Commissioner Warns Californians of Auto Insurance Fraud
August 27, 2008
Commissioner Steve Poizner of the California Department of Insurance alerted motorists earlier today of the dangers of deliberately-induced automobile collisions, perpetrated by those who seek to profit from auto insurance fraud.
More than 60% of all the cases of fraud reported to the California Department of Insurance have been related to automotive insurance. These fraudulent schemes would have resulted in over $182 million worth of total losses for California auto insurance providers, had they not been detected and reported. Read more
High Fuel Costs Benefit Auto Insurers
August 25, 2008
The price of crude oil, which has been reaching unprecedented heights throughout 2008, has harmed many businesses in America. However, one type business has benefitted from the high costs of fuel in the US: the automotive insurance provider.
The US Department of Transportation reports that US the amount of miles covered by US drivers during the month of April, 2008 decreased by 1.4 billion, as compared to April 2007. During March of 2008, American motorists covered 4.3% fewer miles, as compared to March of 2007. That percentage represents the biggest annual decrease in miles driven by US motorists since 1942, when the US Department of Transportation started keeping track of this figure in the first place. Read more
Canadians Demand Changes Following Auto Insurance Scandal
August 22, 2008
Vancouver activists are criticizing the Canadian government-run Insurance Corp. of British Columbia, one of the biggest auto insurance providers in Canada. In the wake of a scandal a involving an illegal money-making project among ICBC employees, activists demand large-scale changes in the way the company oversees its operations. Read more
Allstate Second Quarter Results Show Massive Income Decline
August 20, 2008
Allstate Corp, the largest public provider of automobile and other property insurance in America, has revealed its figures for the second fiscal quarter of 2008. The insurance giant experienced a 98% decrease in revenue since 2007. This decrease was due to the company’s quickly-devaluing investments in the catastrophic US mortgage market, as well as to this year’s spate of storms and other natural disasters, which made property-damage claims skyrocket. Read more
Caveman Introduces Bar Patrons To Geico Auto Insurance
August 18, 2008
GEICO, the third-biggest privately-funded provider of automobile insurance in America, is reaching out to young adult drivers between the ages of 21 and 34. Geico’s newest marketing campaign involves a partnership with the Ecast touchscreen media network.
Ecast’s touchscreen interfaces grace the jukeboxes of more than 10,000 bars across the USA. They allow bar patrons to connect to an enormous online database of music, accommodating a far wider variety of tastes than the limited music selection of any single bar. Read more
New “Hands-Free” Law Impacts California Auto Insurance
August 18, 2008
At the beginning of this month, the state of California introduced its controversial “Hands-Free” law, which fines drivers up to $175 for using a hand-held cell phone (as opposed to a “hands-free” headset to talk on the phone) while operating their motor vehicles. According to statistics from the handful of states that have already started enforcing such laws, this new regulation might reduce the number of automotive deaths per year by up to 900. Now, the California Department of Insurance is starting to test the effects of the law. If the lawmakers’ optimistic prognosis pans out, California auto insurance policyholders might stand to benefit from reduced rates. Read more
California Ponders Environment-Friendly Auto Insurance
August 16, 2008
The state of California is considering a new kind of insurance policy, already available from some insurance companies in 34 of the 50 states. It is also an option in many European Union countries, in Canada, and in Japan. This new policy is environmentally sound and reflects the higher costs of driving an automobile in today’s geopolitical and economic conditions. Moreover, it can save policyholders as much as $650. This new policy type is known as “pay-as-you-drive.” Read more
Expensive Fuel Equals Cheaper Insurance, Says State of Idaho
August 15, 2008
Idaho, like most of the country, has been affected by this year’s record-breaking spike in the cost of crude oil The cost of gas in Idaho, like most places in America, has topped $4 per gallon. Statistics from the Idaho Department of Insurance indicates that Idaho residents have coped with this situation by ditching their cars. More and more Idaho residents have started to rely on public transportation, carpooling, biking, rollerblading, or walking, rather than keep paying $40 a week for gas. Read more
Alabama Gets New Auto Insurance Program
August 15, 2008
Recently, nationwide auto insurance provider Progressive has reported its introduction of its MyRate auto insurance program to the state of Alabama. The program encourages safer driving while, simultaneously offering motorists the opportunity to reduce their auto insurance rates. Read more
AARP Gives Oregon Seniors New Way to Save on Auto Insurance
August 14, 2008
The American Association of Retired Persons (AARP) is a non-profit organization designed to serve the interests of its members, all of whom are individuals older than 50. This year, the AARP once again brings its valuable classes on safer driving to Oregon seniors. The classes, which will start up again in the middle of July, will guarantee participating senior citizens a reduction in their auto insurance rates. Read more
Auto Insurance Industry May Adapt Pay-As-You-Drive Policy
August 9, 2008
Pretty much anybody in America can tell you that driving is not getting any cheaper. Due to a weakened economy and a stronger global demand for oil, gas prices are at their highest in decades, and likewise drivers are suffering at the pump when they have to empty their wallets to get their fill. Read more
Home Sales Hit Nadir
August 7, 2008
The American housing crisis shows few signs of abating. The National Association of Realtors released figures earlier today that show Americans are able resell fewer and fewer homes than ever before.
