It's true. One 2 Minute Call to Save Real $$$
Click to Call and Quote Them All

Monthly Archives: November 2011

West Virginia Auto & Homeowners Insurance Companies Benefit From The 2005 Law

West Virginia Auto & Homeowners Insurance Companies Benefit From The 2005 Law

Wednesday’s Post 11/30/11 –   A report recently issued by the Insurance Research Council (IRC) stated that auto and home insurers were able to save $200 million during the first five years after this new law was enforced. This provision was made under the Bad faith Act prohibiting third parties from making further claims in cases where they felt that the insurer was had made an unfair settlement. An alternative was given in such cases where the claimants are required to file a complaint to the Insurance commissioner. The state officials are mandated by law to conduct an investigation into the claims. If the claimant’s grievances are verified to be true the state imposes fines on the insurers. The Act gave the state commission authority to determine the economic damage to be awarded to third parties. The insurers may be required to pay up to a figure of $10,000 to the offended party. This legislation has brought about changes; the IRC has reported that injury claims have reduced significantly over the past five years. During 2000 to 2004 loss costs in West Virginia were 47 percent above the national average figure. However, in 2010 this figure dropped to 7 percent above the national average. IRC officials think that the drop is as result of a reduction of bodily injuries reported. The reports are an indicating that the 2005 law has taken effect, with claims having dipped by 8% from 2006 to 2010. Other states have not registered the same results as there is a steady increase of these claims. The findings clearly depict that the law has had a positive impact on settlement process .A senior official of IRC stated that other legislators should borrow a leaf and enact similar reform in their states. This move by West Virginia officials was driven by the fact that there were many claims which were causing an increase in premiums which even top motor insurance firms had to impose. Regulators have praised this law because it has caused rate reductions and a 9.8% premium cost drop which was achieved after a period of one year. This is indeed a course for celebration among West Virginia insurers.

-Mike

Michael E. Dortch
President &  Managing Agent
InsureDirect.com
Corporate Home Office
618 South Broad Street
Lansdale, Pennsylvania  19446
(800) 807-0762  ext. 602

Docs “just say no” To Private Health Insurance

Docs “just say no” To Private Health Insurance

Tuesday’s Post 11.29.11 –  Archives of Internal Medicine indicates that many patients with health insurance coverage are increasingly being turned away by doctors citing delays in Insurance Company reimbursements that is outpaced by the rates of medical spending and  administrative complexities associated with private health insurance. The research was led by a medical doctor at New York-Presbyterian Hospital and… Continue Reading

California Earthquake Authority & State Farm Insurance Stage Pratice Drill

California Earthquake Authority & State Farm Insurance Stage Pratice Drill

Monday’s Post 11.28.11 –  There’s nothing worse than not being prepared.  This is why a massive earthquake drill was recently conducted in the Western United States the morning of October 20, 2011. The massive earthquake gathered an estimate of 8.7 million people who came from the states of California, Nevada, Guam, Oregon, Idaho and British Columbia. Series of simple steps like… Continue Reading

Are Hybrids Safer; Yes or No?

Are Hybrids Safer; Yes or No?

Sunday’s Post 11.27.11 –  A study from Virginia based Highway Loss Data Institute (HLDI), notes that hybrid vehicles, which are typically weightier than non-hybrids of similar make, offer better protection for occupants during car crashes. The report revealed that the odds of sustaining serious injury during car accidents are 25 percent lower for hybrid occupants than… Continue Reading

Allstate Non-Renews North Carolina Homeowners Policies

Allstate Non-Renews North Carolina Homeowners Policies

Saturday’s Post 11.26.11 –  After an intensive review of its North Carolina portfolio, Allstate Insurance Company has decided to non-renew homeowner’s coverage for a record 45,000 customers.  According to the insurer’s spokesperson, the company took the decision with a view to managing better, the risks of more than 400,000 other households insured under it. Allstate filed a… Continue Reading

South Dakota Insurance Officials To Fix Issues Surrounding Medical Coverage Applications

South Dakota Insurance Officials To Fix Issues Surrounding Medical Coverage Applications

Friday’s Post 11.25.11 –  Regulators in South Dakota have embarked on providing much-needed clarity in medical benefits that are covered by auto insurance firms in the health and motor industry. There is a general concern especially when it comes to vehicle accidents. The officials agree that this problem is now wide-spread and is being experienced in most states. Some of the issues… Continue Reading

China Opens Auto Insurance Market To Foreign Underwriters

China Opens Auto Insurance Market To Foreign Underwriters

Friday’s Post 11.25.11 –  The chairman of the Insurance Association of China says that China is most likely to open up its auto insurance market to foreign companies come next year. China is the world’s largest auto market and now allows mandatory auto insurance from its own insurance carriers.  Chinese insurers including the PICC Property and Casualty Company, Ping… Continue Reading

Florida’s Largest Homeowners Insurance Company Agrees To Regulatory Changes

Florida’s Largest Homeowners Insurance Company Agrees To Regulatory Changes

Thursday’s Post 11/24/11 – Citizens Property Insurance, the largest property insurance provider in Florida, presents challenges to the state due to its sheer size and accessibility to consumers. This was demonstrated when the Citizens board of governors agreed on implementing far-reaching changes to insurance regulations. The Citizens board is pushing for change via the state legislators with advice… Continue Reading

New Jersey Saves nearly $60 Million On Anti-Fraud Insurance Campaign

New Jersey Saves nearly $60 Million On Anti-Fraud Insurance Campaign

Wednesday’s Post 11.23.11 – The state of New Jersey has saved nearly $60 million through their anti-fraud effort launched March this year, according to state officials. The anti-fraud Program was part of the state’s campaign to cut down on wasteful spending in fraudulent unemployment insurance payouts. A lofty endeavor.  New Jersey’s Department of Labor and Workforce Development, or LWD, carried… Continue Reading

Research Shows New Models Of Pick-Ups & SUVs Are Safer

Research Shows New Models Of Pick-Ups & SUVs Are Safer

Tuesday’s Post 11/22/11 A new study by the Insurance Institute for Highway Safety (IIHS) has reported reduced chances of fatal injuries and deaths for drivers of recently manufactured pickups  and SUVs, compared to those made more than ten years ago. IIHS is a nonprofit organization that researches possible ways of minimizing vehicular injuries, deaths and property damage… Continue Reading