12/27/09

Aflac Car Insurance

I have found that for car insurance, Aflac is the way to go! Not only are their rates far more reasonable than its competators, but the customer care that exists within the realms fo the company itself, is outstanding. I think it is a great option for anyone firstly who is a teenager with a new liscense, to look into. More likely than not, a better deal on insurance could be obtained through Aflac, especially when it comes to a new driver! I would also recommend Aflac to anyone who perhaps drives a sports car, or a car that would typically be higher to insurure because of a turbo engine, or syle and model. And of course, while saving money and getting better coverage, it never hurts to sponsor

a company who utilizes cute little ducks to market their services! I would imagine that if you are like me, and saving money by utilizing Aflac’s services, you are sure to have something to “quack” about!

Related reviews :Aflac Insurance
Aflac--When we hear "Aflac", we automatically think of the duck. While the duck is great, the insurance coverage with Aflac is absolutely the best in the industry. For those not familiar with Aflac, Aflac is supplemental insurance. They are not major medical nor automobile insurance. ...

AFLAC Health Savings Account
When my husband came home from work in November toting the paperwork for his health insurance there was no doubt in my mind that we would be enrolling in the coverage. Let's face it, everyone needs health insurance and since we had been without coverage since I had left ...

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If you are living in Indonesia, and you plan to travel to another country for holiday, I suggest you to use the travel insurance from Bank Central Asia (BCA). The insurance company is called ACA, and they have several offer for you regarding your travel insurance. I used to buy ...

Geico Insurance
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USAA Life Insurance
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Travel Guard travel insurance
Are you looking for travel insurance that you can buy online from the Internet? The answer is Travel Guard Insurance from AIG. Try to visit their site to find what they offer for you. And if you need a quotation for your travel insurance, you can also get it ...

Progressive Insurance
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Beathard Insurance Conroe Texas
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Chubb auto insurance-they screwed me!

When the other car went through a red light and struck my car, i thought this would be a no brainer. Then, Chubb became involved because the other guy had Chubb and I have Allstate. The Chubb appraiser evaluated the damages to my car in a parking lot in the rain while I was not present. He determined that about 1/2 of the damages were already there. I tried to straighten this out on the phone with their adjuster but she hung up the phone on me. Then, her supervisor wouldn't return my calls. Now, they have sent a check for only 1/2 the damages.
I am sending the check back and now running the claim through my own insurance policy with a 500 deductible.

Loews Corporation - Loews Group - LTR- Profile

Loews Corporation - Loews Group. The Group's principal activities are to provide property and casualty insurance, produce and sell cigarettes and operate offshore oil and gas drilling rigs and natural gas pipeline systems. It also distributes and sells watches and clocks, through its subsidiary Bulova Corporation. The Group's insurance services are provided through its subsidiary CNA Financial Corporation, which offers property and casualty coverages. The services include risk management, information services, warranty and claims administration. Through Lorillard, Inc the Group produces and sells cigarettes under brand names Newport, Kent, True, Maverick and Old Gold. It operates 18 hotels through its subsidiary Loews Hotels Holding Corporation. The Diamond Offshore Drilling Inc owns and operates 44 offshore oil and gas drilling rigs. The Group operates interstate natural gas transmission pipeline systems through its subsidiary Boardwalk Pipelines, LLC. Provides insurance services, produces & sells cigarettes, operates hotels, offshore drilling rigs & natural gas pipeline systems
Key People
Joint Chairman Jonathan M. Tisch
Joint Chairman Andrew H. Tisch
President & Chief Executive James S. Tisch
Senior Vice President & Chief Financial Officer Peter W. Keegan
Senior Vice President, Secretary & General Counsel Gary W. Garson

Tokio Marine Motor Insurance

Overview

Motor insurance is a compulsory class of insurance for all vehicles licensed to be used on public roads, as per the Road Transport Act 1987. Motor Insurance is a Tariff class and is governed by the rules and regulations stipulated in the Motor Tariff issued by Persatuan Insuran Am Malaysia (PIAM).