Over the course of 2008, the number of non-new one-family homes sold across America has decreased by 15.5%. Since 2005, the highest point of the housing bubble, that figure has fallen by 33%. During the month of June, that number had decreased by 2.6%, a very high loss for only one month. If the June rate of US homes sold continued for over a period of one year, it would amount to 4.86 million non-new homes sold–the lowest number of non-new homes sold in ten years. Read more
North Carolina Contemplates 13% Car Insurance Rate Increase
August 7, 2008
At the beginning of this year, the North Carolina Rate Bureau, speaking for the interests of North Carolina’s auto insurance providers, asked the North Carolina Department of Insurance–a state agency–to issue a ruling increasing North Carolina drivers’ auto insurance rates by a mean of 13%. The Department of Insurance did not begin its decision-making process regarding the proposed increase until the end of June. Now, auto insurance policy-writers based in Virginia are waiting for a decision from the North Carolina Department of Insurance, which is not estimated to come before the middle of August. Read more
Almost Half a Million Could be Uninsured in Colorado
August 6, 2008
Based on the reports published by leading researchers, over a third of all the patients that went to 37 health clinics in the state of Colorado on a single day turned out to be uninsured. This realization exposes the possibility that close to one and a half million people in the entire state could also suffer from a lack of adequate coverage.
Conducting the survey on a voluntary basis was the University of Colorado Denver School of Medicine, which collected information among patients who had private insurance, Medicare or Medicaid. Their research showed an alarming figure: over 36% of the 948 that were surveyed were underinsured. Read more
New Jersey Insurer Starts Safety Plan
August 5, 2008
High Point Auto Insurance has teamed up with OnStar, the General Motors-owned communications network designed to keep participating vehicles safe on the road. High Point Auto Insurance has partnered with OnStar to create a new program for promoting vehicular safety among New Jersey drivers, according to an announcement the auto insurance provider made to the press earlier today.
High Point Auto Insurance has already had a long history of championing road safety. The insurer has lent its support to a wide variety of community-based safety initiatives. The most famous of these was the program called Keep Kids Alive Drive 25(R), designed to combat unnecessary traffic fatalities among children by encouraging drivers to adhere to the speed limit in residential zones. Read more
Georgia Motorists Get A Break
August 5, 2008
The GMAC Insurance Group, a major US-based automotive insurance provider, has stated earlier today that it’s lowering its rates in the state of Georgia. GMAC policyholders with Georgia-registered vehicles will be paying approximately 7% less a year for their car insurance, say GMAC representatives.
The savings will come in a variety of forms and will differ on a customer-by-customer basis. The savings will mostly take the form of annual premium deductions. However, the amount of money that is deducted will be determined by variables different for every driver, such as where in Georgia they reside, what type of vehicle they drive, their age, and the amount of coverage they have. Read more
GEICO Earns Prestigious Award Again
August 4, 2008
GEICO, the most rapidly expanding auto insurance provider in the United States, recently received additional recognition from the Ward Group, a company that monitors the insurance industry. GEICO earned a place in Ward’s prestigious 50 Benchmark Group for its excellent treatment of policyholders, its financial stability, and its continued ability to come through with its promises. This is the 18th consecutive year that GEICO has won the award. Read more
Pre-Paid Gas Is It Worth It
August 2, 2008
Consumers are getting hit and hit hard at the gas pumps. The price for gas is on the rise with no relief in sight. This is distressing to motorists who are on the constant lookout for new ways of saving gas.
Hybrids, car pooling, and scooters are popular methods and now pre-paid gas cards are added to the mix. Read more
Drivers Turn To Fraud To Help Make Ends Meet
July 28, 2008
The Association of British Insurers has announced recently that motor insurance fraud has taken a staggering leap this year due in large part to the credit crunch. Strapped for cash, drivers are turning to fraudulent claims as a way to get some much needed dollars. The risks associated with making a fraudulent insurance claim seems to be worth it for those drivers who report their vehicle damaged or even stolen.
The amount of these claims has jumped to 70% over the last four years which is alarming to industry experts. Largely due to a record amount of consumer debt and the lack of available credit lines this jump translates to 24,000 false claims from the 14,000 recorded four years ago. Read more
MetLife Adds New Feature To Group Insurance Package
July 7, 2008
MetLife is biggest life insurance company in America. It is also America’s top purveyor of group life insurance to company employees. Today, MetLife announced an improvement its group life insurance program, intended to serve company employees. The company’s Term Life, Group Universal Life, and Group Variable Universal Life group life insurance plans now have an additional standard feature: estate resolution services. This feature is intended to make easier and cheaper the complicated and often expensive process of sorting out a deceased employee’s possessions. Read more
Smart Cars Gaining In Popularity
June 6, 2008
Smart Cars, hailed to be the next big thing in the automotive world, has hit the road in the United States with mixed reviews. These small cars have been all the rage in Europe for the past decade and have only recently been making the move to other countries.
