Auto Insurance Secrets

Archive for the ‘auto insurance companies’ Category

Rates on your auto insurance quotes for your motorcycle have many determining factors.  Some of these include the type of motorcycle you drive, your experience with driving a motorcycle and your driving history. Another thing insurance companies consider when calculating your quote is what type of training you have had in driving a motorcycle.  DMV’s and other safety classes offer classes that educate you on the particulars of driving a motorcycle.  Having this type of course under your belt may lower your auto insurance quotes.  It’s important to keep any certificates you may receive to prove your class registration. Many auto insurance companies offer motorcycle insurance, including Dairyland Insurance, which is a subsidiary of Sentry Insurance, a parent company.  They specialize in motorcycle insurance as well as other forms of non-standard auto insurance protection.  They have been rated very strong by Standard and Poors for the last 5 years for their excellent business.  About 20% of their customers live in Florida but they are licensed in many states.

The agricultural risk management company, Acceptance Insurance, offers insurance products and provides property and casualty insurance as well. Acceptance Insurance provides insurance under two insurance company subsidiaries called American Growers Insurance Company and Acceptance Insurance Company.  AGIC provided insurance products before stopping operations back in 2002.  The District Court of Lancaster County, Nebraska placed AGIC into rehabilitation December, 2002. Acceptance’s only operation remaining is AIC which is under administrative supervision.  They continue to control the run off of discontinued and sold companies.  Because of drought and inadequate growing conditions, AI also divested American Agrisurance which is its crop insurance business.  AIC sold its property and casualty operations to Hannover Re and McM.

Infinity Auto Insurance, which is a leading nonstandard personal auto insurance company, places community service as a high priority.  Their community service organization called Infinity Cares partners with many local charities to give back to their community. The Infinity Cares team helps in many ways including back-to-school drives, festivals, parades, health fairs as well as other neighborhood events.  They have promoted safety programs at schools while encouraging parental involvement.  They’ve participated in the Juvenile Diabetes Research Foundation Walk”, which included many employees and their family members. Other programs have included a back pack program for needy students, Big Brothers Big Sister participation, and contributions to Mentora Hispana which is a segment of Big Brothers Big Sisters dedicated to Hispanic youth mentors.

Eastwood Insurance has come along way since it started back in 1989.  Over the years it has become an industry leader in offering quality service of auto insurance coverage.  They have developed a reputation of integrity and expertise.  They believe insurance should be affordable for all and they truly want to save their customers money.

Eastwood Insurance individually chooses their partners.  Instead of offering every single insurance product on the market, they look for partners who can represent what Eastwood believes in.  Information is being delivered faster than ever and they ensure their technology is up to date.  Their website provides easy access to the company’s information, employment opportunities and changing trends in the insurance industry.

Community service is also an important part of Eastwood’s philosophy.  They contribute regulary to Children’s Hospital in Los Angeles, and Oakland.  They also contribute to Goodwill Industries.  Their employees are always encouraged to take an active role in the community in any way they can.  This shows what kind of company you will be doing business with if you become their customer.

According to the article “Credit Scoring Is Hurting Customers” found on sacbee.com from The Dallas Morning News, even if you are a responsible driver you may end up paying higher car insurance rates if you have blemishes on your credit file.  Whether or not this is fair is currently a huge debate.

The Dallas Morning News analyzed the insurance industry and found that people with poor credit paid 35% more on home and car insurance.  In certain cases, the insurance rates were more than double people with good credit, even if they had similar claim history.  This just goes to show how crucial it is to stay on top of your credit score.

Auto insurance companies believe that using credit as a risk factor helps to identify higher risk customers.  They cite The University of Texas research that shows drivers with lower credit ratings file more claims with their insurers.  They say that if it weren’t for the credit rating factor everyone would pay higher rates.  Credit scoring is no where near an exact science and can often hurt good customers.

As you are shopping around for car insurance quotes try to identify if your credit may be affecting your premiums.

The state of California has seen suspected California auto insurance theft and arson fraud increase over the past year according to The California Department of Auto Insurance which released information on Friday.  This was found in the article “State Sees Rise In Suspicious Auto Insurance Claims” on Sacramento Biz Journal by Kelly Johnson.

The agency recently gathered data that showed criminals may be committing more auto insurance fraud to obtain insurance cash during these tough times.  Insurance Commissioner Steve Poizner stated in a news release that fraud is on the rise.  In 2008, the California Department of Insurance found a 25% increase in suspected car arson fraud cases from the year before.  They also received about 200 more suspected car theft fraud cases in 2008 compared to 2007.

The department receives regular referrals of suspected fraud from auto insurance companies, law enforcement agencies as well as consumers and each case is researched to determine if it is actually a fraud situation.  Other kinds of auto fraud such as inflated damages, vandalism, and hit and run accidents have remained somewhat constant since 2007 according to the Department.

This increase in suspected fraud may continue as the recession remains.  Consumers are feeling strapped for cash and desperate and this seems like the only road for many.  Of course, any type of fraud will end up costing you much more in the end, including possible jail time.

Auto insurance rates are expected to rise up to 19% for Ontario drivers.  The average Toronto area driver may see rates increase by up to 14% according to the article “Auto insurance rates to rise as much as 19% in Ontario” on GlobalToronto.com.

Ten auto insurance companies, which serve more than a fourth of Ontario drivers, have been approved to raise their auto insurance rates once again.  One of the reasons for the increased rates is the cost pressures being placed on insurers.

It’s important to keep prices in perspective though because auto insurance rates are still relatively low when compared to previous years.  When compared to the cost of living, rates are reasonable.  Finance Minister Dwight Duncan plans to announce changes to auto insurance rates during the government’s 5 year review.

According to the article “Pay-as-you-drive auto insurance gets green light” by Kelly Johnson from msn.com, California Insurance Commissioner Steve Poizner announced Friday that the state Office of Administration Law has passed regulations which allow auto insurance companies to base rates on how much drivers drive and they are now in effect.

Poizner opposed the pay-as-you-drive regulation a year ago, but now he believes it’s an innovative way to give California drivers rewards for driving less.  This will ultimately lead to lower auto insurance, less air pollution and eventually less dependence on foreign oil.

The Association of California Insurance Companies supports the new regulation calling it “pro-consumer”.  The new regulation will give auto insurance companies and drivers an additional tool to assure that auto insurance rates reflect the driver’s actual risk of getting into an accident and filing a claim.  Insurers will have the option to offer estimated mileage, but they will now also have the option to offer verified mileage plans.

California has a low-cost auto insurance program which offers lower auto insurance rates, according to the article “Requiring Auto Insurance Requires That It’s Also Affordable” by Peter Luke on mlive.com.  The program covers basic auto insurance for less than $400 a year.  Drivers must be 19 and have a relatively clean driving record.  There is also an income requirement of less than $27,000 for a single person or $55,000 for a family of 4. 

The article points out that one of the main arguments over the health care debate is that if there is going to be a mandate on health insurance then premiums must be made affordable.  The same concept should be applied to auto insurance since it is required in most states.  The policies need to be readily available for everyone, fairly administered and with reasonable auto insurance rates. 

There is also much debate over how auto insurance companies determine their rates, especially in Michigan where previous posts discuss how they are debating the use of the credit score.  Many believe not only should credit score be excluded from auto insurance companies’ formulas, but also income, gender, zip code, marital status, and bankruptcy.  Some states are considering excluding employment status, which is important for today’s high unemployment rate.