Classification of Motor Insurance:

  • Private Car - Individual Use and Business Use
  • CommercialVehicle
  • Motorcycle
  • Motor Trade Policy (Road Risk)

Types of coverage available are:

a) Comprehensive Cover

The policy will indemnify you if your vehicle is damaged or lost in the following circumstances :-

  • by accidental collision or overturning
  • by collision or overturning caused by mechanical breakdown or consequent upon wear and tear.
  • by impact damage caused by falling objects provided no convulsion of nature is involved.
  • by fire explosion or lightning
  • by burglary, housebreaking or theft
  • by malicious act
  • when in transit (including its loading and unloading) by :
    • road, rail inland waterway
    • direct sea route across the straits between the island of Penang and the mainland

Transportation of damaged vehicle of up to RM200.00 (for Private Car and Commercial Vehicle) and RM50 (for motorcycle) as towing charges to the nearest repairer or to the Insured's address will be reimbursed.

In addition, the policy will also cover the third party liability.

The common extra benefits available under comprehensive cover (subject to additional premium) are :

  • Windscreen Cover
  • Inclusion of Special Perils
  • Strike Riot and Civil Commotion (SRCC)
  • Legal Liability of Passenger (LLP)
  • Additional Named Driver

b) Third Party Fire and Theft Cover

  • Death or bodily injury
  • Damage to third party property
  • Loss or damage to the motor vehicle due to fire, explosion, lightning, housebreaking or theft

c) Third Party Cover

The policy indemnify you or your authorized driver for the amount which you or your authorized driver are legally liable to pay (including claimants' cost and expenses) for:-

  • Death or bodily injury – total liability is unlimited
  • Damage to third party property – total liability is limited to RM 3 million in respect of any claim or series of claims arising out of one event.
Tokio Marine Auto Partner Service
A 24-hour motor assistance service for breakdowns and accidents available to every TMIM's comprehensive motor policyholder where most of the services provide are free of charge

Ping An Announces 2009 Interim Results

Achieved strong growth across core businesses; embraced new opportunity in integrated financial development

Operation Highlights (for the six months ended June 30, 2009 in accordance with IFRS):

Premium income sharply increased; net income in line with expectation; capital strength further enhanced
• Gross written premiums, policy fees and premium deposits grew 33.9% to a total of RMB92,685 million (1H 2008: RMB69,228million)
• Total assets rose 17.3% to RMB885,419 million as at June 30, 2009 (as at December 31, 2008: RMB754,718 million)
• Net assets grew 18.8% to RMB101,793 million as at June 30, 2009 from RMB85,696 million as at December 31, 2008
• Embedded value per share grew 16.1% to RMB19.42 as at June 30, 2009 from RMB16.73 as at December 31, 2008)
• Financial strength further enhanced, Group solvency margin ratio at 325.8%, life insurance unit’s solvency margin ratio at 220.6%
• Total income grew 24.8% to RMB79,439 million (1H 2008: RMB63,633 million). Net profit at RMB5,441 million (1H 2008: RMB9,719 million). Given the high base in the same period last year, this year’s first half figures are in line with expectation
• Earnings per share were RMB0.71 (1H 2008: RMB1.29)
• Interim dividend of RMB0.15 per share recommended (1H 2008: RMB0.20)

Rapid expansion across core businesses; integrated strengths further enhanced
• Market share of life insurance and property & casualty business increased to 16.8% and 11.8%, respectively
• First-year premium income from individual life insurance grew 35.7%, far exceeded market average; one-year new business value of Life increased by 19.8% from December 31, 2008
• Continued growth in life business sales force and productivity, number of agents reaches 394,000.
• Annuity business remained an industry leader, assets under trust and asset under investment management grew 39.0% and 41.5%, respectively, from December 31, 2008