The United States started selling Smart Cars in the early part of 2008 though trying to find one will be difficult. Dealers are unable to keep the cars on the lot and the resulting waiting list can be as long as one year. So what is making these cars so desirable? It’s the 60 miles per gallon that is attracting many to trade in their gas guzzlers for this compact wonder. Read more
American Airlines Suffers From High Oil Prices
May 27, 2008
American Airlines intends to decrease the amount of domestic flights it offers by between 11 and 12% after the end of summer of 2008. Earlier this year, American Airlines had only meant to lower the amount of flights by 4.6%.
In the meantime, the parent company of American Airlines, AMR Corp, suffered at the stock market. Its shares went down by a full 24% this week. Presently, a share of AMR stock costs $6.22, which is less than it used to cost just a day ago by $1.98. Read more
Miami: A Reflection Of The US Economy
May 26, 2008
Miami is known for palm trees, beaches, and luxuries but as the economy continues to worsen a large part of the Miami lifestyle is beginning to suffer.
Miami is just one city throughout the United States that is seeing the devastating effects of a housing and job market reaching all time lows. As a city known for its prime real estate the housing market here has definitely slowed due in large part to the Sub Prime Mortgage crisis which has put the entire economy in a tail spin. Read more
New Home Construction Down
May 21, 2008
In another example of a weakening economy and a declining housing market construction of new homes are down. The Commerce Department stated that construction of new homes fell in February at a larger then expected rate reinforcing fears of a recession.
The Commerce Department is concerned with the economic growth of the nation and is often looked to for its findings concerning the job market and other financial markets. Read more
No Respite For AIG
May 20, 2008
The largest insurance company in the world, American International Group, is still in trouble. Today, it gave its investors the sad news that the mortgage assets market is still in a bad state; recovery seems to be slow in coming. Read more
Insurance Giant in Financial Crisis
May 14, 2008
The global insurance juggernaut known as the American International Group is in trouble. AIG, the biggest insurance company in the world, has lost $7.81 billion in the first quarter of 2008, according to its most recent financial report.
This lost comes on the heels of the unfortunate year of 2007, when the company’s stock went down from $70 per share to less than $60 per share. Presently, a share of AIG sells for only slightly above $40 on the New York Stock Exchange. To be exact, its stock went down recently by an entire 2.1% to $44.15 a share, and then decreased by an extra 7.6% during after-hours trading to its present worth of $40.80 a share. Read more
Fed Chair Says Economic Outlook Darkening
April 24, 2008
The chairman of the Federal Reserve Board has told Congress that the housing and credit debacles have created a great strain on the economy. Energy prices have worsened, and hiring has declined.
Fed Reserve Chair Ben Bernanke said, “The outlook for the economy has worsened in recent months, and the downside risks to growth have increased. To date, the largest economic effects of the financial turmoil appear to have been on the housing market, which, as you know, has deteriorated significantly over the past 2 years or so.” Read more
Credit Key to Postage Stamp Transactions
April 24, 2008
If you’ve been using old-fashioned money to purchase stamps at a post office vending machine, be warned: your days of dropping coins in a stamp machine will soon be over.
A spokesman for the Postal Service says the vending machines don’t earn enough coins to pay maintenance costs. As a result, they’re being removed from post offices across the nation. Read more
Greenspan believes Recession will Last as Long as the Credit Crisis
April 22, 2008
Alan Greenspan, former chairman of the Federal Reserve and economic guru, was on the record for saying recently that he honestly hopes that the very worst of the credit crunch is over and that the duration of a recession for America is tied directly to the length in which the financial turmoil of the county lasts.
Speaking by means of satellite to an economic conference being held in Italy, Greenspan has mentioned that the situation should still be seen as one of critical concern, and that the economic crisis may very well find itself being dragged out into 2009. Read more
Newspaper Says Current Measures Aren’t Enough to Solve Housing Mess
April 20, 2008
The San Jose Mercury News newspaper has published an editorial saying that current government efforts to solve the nation’s housing crisis simply won’t get the job done.
The newspaper noted that the feds have been encouraging mortgage companies to do what they can to prevent home foreclosures by renegotiating difficult loans. However, as the newspaper states, the voluntary campaign hasn’t worked so far. Read more
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- Commissioner Warns Californians of Auto Insurance Fraud
- High Fuel Costs Benefit Auto Insurers
- How To File An Auto Insurance Claim
- Canadians Demand Changes Following Auto Insurance Scandal
- Dangerous Vehicle Means Higher Auto Insurance Rates
- Allstate Second Quarter Results Show Massive Income Decline
- Caveman Introduces Bar Patrons To Geico Auto Insurance
- New “Hands-Free” Law Impacts California Auto Insurance
- California Ponders Environment-Friendly Auto Insurance
- Auto Insurer Progresses Into Massachusetts
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