COMMISSIONER's CLOUT MAY GROW ; Panel OKs Giving Official Power to Cut Private Health Insurers' Rate Increases
Friday, May 09, 2008
DENVER - Colorado's insurance commissioner would have broad power to reduce annual rate increases proposed by private health insurers - - but not auto insurers -- under a bill that passed in committee Thursday. A separate committee approved a bill to require drivers to buy medical policies as part of their plans. Health insurance costs have risen at six times the rate of inflation since 2001, and Colorado has the seventh-highest premiums de- spite being the country's healthiest state....
08 Culture Diary: KEY Events ; THE ARTS EDITOR's PICK OF THE DAY
Friday, May 09, 2008
MUSIC: The five-piece Irish folk band Lunasa, named after an ancient Irish harvest festival, were first formed in 1996. There have been a few personnel changes since then but traditional Irish music remains the mainstay of the band. Tonight, 8pm, studio, Southport Arts Centre....
Business Briefs
Friday, May 09, 2008
For the first time in a year, car insurance rates are on the rise, reveals 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.The lowest car insurance quotes, on average, increased 1.05 percent over the previous quarter, rising from $1,811 per year to $1,830 per year....
Millions Switch Car Insurance
Friday, May 09, 2008
MORE than six million people have switched car insurance provider during the past six months in a bid to beat rising premiums, research showed today. Around 14 per cent of people said they had changed insurer when their policy came up for renewal, according to financial website MoneyExpert.com findings. The group predicts that car insurance firms will increase premiums by around ten per cent this year due to rising claims costs....
MoneyExpert Says Six Million Brits Switch Car Insurer to Avoid Premium Hikes
Friday, May 09, 2008
A survey by MoneyExpert.com has revealed that more than six million Brits chose to switch car insurance provider over the past six months in an effort to stave off rising car insurance costs.The research shows that 14% of people have switched their car insurance provider in the past six months, equating to some 6.43 million.According to MoneyExpert.com, middle aged drivers are most savvy, with some 17% of 35-44 year olds claiming they have switched car insurance provider in the past six months....
Auto Insurers Missing Out on Major Savings and New Revenue From Telematics Technology Advances
Thursday, May 08, 2008
Technology-enabled programs could save auto insurers $20 billion in annual claims payouts, or 17 percent of personal lines auto insurance losses each year, while making driving safer, according to Diamond Management & Technology Consultants, Inc. (NASDAQ:DTPI). Furthermore, almost eight of 10 U.S. households are open to some kind of risk monitoring/reduction device that would collect information about their driving habits, new Diamond research reveals.Despite this promise, automotive insurance companies so far are focusing only on telematics technology to promote safer teen driving instead of leveraging it to help all drivers--which would produce bigger benefits for insurers, notes Paul Blase, co-managing partner of Diamond's insurance industry practice....
GEICO Urges Dallas Teens and Parents to Drive Safely
Thursday, May 08, 2008
Auto accidents are the number one killer of teenagers age 16 to 19 according to the National Highway Traffic Safety Administration. GEICO associates in Dallas are working hard to change that by talking to teens through GEICO's national teen safe driving speakers bureau.Associates in Dallas are ready to take this show on the road to meet with high school classes to help teens get a realistic picture of how they drive when they first hit the roadways--not so well....
Farmers Group Offers Oklahoma Customers a Discount for Electronic Stability Control
Wednesday, May 07, 2008
Farmers Group Inc. began offering an auto insurance discount to Oklahoma customers for vehicles equipped with electronic stability control technology.Farmers is offering a 5 percent discount on the collision coverage portion of an auto policy, said Jeff Dailey, Farmers president of personal lines. "The discount is given on any Oklahoma automobile classified and rated as a private passenger automobile, and must be equipped with a factory-installed electronic stability control system as standard equipment," he said....
Nonprofit AIPSO Laying Off 8 Employees
Tuesday, May 06, 2008
Apr. 16--A Johnston company that manages the automobile insurance assigned-risk pool for more than three dozen states has laid off eight workers as the number of drivers signing up for assigned-risk insurance has dropped sharply. The greater use of computers also contributed to the layoffs, but to a lesser degree, according to John S. Verruso, a spokesman for the company, AIPSO. For 37 states, plus the District of Columbia, AIPSO manages the assigned-risk pool, which is for drivers who couldn't get regular insurance either because they were new, with no driving records, or because they had bad records....