• Total investment yield improved to 4.8%; net investment yield remained steady
• Ping An Securities underwrote six corporate bond issuances, its best performance to date
• Assets under the management of Ping An Trust reached RMB81,267 million, representing a significant increase of 67.5% as compared to the end of 2008

• Total assets of banking unit grew 35.3% to about RMB200 billion
• Accumulated number of credit cards in circulation exceeded 2 million; cross-selling contributed 66.6% of new cards issued in the first half of 2009
• The investment in Shenzhen Development Bank represents a new opportunity for integrated financial buiness development

Hong Kong/Shanghai, August 14 2009 - Ping An Insurance (Group) Company of China, Ltd. (“Ping An” or “the Group”, HKEx: 2318; SSE: 601318) today announced its financial results for the first half of 2009. The Chinese economy showed signs of recovery in the first half of 2009. All of Ping An’s core businesses experienced strong growth during the period. Insurance premium growth rate far exceeded the market average. The value of new life insurance business rose significantly along with the value of net assets of the Company. The growth in business and the advancement in core competences have paved the way for the future expansion of Ping An. Leveraging the opportunities brought about by the strategic investment in Shenzhen Development Bank (SDB), Ping An has made a significant step in implementing integrated financial strategies.

Sharp growth in premium income, embedded value; solvency ratio further enhanced

For the six months ended June 30, 2009, gross written premiums, policy fees and premium deposits totaled RMB92,685 million, up 33.9% from RMB69,228 million over the same period last year under IFRS. Total investment income from investment portfolio of insurance funds rose 50.8% to RMB13,924 million from RMB9,235 million in the first half of 2008. Total investment yield grew to 4.8% from 3.6%. Net profit decreased 44.0% to RMB5,441 million (1H 2008: RMB9,719 million ). The decrease was due to less direct profit contribution from realized equity investments gains and lower dividend income compared to the same period last year. A sharp increase in first-year premium income from life insurance also affected near-term profitability, in addition to tax provisions recorded during the period.

The Group’s total assets reached RMB885,419 million as at June 30, 2009 (RMB754,718 million as at December 31, 2008). Net assets grew 18.8% to RMB101,793 million from December 31, 2008. Embedded value grew 16.1% to RMB142,628 million (RMB122,859 million as at December 31, 2008). Embedded value per share grew 16.1% to RMB19.42. The Board of Directors recommended an interim dividend of RMB0.15 per share for 2009. The Group’s capital strength and solvency ratio were further enhanced. As at June 30, 2009, the Group’s solvency ratio stood at 325.8%.

Under PRC GAAP, the Group's premium income for the first six months of 2009 reached RMB92,685 million, grew 33.9% from RMB69,228 million over the same period last year. Net profit decreased 37.6% to RMB4,558 million (1H 2008: RMB7,310 million).

During the period, Ping An was able to take advantage of recent market rallies to optimize its asset allocation and achieve a remarkable performance for corporate bonds underwriting business and asset management in trust business. Total assets of the banking unit grew to almost RMB200 billion as the business continued to experience rapid growth. The accumulated number of credit cards in circulation reached new heights thanks to the Group’s cross-selling capability.

Commenting on the 2009 interim results, Ping An Chairman and CEO Ma Mingzhe said: “Our three major businesses maintained a remarkable development trend. Our market share of insurance business increased. The scale and quality of our bank’s asset improved. Investment assets under management continued to grow. The extent and depth of cross-selling further enhanced. Furthermore, we captured the rare opportunity to make strategic investment in SDB and received full support from our shareholders. This will enable us to take a firm step forward in executing our integrated financial strategy.”

Insurance: market share increased for both life and property & casualty businesses

Life Insurance
Gross written premiums, policy fees and premium deposits in the six months ended June 30, 2009 reached RMB73,921 million, rose 35.5% from the same period last year (1H 2008: RMB54,557 million). Net profit from life insurance reduced 44.2% to RMB4,642 million in the first half of 2009 from RMB8,325 million in the same period in 2008.

