March 3rd, 2010
It looks like the Hummer brand will be shutting down soon, according to “Hummer faces shutdown after Chinese sale collapses” by Dan Strumpf of The Associated Press. Car insurance companies will no longer have new models of the hulking SUV’s to worry about insuring. General Motors Co. was hoping to sell the brand to Sichuan Tengzhong Heavy Industrial Machines Co. of China, but the manufacturer was unable to get clearance from its Chinese regulators by the end of February deadline. General Motors promises to honor the warranties of existing Hummers. They are working with Hummer employees, dealerships, and suppliers to phase out the brand.
The potential for a deal with the Chinese manufacturer came in October, six months after General Motors began trying to sell the Hummer brand because of the losses it was incurring. But Chinese regulators showed a lot of resistance from the start because they do not approve of the rapid growth in the Chinese auto industry. Sales of Hummers peaked in 2006, but Hummer only sold 325 cars last year. The cars range in price from $42,500 to $63,000. Hummer was hit hard by the extreme gas prices of 2008 because of their lack of fuel economy. It wasn’t easy to find cheap car insurance for the large, off-road vehicles either. If Hummer closes as expected, they will join Saturn, Pontiac, and Saab as a brand that GM has discontinued or sold off.
Tags: car insurance companies, cheap car insurance
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February 24th, 2010
Erie Insurance Group has been providing insurance services in Pennsylvania since 1925. They work in many eastern states offering personal auto, life, & property insurance as well as commercial coverage, annuities, and reinsurance. Since 2000, Erie Insurance has had a partnership with the Erie chapter of the American Red Cross. The “Serving Together” program has provided relief efforts and services to tsunami victims in southern Asia and eastern Africa, 9/11 charities, and Hurricane Katrina victims in recent years. Erie Insurance and the Red Cross are partnering again to provide International relief to Haiti in the wake of their devastating earthquake.
The president and CEO of Erie Insurance, Terry Cavanaugh, said that their response to the Haiti disaster came directly from employees searching for a way in which they could help Haitians. Erie decided to match their employees’ and agents’ donations up to $100,000, in addition to making a corporate donation to the Haiti Relief Fund. When you compare car insurance companies with Erie Insurance, one can only hope that they offer as much to the community as Erie does. As one of the top 20 auto and property/casualty insurers in the United States, Erie Insurance has a good balance of business practices with corporate responsibility to the communities they serve and beyond.
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February 18th, 2010
Proposition 17 will be on California voters’ ballots in June, according to Steve Lopez of the Los Angeles Times. Lopez sat down with the Chairman of Mercury Insurance, George Joseph, for his article “Talking car insurance with Mercury’s top man.” Joseph is bankrolling Prop 17 because he says it is in the best interest of California drivers. While Mercury often gets bad press in California, they offer customers low rates and have been the leading independent car insurance broker in California for nearly 50 years. Maybe the bad press comes from competitors’ attacks? As a Mercury Insurance customer, Lopez wanted to talk with Mr. Joseph to get his side.
Proposition 17 would offer loyalty discounts to customers even when they switch companies. If a good customer was insured through Bristol West Car Insurance for years and switched to Mercury Insurance, or vice verse, they could retain their customer loyalty discount. This sounds like a great advantage for California drivers, but Mercury adversary Consumer Watchdog believes differently. The company said that along with that small discount to some consumers would come large increases for others. They believe that a lot more uninsured drivers would be on the road because of the surcharges that would be implemented for drivers who do not have the industry standard ‘perfect’ records. This battle will remain strong until the vote in June.
Tags: Bristol West Car Insurance, car insurance, Mercury Insurance
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February 12th, 2010
According to the Associated Press‘ “Latest storm sets record in DC, Baltimore,” Nafeesa Syeed says that Washington DC and Baltimore have just had their snowiest winter on record. The airports in both cities had measured snow amounts greater than previous records as of Wednesday, February 10 and winter is not nearly over yet. Roads on the east coast were just treacherous, from Baltimore to New York City. With all of the accidents, including a fifty car pile-up in Pennsylvania, insurance companies will be working overtime. Allmerica car insurance holds a strong presence in the northeast and could be hit hard with insurance claims.
With five feet of snow on the ground in many eastern states, many people have been holed up at home. Grocery stores haven’t been restocked because many roads were impassible. Even snow plow drivers had to pull to the side of the road at points because they couldn’t get through the snow. The Governor of Pennsylvania actually closed off portions of some highways because travel on them was too dangerous. As many businesses closed for days, including the federal government, some major cities were nearly vacant. Hundreds of flights were canceled at all the major airports as well. With the northeast finally digging out from these two huge back to back storms, cities like Washington DC and Baltimore are hoping for some weather relief.
Tags: Allmerica car insurance
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February 4th, 2010
According to dBusinessNews, Farmers auto insurance has a new VP. In “Susan Bithell Named Farmers Insurance and Chief Underwriting Officer,” Bithell’s new position and qualifications are summarized. Farmers Insurance is based in Los Angeles but operates in forty-one states. They are the third-largest seller of private car insurance and homeowners insurance. Bithell’s new position “will oversee the continued alignment of the company’s underwriting strategy, processes and methodology across a number of business units.”
In 1983 Susan Bithell started working for Farmers Insurance as an auto underwriter. The next year she started moved to their regional marketing department and worked in several different positions. After a promotion in 1991, Bithell took over the home office position of Zone Life Marketing Manager. Throughout the 1990’s Bithell moved up farther in the company then began the new position of Director of Customer Advocacy in 2000. After a decade out in the field operations in Nevada and Washington, Bithell returns to Farmers Insurance with great analytical skills and years of field experience that will be important in her new position.
