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Monthly Archives: February 2012

Home & Auto Insurance Carriers Take A Hit In 2011

Home & Auto Insurance Carriers Take A Hit In 2011

Leap Year Post Date 2.29.2012 – A recently Consumer Federation of America (CFA) report accuses property and casualty insurance carriers of taking advantage of those consumers needing coverage.  Some say some Property and Casualty Auto Insurance Companiesare overcapitalized, they are not interested in taking on more risk by writing more Cheap Auto Insurance Policies. As a result auto insurance regulators will block attempts by some insurance carriers to raise rates in an attempt to increase profit.

The same car insurance company disagree with the claim and  state they did take on significant risk from both existing and new clients and will continue to do so.  The Property and Casualty Insurers Association of America say 2011 was a challenging year for its members due to a confluence of natural disasters that hit the US. Private Car insurance carriers suffered net underwriting losses of $35 billion last year.

The Insurance Information Institute also took major issue with this report saying that it creates the wrong picture of what is really true.  Both Car Insurance and Homeowners in over ten states are facing increases on their property insurance rates.  Property and Casualty insurance carriers are seeking to increase rates by 20% or more in order to offset losses felt in 2011.  State regulators whom oppose the increases feel it will place further burden on homeowners coping gradually with the after-effects of the economic downturn. At the same time, regulators are putting pressure on congress to reform the National Flood Insurance Program.  They feel they need to protect consumers and boost private sector investment in this insurance sector.

-Mike

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

 

Auto Insurance Carriers Target Car Theft In Michigan

Auto Insurance Carriers Target Car Theft In Michigan

Post Date 2.27.2013 – The number of  Grand Theft Auto cases in Michigan has dropped in recent months.  According to the Michigan Auto Theft Prevention Authority, auto theft has dropped by an amazing 10%.  The  number of stolen cars dropped from 29K to 26K.  These improvements are credited by efforts of state agencies whom have… Continue Reading

Mississippi To Overhaul Low Cost Auto Insurance Rates

Mississippi To Overhaul Low Cost Auto Insurance Rates

Post Date February 24, 2012 – Mississippi is seeking to improve the current car insurance system with a less complex low-cost auto insurance protection policy.  According to those opposed to the bill feel changes will definitely change the current auto insurance system.  Mississippi has a tort based auto insurance system with a liability policy for… Continue Reading

Mississippi Passes Laws To Track Those Without Car Insurance

Mississippi Passes Laws To Track Those Without Car Insurance

Post Date February 22, 2012  –  The State of Mississippi is establishing a Car Insurance database.  This resource will assist the Mississippi government track down those drivers whom refuse to maintain Car Insurance.   According to the  Auto Insurance Research Council, Mississippi drivers are known for driving in the state without car insurance coverage. In… Continue Reading

State Audit Benefits Payout Practices By Insurance Carriers

State Audit Benefits Payout Practices By Insurance Carriers

Post Date February 20, 2012 – Twenty U.S. States have come to an agreement with Prudential Insurance Company in a case which challenges the way the insurance carrier handles unclaimed funds for life insurance and other policies excluding car insurance.  Prudential insurance is one of the leading providers for life insurance coverage in the United States.… Continue Reading

Car Insurance with Speeding Tickets

Getting car insurance when you have speeding tickets or other blemishes on your driving record doesn’t need to be a difficult experience. Our licensed agents can help you get the best rate possible based on your driving history. So give us a call or fill out our online form and start saving today. Continue Reading

New Jersey Auto Insurance Industry Calls For Fair Pricing Among Body Shops

New Jersey Auto Insurance Industry Calls For Fair Pricing Among Body Shops

Post Date 2.17.12 –  Although efforts to change the auto insurance repair laws in New Jersey have failed, there is legislation being reviewed by New Jersey lawmakers to review hourly rates both body and mechanic repair shops charge auto insurance carriers. The auto insurance repair labor fee bill will request the formation of a committee of 12 law makers, other legislators and reps from the state car insurance and auto body repair fields.… Continue Reading

Ballot Initiative On California Auto Insurance Rates Set For November 2012

Ballot Initiative On California Auto Insurance Rates Set For November 2012

Post Date February 15, 2012 – A California insurance ballot initiative targeting auto insurance companies seeks approval from state insurance regulators before adjusting auto insurance rates. California Residents will also vote to allow auto insurance companies offer both discounts and surcharges to policyholders based on their life style history. This will require automobile insurance companies to seek prior approval from state regulators before adjusting their  automobile insurance… Continue Reading

New California Cheap Auto Insurance Rate Discount Sought

New California Cheap Auto Insurance Rate Discount Sought

Post Date February 13, 2012 – The American Agents Alliance, an organization of independent auto insurance agents and brokers, has collected over half a million signatures from  California car insurance buyers to sponsor an act that will allow consumers to shop for auto insurance coverage from other car insurance companies with their loyalty discounts in tact. The proposal is quite… Continue Reading

Progressive Insurance Records Auto Insurance Losses in 2011

Progressive Insurance Records Auto Insurance Losses in 2011

Post Date February 12, 2012 –  Progressive Insurancebecame the latest auto insurance company in the US  market to report and annual loss. The company’s fourth quarter profits shrunk from near $300 Million in (2010), to near $260 million in 2011. This loss was attributed to lower profits in investments. Progressive auto insurance’s net annual earnings dropped from near $11o million 75 million in December 2011.  According to NASDAQ, the Ohio insurance… Continue Reading