By expanding sales channels of both individual life insurance and bancassurance, first-year premium from individual life insurance business grew a healthy 35.7% to RMB17,055 million during the period. One-year new business value of Life increases by 19.8% from December 31, 2008. Gross written premiums, policy fees and premium deposits from bancassurance rose to RMB16,299million.

The Group proactively developed its life insurance sales force. The number of insurance agents grew steadily to about 394,000, up 10.6% compared to the end of 2008. The Group continued to lift the productivity and professionalism of its sales agents and enhance service quality through training. As at June 30, 2009, the Company had approximately 38.31 million individual customers and 0.52 million corporate customers. The 13-month and 25-month persistency ratios for our individual life insurance customers were maintained at satisfactory levels of above 90% and 85% respectively.

Property and Casualty Insurance
As a result of the global financial crisis, China’s domestic economy slowed down and the property & casualty insurance market was adversely affected. Still, driven by the principle of “Surpassing Targets Healthily”, Ping An Property & Casualty continued to implement its development strategy vigorously and was able to maintain its premium income growth momentum. In the six months ended June 30, 2009, the business of Ping An Property & Casualty grew rapidly. Gross written premium grew 27.9% to RMB18,764 million in the first half of 2009. Market share increased from10.9% as at December 31, 2008 to 11.8% as at June 30, 2009.

All three principal segments of the Group’s property and casualty insurance business recorded steady growth. Continued demand for automobiles in China led to an increase in gross written premiums in the automobile insurance business by 30.8% to RMB13,378 million in the first half of 2009. Gross written premiums from non-automobile insurance business also posted growth of 21.0% to RMB4,418 million as a result of increased sales in commercial property insurance, liability insurance and construction all risks insurance. As a result of stronger promotion, gross written premiums attributable to the accident and health insurance business increased21.6% to RMB968 million.

While the property & casualty insurance business experienced rapid growth in the first half of 2009, the Group also took care to ensure the growth is healthy and service quality remain high. Combined ratio for the six months ended June 30, 2009 was100.0%, representing a decrease of 2.0 percentage points compared to the year 2008.

Banking: total assets near RMB200 billion; cross-selling accounts for 67% of new card issuance

In the first half of 2009, Ping An Bank achieved rapid steady growth in its business. In PRC banking sector, Ping An Bank continues to be one of the best in asset quality, and an innovator in service, distribution channels and product offering. Total assets rose 35.3% to RMB197,603 million from the year end of 2008. Total deposits and loans increased 30.1% and 43.7% respectively from the year end of 2008, exceeding industry averages.

Ping An Bank’s network expansion achieved a further breakthrough with the successful opening of branches in Guangzhou and Hangzhou. The number of credit card in circulation exceeded 2 million, with about 67% of new card issuance contributed by cross-selling in the first half of 2009. Continuous development and innovation have been achieved in respect of service, channels and products. For credit card issuance, the bank launched a number of new credit card products such as the Car-owner’s Credit Card and Insurance Credit Card. In May, the bank further expanded the card issuance channels by launching a program in Beijing where credit cards were issued without a physical branch presence. For corporate business, the bank launched “Ping An Listing Express” and established the first corporate customer service centre in Shenzhen, providing innovative services such as the online 6S service for corporate customers.

Ping An Bank’s loan quality continued to improve in the first half of 2009. Non-performing loan ratio decreased to 0.46% as at June 30, 2009 from 0.54% as at December 31, 2008. Ping An Bank’s capital adequacy ratio (CAR) and Core CAR were well above regulatory requirement level of 8% and 4%, at 11.2% and 8.4% as at June 30, 2009, respectively. Ping An Bank successfully issued RMB3 billion subordinated debts in June 2009, resulting in increased supplementary capital, and also improving its CAR.

Investment Business: capitalized on market recovery; total investment yield enhanced remarkably

During the first half of 2009, the domestic A-share market saw substantial gains with turnover in the secondary market increasing sharply compared to the same period last year. The total investment income from the investment portfolio of insurance funds reached RMB13,924 million in the six months ended June 30, 2009, total investment yield was 4.8% in the period.

