Insurance Fees Under Review: Driving Infractions Lead to Surcharges
Friday, August 10, 2007
Aug. 9--The state Senate will study insurance surcharges levied on drivers convicted of speeding and other traffic offenses and submit a report when the General Assembly reconvenes in May, Senate Majority Leader Tony Rand said Wednesday. The study, part of an overall review of auto insurance rates in North Carolina, might begin next month. The result: Relatively few people are convicted as charged, allowing the rest to avoid insurance penalties, The News & Observer reported in a recent series, "Speed Unlimited."...
Harassed Chefs 'Top Drive Risk'
Friday, August 10, 2007
TO avoid the worst drivers in Britain, steer clear of north west England - and head right to Scotland. For motorists in most danger of accidents are likely to be a male chef at the wheel of a Lexus living in Oldham and a female hairdresser from Manchester with a BMW, a survey has found. The next riskiest towns are Blackburn and Bolton, say car insurers Diamond....
Insurance Changes Concern Consumer Groups ; More Competitive Auto Insurance System Worries Advocates
Friday, August 10, 2007
BOSTON - A coalition of consumer groups wrote to Gov. Deval Patrick and his insurance commissioner, urging them to make sure the state's move toward a more competitive auto insurance market doesn't lead to the use of socioeconomic factors to deny consumers coverage or raise their rates.The consumer groups are concerned that market changes being overseen by Insurance Commissioner Nonnie Burnes could lead to insurers using factors such as education levels, credit scores and home ownership to determine auto insurance premiums and coverage eligibility.This time, the letters sent Wednesday represented a response to Burnes' controversial decision last month to shift the state's highly regulated system to a more competitive model and her changes to the way high-risk drivers are insured....
Hallmark Financial Services, Inc. Announces Second Quarter 2007 Earnings Results
Friday, August 10, 2007
FORT WORTH, Texas, Aug. 9 /PRNewswire-FirstCall/ -- Hallmark Financial Services, Inc. today reported quarterly net income of $8.8 million for the second quarter ended June 30, 2007 as compared to a net loss of $2.8 million reported for the second quarter of 2006. On a diluted basis, net income per share was $0.42 for the three months ended June 30, 2007 as compared to a net loss of $0.18 per share for the same period in 2006. Mark J. Morrison, President and Chief Executive Officer, said, "We are very pleased to report that the second quarter of 2007 represented the highest quarterly revenues and profit in the Company's history....
Scam Alert: Study Reveals Crafty Urban Residents Cheat Auto Insurers
Friday, August 10, 2007
Auto insurance companies that scrutinize the occupations of their policyholders may have noticed that inner-city farming is a popular vocation. In some cases, the vehicles used for farming seem rather inappropriate -- or certainly eccentric: BMW Z3, Chevrolet Camaro, Ford Focus, Jaguar XJ6, a Porsche Carrera, Mazda RX-7, Toyota Echo.Quality Planning Corporation, the company that verifies policyholder data for insurance companies, selected 151,022 vehicles for which a farm use discount was claimed, and then examined the garaging address of each....
Sampanh Vows to Be Compliant in 60 Days
Thursday, August 09, 2007
Aug. 8--Cash-strapped Sampanh Insurance, which was ordered to suspend operations in mid-July, yesterday submitted a business rehabilitation plan and pledged to fulfil it within 60 days. Among other things, the company pledged to settle value-added tax in an undisclosed amount with the Revenue Department within this month, according to Chantra Purnriksha, the director-general of the Insurance Department. Mrs Chantra said the company had informed regulators that negotiations with five potential foreign partners were under way and it promised to wrap up a deal ahead of the 60-day deadline....
The Commerce Group and Commerce Banc Insurance Services Reach Comprehensive Agreement
Thursday, August 09, 2007
The Commerce Group, Inc. (NYSE: CGI) of Webster, Massachusetts and Commerce Banc Insurance Services of Cherry Hill, New Jersey, today announced that they have reached a comprehensive agreement to explore partnership opportunities in various states and to resolve the trademark suit pending in Federal Court in Massachusetts.Under the agreement, the two companies will explore opportunities through The Commerce Insurance Company and its affiliates, which would offer personal and small commercial lines of business through Commerce Banc Insurance Services in Massachusetts and New Jersey, with the potential for additional arrangements in other states in the future.In addition, Commerce Banc Insurance Services has agreed to refrain from using the "Commerce" name in Massachusetts for insurance-related services....
RECORD Money: TIME ONLINE WILL BE WELL SPENT..
