Car Insurers: Competition Should Work
Thursday, July 19, 2007
Jul. 18--Insurance Commissioner Nonnie S. Burnes's decision to introduce "managed" auto insurance competition next year won strong industry support yesterday, even from companies that have opposed competition in the past. National insurers that have shunned the state for years because of its heavily regulated system applauded Burnes's decision but said they weren't ready to start selling policies here anytime soon. Burnes, a Superior Court judge until Governor Deval Patrick appointed her insurance commissioner in late February, said Monday night that she planned to open the state's auto insurance market to "managed competition," starting April 1....
Editorial ; Insurance Reform a Long Time Comin'
Thursday, July 19, 2007
For months we've been encouraging the Patrick administration to surprise us and on auto insurance, they've finally managed to do it.Insurance Commissioner Nonnie Burnes, hand-picked by Gov. Deval Patrick, announced yesterday that she plans to move the state's auto insurance system gradually but firmly in the direction of the free market, partially freeing insurers from the stranglehold of government rate-setting.Subsidies will remain in place for urban and inexperienced drivers, and Burnes promises that basing rates on, say, credit history or homeownership probably won't fly....
J.D. Power and Associates Reports: Breaking Web Site Design Standards Can Prove Successful in Establishing Brand Identity
Wednesday, July 18, 2007
WESTLAKE VILLAGE, Calif., July 18 /PRNewswire-FirstCall/ -- Being among the first to break the mold for Web site design can benefit automakers in establishing their brand identities, according to the J.D. Power and Associates 2007 Manufacturer Web Site Branding Study(SM) (MWBS) released today.The inaugural study measures changes in brand perception among new-vehicle purchase intenders after visiting a manufacturer Web site. "Volkswagen's site offers a completely new information flow centered on a widget-based menu, search, and minimalist page design," said Steve Witten, executive director of marketing/media research at J.D. Power and Associates....
State Gives Auto Insurers a Green Light to Compete
Wednesday, July 18, 2007
Jul. 17--BOSTON -- Drivers could have more choice when it comes to insuring their car after state Insurance Commissioner Nonnie Burnes announced a slow introduction of competition into the auto-insurance market yesterday. The decision means companies can set their own rates within certain parameters that Burnes will establish within the next few months. Before Burnes' decision, Massachusetts was the only state in the nation that set auto-insurance rates....
''Miss GEICO Racing.Com'' - World Record-Holding Yacht- Makes Public Appearance at GEICO July 19
Wednesday, July 18, 2007
Who: AMF Offshore Racing, the country's premier powerboat racing team, and the world's fastest-performing yacht, "Miss GEICO Racing.com."AMF Offshore Racing operates the GEICO sponsored "Miss GEICO," the fastest offshore racing boat on the water today.What: John Haggin, owner of the AMF Offshore Racing team, and throttle man John Arruda will sign autographs and take pictures....
GEICO's Fraud Awareness Day, July 21
Wednesday, July 18, 2007
South Carolina Governor Mark Sanford has declared the week of July 15 Insurance Fraud Week to make South Carolina residents aware of the issue affects their insurance rates.GEICO, along with South Carolina Insurance Fraud Investigators Association (SCIFI), will present a consumer safety and fraud awareness informational event. Concerns regarding insurance fraud and auto safety will be addressed by GEICO Special Investigations professionals, law enforcement officials, and prosecuting agencies....
State to Let Drivers Shop for Best Rates
Wednesday, July 18, 2007
Jul. 17--Insurance Commissioner Nonnie S. Burnes yesterday said she plans to give the 4 million drivers in Massachusetts a taste of auto insurance competition next year, letting them shop around for the best deal for the first time in 30 years. Instead of approving one set of rates that every company must charge, which has been past practice, Burnes said she plans to let companies set their own rates for 2008, under close supervision from the Division of Insurance. The new rate-setting process will start April 1....
Detroit Free Press Brian Dickerson Column: GMAC Will Make It Pay to Drive Less
Wednesday, July 18, 2007
Jul. 18--No one would ever mistake me for a technophile. And so it is that OnStar, a 21st-Century option conceived to promote the sale and safe use of automobiles, soon may provide motorists with yet another incentive to drive less. General Motors Corp., whose OnStar division offers an array of services ranging from remote door unlock to restaurant recommendations, announced this week that it would begin offering auto insurance discounts to policyholders who agree to let OnStar share their mileage data monitor with GMAC Insurance, the company's 49%-owned subsidiary....