Kay is Traffic Jam Favourite
Tuesday, May 06, 2008
DRIVERS in Coventry would most like to be stuck in a traffic jam with comedian Peter Kay, according to a survey.The comic topped a poll of 2,000 drivers by car insurance firm Swinton.Nationally, men declared that they would most like to be stuck in a traffic jam with Kelly Brook but woman overall said they would prefer to spend the time with Peter Kay....
As Auto Insurance Rates Rise, Steer Toward Money-Saving Strategies
Tuesday, May 06, 2008
As the price of gas accelerates toward $4 a gallon, perhaps it's time to think about another painful cost of driving: auto insurance.After falling or remaining flat through 2007, average auto insurance premiums rose during the first quarter of this year, a new survey by Insurance.com, a website that lets consumers compare insurance quotes, found.Rates increased by an average of 1.05% in the quarter and are likely to continue rising through the rest of the year, says Sam Belden, consumer director for Insurance.com....
As Motorcycle Thefts Skyrocket, Progressive and LoJack Make It More Affordable for Bikers to Protect Their Rides
Tuesday, May 06, 2008
It's now even more affordable for motorcycle riders to protect their bikes. Now, all riders can get a $50 rebate from LoJack on the purchase of their LoJack for Motorcycles Stolen Vehicle Recovery System. And, Progressive customers who have LoJack installed on their bikes will also receive a 20 percent discount on their Comprehensive Coverage....
Court Deal May Not Benefit Widower ; An Insurance Dispute May Undercut a Settlement in a Buxton Woman's Death.
Tuesday, May 06, 2008
Wilmot "Bill" Lewis has been trying for a year and a half to make someone pay for the tragic death of his wife, Ethel, who was struck and killed by a minivan as she retrieved the morning newspaper from a box across the street from her Buxton home.But the York County District Attorney's Office ultimately concluded that the driver, Lori Marston of Buxton, couldn't be charged because she had stopped and provided assistance, despite an initial police report stating that the crash was a hit-and-run.In the meantime, Bill Lewis filed a civil lawsuit against Marston....
The Week Unzipped: O2 Top for Customer Service
Monday, May 05, 2008
O2 HAS been voted best mobile phone provider in a survey from Moneysupermarket.com. The network came out on top for customer service, tariff, value for money, communication with customers and overall service. Rob Barnes at Moneysupermarket.com said: "Pay-as-you-go customers are getting the roughest ride as networks focus their service on their seemingly 'loyal' contract customers....
Shopping Tips
Monday, May 05, 2008
You may need to wait to see the benefits of managed competitionThe rates set under the new competitive system take effect for policies that renewed in April, and then go into effect for each successive month. That means that if you have a policy that renews in February or March, you'll need to wait nearly a year before your premium reflects the new rates that were submitted to the state in November under the new system - if you don't cancel your current policy early....
THE DRIVING FORCE ; Former Superior Court Judge Takes the Bull By the Horns, Leads the Charge to Change the Way the Commonwealth's Auto Insurance Marketplace Operates ... In Just 14 Months Since She Took Over
Monday, May 05, 2008
No individual has played a bigger role in the shift to managed competition than Nonnie Burnes, the state's insurance commissioner.She surprised many in the industry by setting out to rewrite the rules for the state's auto insurance system within months after taking the commissioner's job.The following is an excerpt of an interview she gave to Jon Chesto, The Patriot Ledger's business editor, about the auto insurance reforms....
Waiting Until Next Year ; New Auto Insurance Rate-Setting Regulations Took Effect on April 1, Meaning Many Policy Holders Must Bide Their Time or Cancel Existing Policies
Monday, May 05, 2008
Falling auto insurance rates are on almost every car owner's mind, but many are going to have to wait until next year to take advantage of the newly competitive market. The state Division of Insurance opened up policies last month to "managed competition," with rates dropping by more than 10 percent for the safest drivers.The measure went into effect on April 1, meaning that drivers who bought or renewed their policies before that date have to wait to get the benefits of the new system unless they want to cancel their current insurance contract....
FAQ ; Answers to Frequently Asked Questions About the State's New Car Insurance System
Monday, May 05, 2008
Under the prior "fix-and-establish" system, Massachusetts law required that companies apply specific surcharges for certain accidents and traffic violations. This system of surcharges is called the Safe Driver Insurance Plan (SDIP). Companies may also choose to use the existing SDIP for a merit rating plan....
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....