Thursday, August 09, 2007
TO get the best possible deal on your car insurance, Martin Lewis, founder of website MoneySavingExpert.com, recommends using the three leading price comparison websites - Confused.com, Moneysupermarket.com and Comparethemarket.com.This should less than 30 minutes and provide a range of quotes tailored to your individual needs. Between them, they collect prices direct from around 50 insurers and check 30 brokers....
RECORD Money: CASE STUDY...
Thursday, August 09, 2007
STEVEN MUIR slashed the cost of his car cover by using price comparison site Confused.com. The 56-year-old rail supervisor, from Dundee, said: "I saw the adverts for Confused on TV. I'd just got the renewal notice for my car insurance and the price hadgone up. I'm a careful driver and I'm over 50, so I logged on to look for a cheaper quote."...
GEICO Announces Auto Insurance Rate Reduction for New Jersey Policyholders
Thursday, August 09, 2007
GEICO announced today that it is reducing auto insurance rates for its policyholders in New Jersey by a statewide average rate decrease of 4.1 percent.GEICO's decrease represents $30.8 million in savings for its New Jersey policyholders, or an average of $81 savings per year per policyholder. "In just three years since our return to New Jersey, we have become the third largest insurer and we have saved New Jersey policyholders an average annual savings of over $750 already," said Steve Cunningham, assistant vice president and general manager of GEICO's northeast operations....
CarInsurance.Com Expands Auto Insurance Choices to Arkansas, Mississippi and South Carolina Drivers
Wednesday, August 08, 2007
ALTAMONTE SPRINGS, Fla., Aug. 7 /PRNewswire/ -- CarInsurance.com has expanded its auto insurance agency into Arkansas, Mississippi, and South Carolina to sell auto insurance through their online agency. With the addition of these 3 states, CarInsurance.com offers insurance as an online insurance agency in 24 states. CarInsurance.com said it is offering these residents insurance coverage through Direct General, Esurance, Safeco Insurance, or The Hartford....
Autobacs to Enter Nonlife Insurance Business With AIG
Tuesday, August 07, 2007
Tokyo, Aug. 6 (Jiji Press)--Japanese auto parts retailer Autobacs Seven Co. said Monday it will set up a joint venture with American International Group Inc. to prepare for the launch of a nonlife insurance business.Autobacs, which as an agent for nonlife insurers already sells compulsory automobile liability insurance, plans to develop original auto insurance products and tap demand from its customers, the company said.The joint venture will have capital of 490 million yen, 65 pct of which will be put up by Autobacs and the rest by AIG, a major U.S. insurer....
The World: Fall Off the Map
Tuesday, August 07, 2007
MORE than a third of motorists cannot read a basic road map, a survey out today showed. And more than four in five fail to recognise that blue-coloured roads on maps signify motorways, the poll from esure car insurance found.(c) 2007 Evening Mail; Birmingham (UK)....
News
Tuesday, August 07, 2007
YOUTHS TO PAY EXTRA IF THEY DRIVE AT NIGHT YOUNG drivers could be forced to pay more for their car insurance if they go on the road at night. THE world's biggest kebab was unveiled at Loch Lomond yesterday....
Plan for School Pupils to Sit Driving Theory Test
Tuesday, August 07, 2007
TEENAGERS will be offered cut-price car insurance and the chance to take their driving theory test at school under plans being considered by the Scottish Executive. The ideas are aimed at reducing the number of young drivers killed on Scotland's roads each year. A steering group of road safety experts, including campaigners and senior police officers, will be asked to help draw up a ten- year plan to improve safety on the roads....
The Baltimore Sun Consuming Interests Column: Your Credit Score Can Affect Car Insurance Bill
Tuesday, August 07, 2007
Aug. 7--John Rogers will be the first to admit that he's had some money problems. Someone digging through the 43-year-old salesman's credit history would see some unpaid bills on his account, a bankruptcy from 15 years ago when his son needed life-saving surgery, and even an Internal Revenue Service lien that still lingers. "I've been working to improve it," said Rogers, who lives in Northeast Baltimore....
Chef Has Wrong Recipe for Road ; HANDSWORTH: Driver Banned After Saving Money By Cancelling Insurance
Saturday, August 04, 2007
A CHEF who cancelled his driving insurance to save money has been banned from the roads. Paul Groom, 26, of College Road, Handsworth, was caught out when he was ordered to produce his documents by police. He handed over a Norwich Union car insurance certificate covering him for a year from February 2006....
