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Monthly Archives: February 2013

Car Insurance Rates Studied

Car Insurance RatesPost Date  February 11, 2013 – Auto insurance industry players are up against the recent car insurance rates study released by the Consumer Federation of America (CFA), saying that their study is flawed.  The car insurance rates studied were released by the consumer advocacy group based in Washington D.C. in the last week of January reported that auto insurance companies are charging higher premiums to safe drivers compared to those drivers who had been found responsible or an automobile accident. The consumer group pointed out that expensive car insurance rates being referred to their report is a result of the practice of the insurers to use non-driving-related factors such as the education and occupation of a driver in rating their car insurance rates. Using income-based rating factors is “discriminatory” and “mainly harm low and moderate income motorists. Policymakers  ask why insurance companies are being permitted to use the said non-driving related rating factors in calculating car insurance rates.

Unrelated rating data dictates Car Insurance Rates

NAMIC’s vice president for public policy, Robert Detlefsen, belittled the report to be just a “press release.” Detlefsen assailed the report saying that it “erroneously suggests” that the said non-driving related factors used in rating car insurance rates are not predictive of risks. He said that the CFA’s findings are based on “one false assumption” that the only relevant risk rating factors are only those that involved accident history.  Progressive Insurance Company, 3rd largest auto insurer in the United States responded to the report saying that they sometimes include non-driving related factors in rating car insurance rates as these factors have been proven to predict a driver’s likelihood of having an accident. Progressive Insurance Company along with other insurers such as Farmers, GEICO and Allstate has been cited by the  report to have used the non-driving related factors, specifically the driver’s education and income level.

Auto Insurance In Pennsylvania Increases As Fraud Spikes

Post Date February 9, 2012 – The Pennsylvania Insurance Fraud Prevention Authority (IFPA) had reported recently that the number of fraud cases which effected auto insurance in Pennsylvania increased last year, hitting a new yearly high.  In 2012, there are over 3000 cases of insurance fraud covering different lines of insurance including auto insurance in… Continue Reading

Unpaid Insurance Claims In NJ – Still A Problem

Post Date February 4, 2013 – New Jersey Homeowners Insurance Company Claim Departments are still plagued with unpaid insurance claims.  Sadly; the majority of the unpaid insurance claims are from damage produced from Superstorm Sandy.  Both state officials and those customers with unpaid insurance claims would like it if the process sped up.  Aside from… Continue Reading

Missouri Auto Insurance Policies Dropped In Error

Post Date February 2, 2013 – A Missouri auto insurance premium finance company responsible for financing Assigned Risk Missouri auto insurance policies;  recently agreed to pay fines in excess of  $40,000.  The finance company prematurely cancelled  a fair number of State Assigned Missouri auto insurance policies.  Many people don’t understand what a State Assigned Auto… Continue Reading

Missouri Auto Insurance Companies Repay $10 Million

Post Date February 1, 2013 – In excess of $1o million dollars were paid to Missouri Auto Insurance customers who filed for additional claim payments before the Department of Insurance – Insurance Consumer Affairs Division, against their insurers last year. Complaints among those whom purchase Missouri auto insurance have the second-highest number of complaints in… Continue Reading