Big Auto Insurance Savings Proposed: Companies: Let Drivers Pick Their Medical Coverage
Wednesday, July 18, 2007
Jul. 18--LANSING -- Insurance companies are pushing to revamp Michigan's only-one-in-the-nation no-fault law that requires all motorists to carry unlimited medical coverage -- a mandate insurers say drives up rates for everyone. Allowing motorists to buy as little as $50,000 in medical coverage -- and putting strict limits on medical fees doctors and hospitals can charge for injured motorists -- would cut auto insurance premiums by 20% or more, according to the Insurance Institute of Michigan, which released a study on the savings Tuesday. "We think that's what our customers want," said Michael Puerner, vice president for Hastings Mutual Insurance Co....
Auto Insurance Industry Backs Medical Coverage Choices
Wednesday, July 18, 2007
Jul. 17--LANSING -- Michigan motorists could pay as much as 21 percent less on average for auto insurance if the state allowed them to buy less medical coverage than they're now required to carry, according to an insurance industry study. Part of the savings would come from limiting medical payments for injured motorists to what is paid for workers compensation injury cases under state law. The study bolsters arguments to eliminate Michigan's requirement that all motorists buy unlimited medical coverage under their no-fault auto insurance, according to the Insurance Institute of Michigan....
This Policy is a Real Blessing; Deductibles Waived If Bad Things Happen on Trips to Church
Tuesday, July 17, 2007
When a pickup truck backed out of a driveway into the side of James Giles' passing Saturn Vue this spring, his FaithGuard insurance policy waived the $250 upfront deductible because the Kenosha man was driving to a Sunday morning service at First Christian Church in the Town of Bristol."They (had) sent us a paper on it," said Giles, a retired plumber. That's because Cecil, co-pastor of The Journey church in Madison, was parked at a sister church in Fitchburg for a prayer dinner....
Admiral Abandons Sale of Stake in Confused.Com
Tuesday, July 17, 2007
Motor insurance group Admiral yesterday abandoned plans to sell off its price comparison website Confused.com. Admiral announced it would retain full ownership of Cardiff- based Confused.com after ending talks with potential private equity buyers, which had valued the online business at between pounds 600m and pounds 650m. The group put a stake in Confused.com up for sale in May after receiving a number of approaches from firms interested in buying the business....
Industry: Bill May Increase Car Rates *** Insurance Changes on Blanco's Desk
Tuesday, July 17, 2007
One of the 20 bills still awaiting a decision by Gov. Kathleen Blanco would increase automobile insurance prices $200 to $400 per year for drivers of about 1 million vehicles in this state.For the remaining 1.5 million vehicles, the cost of supplemental policies, such as uninsured motorists' coverage, also would go up, as more and more Louisiana drivers hit the roads without the required minimum insurance.At least that's what officials in the insurance industry predict....
EDITORIAL: Going for Broke
Tuesday, July 17, 2007
Jul. 17--Consider Virginia. Now Virginia has embarked on a colossal experiment in behavior modification and revenue-raising, one that every northbound North Carolina leadfoot will want to watch. As a New York Times account put it, as of July 1 "Virginia has arguably become the worst place in the country to commit a serious traffic violation."...
Auto Insurance First: Technology Lets Americans Who Drive Less, Pay Less
Tuesday, July 17, 2007
DETROIT and ST. LOUIS, July 17 /PRNewswire-FirstCall/ -- Today, GMAC Insurance and OnStar announced the rollout of the Low-Mileage Discount program where Americans who drive less, pay less on their auto insurance. Under the program, new customers receive an automatic 11% discount, as well as the GMAC Insurance OnStar Subscriber Discount, upon enrollment (existing customers receive a discount based on historical mileage). With the subscriber's permission, the odometer reading from his or her monthly OnStar Vehicle Diagnostics email is forwarded to GMAC Insurance....
Low-Cost Auto Insurance Coming?
Tuesday, July 17, 2007
Jul. 17--Yuba-Sutter residents who struggle to pay for car insurance may soon find it more affordable, state officials said. Local drivers may soon be able to enroll in the state's Low Cost Automobile Insurance Program, which provides low-cost insurance for less than $400 per year, provided people meet certain income guidelines. The state insurance department has proposed adding 11 counties, including Yuba and Sutter, to the program....
Car Insurance Rates Continue to Decline in 2007, Reports Insurance.Com
Tuesday, July 17, 2007
Insurance.com, the largest online auto insurance agency in the United States, reports that car insurance rates continue to decrease depending on geographical location. The company's "2007 Mid-Year Auto Insurance Pricing Report" shows a national decline in annual premiums of 1% or approximately $20 so far in 2007.Based upon data drawn from the lowest average car insurance rates viewed by almost 700,000 consumers in the first half of 2007, the Mid-Year Report gives interesting insights into state-specific pricing trends, as well as the general trends of insurance premiums....