EDITORIAL - Managed Competition
Saturday, August 04, 2007
For years, Massachusetts consumers have watched with amusement those GEICO insurance commercials with the, natch, gecko (a lizard) - but they have watched them only with amusement. That's because GEICO is one of many national insurers that refuses to sell automobile insurance in Massachusetts. When the GEICO gecko says: "Fifteen minutes could save you 15 percent on your car insurance," it is appealing to viewers across the state line....
Weekly Recap ; of Business News
Friday, August 03, 2007
NEW RATE-SETTING PLAN FOR AUTO INSURANCEGov. Deval Patrick's administration is trying to lure more auto insurers to the state with a plan to allow each company to submit its own set of rates to state regulators for approval. Supporters of the proposed change, which is being pursued by Insurance Commissioner Nonnie Burns, say it could attract major national insurers who have avoided the Massachusetts market....
Car Owners Need True Insurance Reform
Thursday, August 02, 2007
Nonnie Burnes, the new insurance commissioner, has just ruled that Massachusetts will take another stab at competitive auto insurance rating.As the governor who tried it in 1977, with disastrous results, I share the concerns of many about how it is going to affect a lot of Massachusetts motorists, particularly those in our older urban communities such as Quincy and Brockton.But they are going to have to be very tough if the move to competitive rating is going to avoid the results we experienced some 30 years ago....
Insurance Commissioner Poizner to Visit GEICO Aug. 3 to Congratulate Company for Early Auto Insurance Rate Reduction
Thursday, August 02, 2007
Who:California Insurance Commissioner Steve Poizner GEICO Regional Vice President Greg Kalinsky GEICO associatesWhat: Commissioner Poizner will visit GEICO's Poway Calif., regional office to congratulate GEICO for its recent auto insurance rate decrease. GEICO's timely compliance with the California Department of Insurance's auto rating factor regulations rewards good drivers through lower premiums....
Mass. Insurance Commissioner's Plan Would Allow Discrimination in Sale of Auto Insurance, Says FTCR
Thursday, August 02, 2007
SANTA MONICA, Calif., Aug. 1 /PRNewswire-USNewswire/ -- Massachusetts drivers will be unfairly denied auto insurance unless the state continues its long-standing ban on unfair and discriminatory insurance practices, said the Foundation for Taxpayer and Consumer Rights (FTCR) today in a letter sent by 10 consumer, civil rights and low-income advocacy groups to Governor Deval Patrick and the Massachusetts Commissioner of Insurance. The commissioner must ban discrimination in the sale of auto insurance, not just when setting prices," said Carmen Balber, consumer advocate with FTCR. The groups include: the Foundation for Taxpayer and Consumer Rights, Center for Economic Justice, Lawyers' Committee for Civil Rights under Law of the Boston Bar Association, MASSPIRG, Center for Insurance Research, Consumer Federation of America, Massachusetts Law Reform Institute, Massachusetts Consumers' Coalition, Consumer Assistance Council of Cape Cod, and the National Consumer Law Center (on behalf of its low-income clients)....
Insurance Commissioner Poizner to Congratulate GEICO Aug. 3 for Offering California Policyholders $65.8 in Savings
Thursday, August 02, 2007
California Insurance Commissioner Steve Poizner plans to visit GEICO's Poway, Calif., regional office to congratulate GEICO for its recent auto insurance rate decrease. GEICO's decrease represents $65.8 million in savings for its California policyholders.The statewide average rate decrease is 10.8 percent for GEICO, GEICO General and GEICO Indemnity policyholders, saving policyholders an average of $150.88....
Safeco Profit Slips, but Not As Far As Street Expected; Stock Jumps
Wednesday, August 01, 2007
Aug. 1--Shares of Safeco rose Tuesday after the Seattle-based property and casualty insurer released second-quarter financial results that were better than analysts had expected. For the three months ended June 30, Safeco had a profit of $186.4 million, or $1.75 a share. Still, Safeco beat the average estimate of $1.53 a share that analysts polled by Thomson Financial had projected....
GEICO Honored for Outstanding Financial Results for 17 Consecutive Years By Ward's 50 Benchmark Group
Wednesday, August 01, 2007
For the 17th consecutive year, GEICO, the nation's fourth largest auto insurer, was named to the selective Ward's 50 Benchmark Group, a prestigious industry ranking based on financial results. GEICO is one of only five property and casualty insurers to be selected for this recognition for the past 17 consecutive years.The Ward Financial Group, a Cincinnati-based management consulting firm, annually reviews the financial performance of insurance companies in the areas of safety, consistency and performance....