Tags: Farmers auto insurance
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January 28th, 2010
A recent lawsuit brought to the United States Court of Appeals, Ninth Circuit clarifies the breakdown of insurance coverage when dealing with supplemental rental car insurance. In Auto Rental News, the article “Lawsuit Highlights Responsibilities of Rental Car Supplemental Insurance” explains the recent lawsuit between Vigilant Insurance Company/GEICO and Lincoln General Insurance Company/DTG Operations.
A man driving a rental car in Las Vegas was involved in a car crash. He had purchased supplemental insurance from the rental company, Dollar Thrifty Group (DTG). This insurance had coverage from DTG and supplemental liability insurance from Lincoln. Compare car insurance that you purchase from a rental company before assuming that they will cover any problems. Lincoln fought paying the balance after DTG’s coverage was exhausted with the argument that the driver’s private insurance, GEICO, should exhaust their coverage before Lincoln.
The court disagreed and forced Lincoln to pay back the money covered by GEICO and Vigilant, which totaled $500,000. Basically the court said that it didn’t make sense for Lincoln’s supplemental coverage not to kick in until after the driver’s personal car insurance. They said that Lincoln was falsely representing their coverage to DTG which could cause problems in the future. What would really be the point in purchasing supplemental insurance if your personal insurance paid the accident bill anyways? Companies like GEICO or Donegal Insurance and its subsidiaries would have to raise rates to cover the cost of paying for insurance that was supposed to be covered by a supplemental plan.
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January 21st, 2010
It is possible to find low rates when shopping for non-standard car insurance, according to Cars Direct’s article “How to Find Non-Standard Auto Insurance with Low Rates.” After mishaps on your driving record, many people are turned down by car insurance companies because of their high risk ratings. There are companies that specialize in issuing policies to high risk drivers, which is called non-standard auto insurance. If your risk is so high that you even have trouble finding one of these plans on your own, there are assigned risk pools where the government basically forces an insurance company to take on risky clients. But you may pay an arm and a leg for that insurance.
Check into non-standard insurance before worrying about assigned risk pools and higher rates. Companies that specialize in this type of car insurance, like Eastwood Insurance of Fullerton, California, have a lot of experience in higher risk clients. Find out if your state has its own risk rating system for insurance which can help ensure that you get coverage. Get a quote from Eastwood and other insurance companies through online systems to check out deals. Driving an older, less exciting car is another way to help yourself get a good policy with better pricing. Non-standard insurance is out there for drivers that have a poor record, but are willing to make a few sacrifices and improve their driving ways.
Tags: car insurance companies, Eastwood Insurance
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January 12th, 2010
“New laws restricting under-18 NY drivers take effect in February,” according to John O’Brien of The Post-Standard. While teenagers probably won’t be happy with their new rules, the plan is to make the road safer for everyone. Drivers under the age of 18 account for 20% of all accidents in New York, but only 12% of their drivers. While most people assume the crashes are related to drinking, they usually are not. The problem is inexperience on the road and distractions in the car.
Starting February 22, under-18 drivers will only be permitted one non-family passenger that is under-21 unless the driver’s parent or guardian is also in the car. New drivers will also have to complete 50 hours of driving instead of 20 in order to obtain their learner’s permit, with 15 hours occurring in the dark. In order to get a license, young drivers will have to have their learner’s permit for at least 6 months. The limited-use junior driver’s license that used to exist in NY will be eliminated with this new law.
The new law is good news for insurance companies like Dairyland insurance. Teenagers tend to be nervous drivers because of their inexperience on the road. Adding the distraction and peer pressure of a car full of friends can easily lead to riskier decisions and more accidents. Fewer accidents not only keeps other drivers safe, it can make for cheap car insurance rates as companies pay out less money in claims. New York State’s new law will help teenagers obtain more driving experience before being left alone in their cars and help eliminate the distraction of other teenagers in their vehicle.
Tags: cheap car insurance, Dairyland Insurance
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January 4th, 2010
Encompass auto insurance offers car insurance, homeowners policies, and a unique Universal Security Policy combining multiple personal policies. They are a subsidiary of Allstate Insurance Company focused on sales by independent agents. With over 25 years of experience helping independent agents serve their customers, Encompass is a strong company that has withstood the test of time. All of their insurance products are underwritten by Allstate and it’s affiliates.
A.M. Best Company rates the financial strength of the underwriting companies. As of July 2009, all of the listing companies had positive ratings. In every state but Florida and New Jersey, Allstate Insurance Company 100% reinsures the products. Their A.M. Best rating is A+ (superior). In Florida, Castle Key Insurance Company reinsures the business. Their rating is B- (fair). New Jersey’s business is reinsured by Allstate New Jersey Insurance Company which has a strength rating of A- (excellent). You can rest easy knowing that your car insurance needs will be covered with Encompass Insurance.
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December 30th, 2009
Drivers in Louisiana can expect to pay at least $71 a year more in car insurance starting January 1, according to KTBS News’ article “Car insurance bills to rise for Louisiana drivers.” This new law that increases the required minimum liability coverage will effect over one million people in Louisiana. Unfortunately for the drivers, many are not even aware that this new law has passed. Insurance companies did not have to notify their policyholders in advance of this required increase in their coverage.
The current law in Louisiana requires what is known as “10-20-10″ liability coverage for cars and trucks. That means $10,000 of coverage for the injury or death of one person from a car accident, $20,000 of coverage for more than one person, and $10,000 of damaged property coverage. This new law ups the coverage to $15,000, $30,000, and $25,000 respectively. A State Farm Insurance quote will now work those new figures into your policy. Even those who carry minimum insurance will see a significant increase in their policy amounts.
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