Premiums to Fall 7% for Riskiest Drivers
Tuesday, July 17, 2007
Jul. 17--The state's highest-risk drivers will see their auto insurance premiums fall by an average of 7 percent under the state's assigned-risk plan, state insurance regulators said Monday. The state Insurance Department said the rate cut for the Automobile Insurance Plan -- which is the insurer of last resort for those who can't get insurance otherwise -- will save nearly $20 million statewide for new drivers and others in the plan. In all, the change will affect about 130,000 policies....
This Policy is a Real Blessing: Deductibles Waived If Bad Things Happen on Trips to Church
Monday, July 16, 2007
Jul. 16--When a pickup truck backed out of a driveway into the side of James Giles' passing Saturn Vue this spring, his FaithGuard insurance policy waived the $250 upfront deductible because the Kenosha man was driving to a Sunday morning service at First Christian Church in the Town of Bristol. "They (had) sent us a paper on it," said Giles, a retired plumber. That's because Cecil, co-pastor of The Journey church in Madison, was parked at a sister church in Fitchburg for a prayer dinner....
Auto Insurance Competition May Be Coming. Will You Pay Less?
Monday, July 16, 2007
Jul. 15--BOSTON -- New state Insurance Commissioner Nonnie Burnes announces tomorrow whether competition will be introduced into Massachusetts' state-regulated auto-insurance market. Insurers and legislators have been arguing for years over whether competition will improve the insurance market, pointing to the effect on rates, coverage and number of drivers insured. For many motorists, however, the question is simple: Will I pay less?...
What Will Customers Get in AA and Saga Merger? ; PERSONAL FINANCE
Sunday, July 15, 2007
A million people are retiring each year - which partly explains the recent surprise merger of Saga and the AA. It creates a pounds 6.2 billion giant: both are big providers of financial services and 40 per cent of the AA's 15 million members are aged 50-plus. As the new firm starts with debts of nearly pounds 5 billion, many employees await healthy payouts - Saga staff who invested pounds 20 in October 2004 collect pounds 10,500; AA boss Tim Parker waltzes off with pounds 40 million after three years' highly controversial work, and Saga boss Andrew Goodsell hits the jackpot with pounds 128 million....
Drivers' Lies Affect Car Insurance ; PERSONAL FINANCE
Sunday, July 15, 2007
One in ten motorists could have invalid car insurance because they lied when they applied for the cover. Research discovered that about six per cent of people intentionally lied about basic details such as their age and address, while a further five per cent lied about where their car is parked at night in a bid to save money, according to price comparison website uSwitch.com. More than three per cent of drivers also failed to declare convictions for speeding and drink driving or any driving bans they had received....
Admiral Pulls the Plug on Confused Sale
Saturday, July 14, 2007
CAR insurer Admiral has scrapped plans to sell a 25pc stake in its price comparison website Confused.com after prospective private equity buyers demanded too much say in the running of the company.Admiral chief executive and cofounder Henry Engelhardt is understood to have baulked at investor demands for seats on the board and plans to saddle the company with a debt burden.The insurer has been considering offers for a stake in the group since May, eager to cash in on surging investor appetite for internet price comparison sites before competition in the market hots up....
Brought to Justice: Pleading guilty to using a car without insurance
Saturday, July 14, 2007
The following cases were heard at Cardiff Magistrates Court: Marcus John Abdulla, 23, of Broadway, Roath, Cardiff, was fined a total of pounds 200 with pounds 30 court costs and disqualified from driving for twelve months after he was convicted in his absence of two counts of using a car without a valid licence or insurance and one count of using a car without an MoT. Salim Mayemba Kapesa, 41, of Lyndhurst Street, Canton, Cardiff, was fined pounds 100 with pounds 30 court costs and had six penalty points added to his driving licence after pleading guilty to using a car without the correct licence or insurance. Timothy James Rice, 39, of Greenfield Avenue, Dinas Powis, was fined pounds 200 with pounds 30 court costs and had six penalty points added to his driving licence after pleading guilty to using a car without insurance....
July 2007: Infinity Property and Casualty to Announce Second Quarter Results
Saturday, July 14, 2007
BIRMINGHAM, Ala., July 13 /PRNewswire-FirstCall/ -- Infinity Property and Casualty Corporation expects to release its second quarter 2007 results on Thursday, August 2, 2007 before the market opens. The earnings release will be available shortly thereafter on Infinity's website at http://www.ipacc.com/.In connection with its earnings release, Infinity will hold a conference call to discuss the second quarter results on Thursday, August 2, 2007 at 11:00 am ET....