Discounted Energy Online account and paying by monthly direct debit. YOUR MONEY'S ADVICE: Log on to the money websites or check our weekly best buy tables....
Insurance.Com Finds Average Auto Insurance Rates on the Rise for the First Time in a Year
Friday, May 02, 2008
For the first time in a year, car insurance rates are on the rise, according to a study by Insurance.com, the largest online auto insurance agency in the United States. The company expects auto insurance rates to continue to move up at least through 2008, which means consumers will need to be even more savvy shoppers as they try to keep their car insurance rate low.Insurance.com's quarterly Car Insurance Rate Report found that the lowest car insurance quotes, on average, increased 1.05% over the previous quarter, rising from $1811 per year to $1830 per year....
Allstate to Follow California's Order to Cut Auto Insurance Rates
Friday, May 02, 2008
May 1--Allstate Corp. said Wednesday that it will honor a state Department of Insurance order by cutting auto insurance rates an average of 15.9 percent for its California policyholders. But the company said it will continue to appeal the ruling. After losing its attempt to keep current rates at an April 24 hearing in San Francisco Superior Court, Allstate hinted that it might pursue further legal action to maintain the existing rates....
RECORD Money: 28 Per Cent Accept Renewal Quotes
Friday, May 02, 2008
DRIVERS have seen car insurance premiums increase six per cent in the last year. And insurance hikes areset to continue in 2008 - with premiums forecast to rise up to 10 per cent. However, many drivers are fail to shop around and find cheaper deals....
Lowell Couple's Insurance-Fraud Scheme Caught on Camera
Friday, May 02, 2008
May 1--WOBURN -- A Lowell couple might have bilked an insurance company with a bogus car-accident claim if not for the video camera that recorded Jovi Chitpaseuth and his friends pulling up to a Lowell pizza place and using bats to smash the car. In Middlesex Superior Court yesterday, Chitpaseuth, 21, was sentenced to five years probation with restitution and an order that he have no gang affiliations after pleading guilty to filing a false motor-vehicle insurance claim, attempting to commit a crime and conspiracy. Neak, 18, pleaded guilty to filing a false motor-vehicle claim and conspiracy charges....
First Mercury Financial Corporation Announces First Quarter 2008 Financial Results
Thursday, May 01, 2008
Highlights for the quarter include:For the three months ended March 31, 2008, premiums produced were $81.3 million, a 26.5 percent increase from premiums produced during the same period in 2007. Premiums produced consists of all of the premiums underwritten by the Company's underwriting platforms including CoverX(R), First Mercury's licensed wholesale insurance broker, for which the Company takes underwriting risk....
California Brokerage Offers Online Auto Insurance Comparisons
Thursday, May 01, 2008
LOS ANGELES, May 1 /PRNewswire/ -- California residents have the privilege of instantly completing online auto insurance rate comparisons by simply visiting http://www.onlineautoinsurance.com/ -- operated by Auto Solutions Insurance Services, a licensed brokerage specializing in automobile personal lines.The previous process of comparing rates from a variety of companies involved individually contacting carriers of choice, by phone, in person or online and repeatedly providing whatever information was necessary for rating purpose. The California Department of Insurance Automobile Insurance Consumer Guide states that under California's premium rating law, each carrier is allowed to calculate its own unique rates based on its loss experience and expenses; therefore, rates can differ within carriers....
Allstate to Cut Auto Insurance Rates
Thursday, May 01, 2008
Apr. 30--Allstate Corp. said Wednesday it will honor a state Department of Insurance order by cutting auto insurance rates an average of 15.9 percent for its California policyholders. But the company said it will continue to appeal the ruling. After losing its attempt to keep current rates at an April 24 hearing in San Francisco Superior Court, Allstate hinted that it might pursue further legal action to maintain the existing rates....
Man Charged With Selling License Plates to Illegal Immigrants
Wednesday, April 30, 2008
A Guatemalan national made it easy for illegal immigrants on the Eastern Shore to drive, according to the FBI. The FBI arrested Felipe Jesus Mazariegos-Perez at his home Tuesday on federal charges of buying hundreds of Tennessee and Mississippi license plates and car titles and selling them to immigrants who cannot prove their residency, as Virginia requires.The FBI raided Mazariegos-Perez's home in Nelsonia, Accomack County, on Tuesday morning, looking for the out-of-state plates and titles....