Ping An Trust continued to sustain rapid growth during the reporting period while enhancing its products, channels and platform construction. Assets under management reached RMB81,267 million, up 67.5% from the level of the end of 2008. While product line enriched, the progressing sales channel has been further expanded. With the growth of its investment team and perfection of investment platform, Ping An Trust’s noncapital market investment has fared well. All investment projects are progressing steadily, and should contribute to the Group’s overall profit growth in near future.

For its securities and brokerage business, Ping An took advantage of the favorable situation to strengthen its management platform, implemented profit model switch, and to expanded its sales network while obtaining approvals for the establishment of two branches. Ping An Securities underwrote six corporate bond, its best performance to date. Investment banking business actively dealt with the adverse impact arising from the temporary freeze in IPO activity in the first half of the year, focusing on existing projects and building high quality professional team in preparation for the reopening of the IPO market and Growth Enterprise Market board. Meanwhile, the unit continued to gain recognition for its work. During the period, it was named “Best Sponsor of the Small & Medium Enterprises Board” by the Shenzhen Stock Exchange.

As at June 30, 2009, investment assets under Ping An Asset Management totaled approximately RMB520 billion, marking a slight increase compared to the end of 2008. The growth was primarily due to an increase in investable assets as a result of a steady growth in the Group’s insurance business, as well as an increase in fair value of assets as a result of the substantial rise of the A-share market in the first half of the year.

Outlook: enhance competitive advantages; accelerate execution of integrated financial strategy

Going forward, Ping An will continue to focus on improving its competitiveness across all business segments and achieving steady growth in its insurance businesses. The Group also intends to drive rapid growth in its banking and investment businesses and strengthen the integrated financial services platform via deepened cross selling initiatives to achieve greater synergies. Ping An will maintain its strategy of building an integrated financial services platform. The investment in SDB will help create further value for the Group in the long run.

Ma said: “Looking forward, the long term trend of economic growth of China will continue, and the growth potential in the financial sector of China is huge. We firmly believe that integrated financial service is an irreversible development trend. Through years of cumulative experience, we possessed the pre-requisites for integrated financial services. We will execute our strategy and create more value to our stakeholders through two strategic initiatives: increasing the number of customers and generate more profit from each customer. Based upon these, we will completely push ahead the implementation of the company’s integrated financial strategy to create more value for shareholders, customers and the society.”

Available Car Insurance

Direct General Corporation is a privately owned insurance holding company headquartered in Nashville, Tennessee that provides personal lines insurance and insurance related products directly to the customer through CarInsurance.com in thirteen states located in the southeastern United States. Most policies are written through these insurance companies: Direct Insurance Company, Direct General Insurance Company, Direct National Insurance Company, Direct General Insurance Company of Louisiana, and Direct General Insurance Company of Mississippi.

progressive

Progressive offers the price and coverage you deserve. Progressive consistently receives an A+ (Superior) rating from A.M. Best Company, an independent firm that rates the financial strength and performance of insurance companies. A+ is one of the highest ratings available and means you can trust the stability of Progressive. Since 1937, Progressive Corporation has specialized in car insurance. Today, they are the fourth largest auto insurance company in the nation. Progressive is committed to selling through professional, independent insurance agencies like CarInsurance.com because they know agents and brokers provide unmatched benefits to their customers.

esurance

Esurance Auto Insurance is a subsidiary of the White Mountains Insurance Group, a company with 100 years of experience and more than $19 billion in assets. As a part of the White Mountains family, they share White Mountains' commitment to excellence in insurance practices, rigorous financial discipline, and pride of ownership. Esurance Insurance Company and some of their subsidiary companies are rated "A-" (Excellent) from A.M. Best, which means you can count on your coverage, protection, and reliability.