/C O R R E C T I O N -- CNinsure Inc./
Wednesday, April 30, 2008
In the press release entitled, CNinsure Establishing Joint Venture with Car Dealer to Further Penetrate Auto Insurance Distribution Channel, issued earlier today by CNinsure Inc. through Xinhua PR Newswire, we are advised by the company that the second paragraph, first sentence should read "second quarter" and not "first quarter" as originally issued inadvertently. The full sentence should read, "The transactions are expected to close in the second quarter of 2008 subject to certain consents, authorizations and other customary closing conditions." CNinsure Inc...
Business In Brief - April 2008
Wednesday, April 30, 2008
Man charged with car insurance fraudBOSTON - Former Boston resident Tu Quy Mai was charged in federal court on Wednesday with 54 counts of mail fraud in connection with an alleged scam to defraud auto insurance companies out of an unknown amount of money between 2000 and 2006. Boston Stock CEO Curran to advise Cramer company...
Insure.Com, Inc. Reports First Quarter 2008 Financial Results
Wednesday, April 30, 2008
Insure.com reported revenues of $4.0 million for the first quarter of 2008, a decrease of 5.6 percent from revenues of $4.2 million for the same quarter of 2007. Net loss for the quarter was $512,000, or $0.07 per share, compared to a loss of $882,000, or $0.12 per share, for the first quarter of 2007.These agencies will receive leads from us and provide local life insurance brokerage services to those Insure.com shoppers who may wish to buy insurance locally....
Admiral Signals It is on Track to Hit City Targets
Wednesday, April 30, 2008
CAR insurer Admiral has reassured investors it is on track to at least meet market estimates for 2008, though it saw little movement in UK insurance rates in the first quarter of the year. According to analysts, the group is expected to post a 6.5 per cent increase in 2008 pre-tax profit, coming in just shy of GBP 194 million. The insurer, which warned of continued tough conditions in the UK motor market last month, said first-quarter turnover increased 14 per cent year-on-year to GBP 232m, while turnover at its price comparison site Confused.com rose 15 per cent, in line with analyst expectations....
Drivers Could Save If Insurance Limits Lowered: Bill Would Change Mich. No-Fault Law
Wednesday, April 30, 2008
Apr. 29--LANSING -- A new, bipartisan -- and in several ways unlikely -- coalition wants to change Michigan's no-fault insurance law to allow drivers to buy less medical coverage and save lots of money. Lawmakers from Macomb County and Detroit, who are often at odds, and organizations as diverse as the Michigan Chamber of Commerce and Detroit Urban League have joined to lead the coalition. Their push is certain to rekindle debate over how to reduce auto insurance rates, especially in Detroit, where estimates suggest half of motorists drive illegally without insurance because of its high cost....
Doer Government Grilled on Crown Donations to Canadian Museum for Human Rights
Tuesday, April 29, 2008
WINNIPEG - Manitoba's official Opposition says the government was "sneaky and underhanded" when it suggested to its Crown corporations that they should donate to the Canadian Museum for Human Rights.Manitoba Public Insurance, the province's monopoly auto insurer, and the Manitoba Liquor Control Commission, have both donated $1 million for the construction of the museum, which is to be Canada's first national museum outside Ottawa.Tory Leader Hugh McFadyen says the New Democrats basically directed the Crown agencies to put money into the project....
Infinity Celebrates Cinco De Mayo in a BIG Way
Tuesday, April 29, 2008
LOS ANGELES, April 28 /PRNewswire-FirstCall/ -- Infinity Plus (http://www.infinityplus.com/) announces the Grand Opening of its latest store located in Santa Ana at 316 E. 4th St. A ribbon cutting ceremony is scheduled from 2pm to 4pm on Saturday, May 3rd. The event will be attended by local dignitaries and is open to the public. Cozmo from the L.A. Galaxy and Snoopy from MetLife will be on hand courtesy of Infinity Insurance (http://www.infinityauto.com/)....
The Bacs System is Out in Front After 40 Years
Tuesday, April 29, 2008
The UK's automated payments system Bacs has handled more than 68 billion transactions since it was first launched 40 years ago.More than 5.5 billion payments were made through the Bacs system during the past year - an average of 90 for every person in the UK, the group said.Three-quarters of adults now have at least one direct debit set up on their account, while 90 per cent of workers are paid through the Bacs direct credit system....
Driver Banned - Using Girlfriend's Car Without Insurance
Tuesday, April 29, 2008
A MAN failed in his bid to persuade magistrates to let him keep his driving licence. Wayne Thompson, of Easington Avenue, Gateshead, pleaded guilty to driving his girlfriend's car without insurance cover in February. The 20-year-old already has six penalty points on his licence for driving without insurance in November 2006 and was due to be banned....