safeco

Safeco receives an A (Excellent) rating from A.M. Best Company, an independent firm that rates the financial strength and performance of insurance companies. Since 1923, Safeco Insurance Company has provided their customers with the protection and stability of a major brand and excellent customer service. They are a member of the Liberty Mutual Group. With the addition of Safeco, Liberty Mutual Group becomes the fifth largest property and casualty insurer in the U.S.

unitrin

Unitrin receives an A (Excellent) rating from A.M. Best Company, an independent firm that rates the financial strength and performance of insurance companies. The Unitrin family of companies, started in 1931, has over 6 million customers and more than $9 billion in assets. Unitrin Direct is committed to using technology to improve their customer service experience achieving a 96% Customer Satisfaction rating by focusing on the customer.

travelers

Travelers had $24.5 billion in total revenue and $109.8 billion in total assets in 2008. They are the second-largest writer of commercial U.S. property casualty insurance and the second-largest writer of auto and homeowners insurance through independent agents. Travelers consistently receives an A+ (Superior) rating from A.M. Best Company. Founded in 1853, they are one of the oldest large insurance companies in the United States and have a diversified insurance business. Their familiar red umbrella logo symbolizes the protection and coverage you get with Travelers.

hartford

Founded in 1810, The Hartford Financial Services Group is one of the largest investment and insurance companies in the United States, with 200 years of service. The Hartford employs over 30,000 employees across the world with millions of customers. The Hartford is headquartered in Hartford, Connecticut. The Hartford receives an A (Excellent) rating from A.M. Best Company. With longevity and stability, The Hartford has proven its ability to pay claims, including during the Great Chicago Fire and the 1906 San Francisco earthquake. The Hartford also insured Presidents Lincoln and Eisenhower, and the construction of the Hoover Dam and the Golden Gate Bridge.

arrowhead

Arrowhead General Insurance Agency is a national insurance program manager that has teamed up with the country's top rated insurance carriers to proudly offer quality insurance products throughout the U.S. They offer a personal auto program that offers coverage for most drivers. Offering positive underwriting results for over 20 years.

qbe

QBE Insurance Group Limited is one of the top 25 insurers and reinsurers worldwide with operations in all key global insurance markets. QBE has offices in 45 countries with around 13,000 staff worldwide. QBE receives an A (Excellent) rating from A.M. Best Company. QBE Insurance corporations' primary property and casualty business writes a wide range of commercial and personal products primarily through Independent General Agencies. Their broad range of products are coupled with timely, knowledgeable service, which help meet the needs of our customers. They are dedicated to developing and sustaining long-term relationships with Independent General Agencies with proven track records.

meritplan

Meritplan receives an A (Excellent) rating from A.M. Best Company, an independent firm that rates the financial strength and performance of insurance companies. An A is one of the highest ratings and means you can trust the stability of Meritplan Insurance. Meritplan Insurance Company is a member of the Balboa Insurance Group, which is owned by Bank of America.

newport

Newport Insurance Company is a member of the Balboa Insurance Group, which is owned by Bank of America, one of the world's largest companies with over 200,000 employees and more than $1.7 trillion in assets. Newport receives an A (Excellent) rating from A.M. Best Company, an independent firm that rates the financial strength and performance of insurance companies. An A is one of the highest ratings and means you can trust the stability and endurance of Newport Insurance.

infinity

Infinity has a long and successful history of providing quality car insurance products dates back to 1950. Infinity employs over 2100 people across the country. They provide car insurance protection for those with a proven record of accident-free driving as well as those who have difficulty obtaining coverage due to a record of accidents or violations, their age, occupation or type of car they drive. Infinity receives an A (Excellent) rating from A.M. Best Company, an independent firm that rates the financial strength and performance of insurance companies.

encompass

Encompass is no longer available on the CarInsurance.com platform, but we list them for our current Encompass customers. Encompass underwriting companies are rated B+ (Very Good), A- (Excellent), A (Excellent), or A+ (Superior) for insurance financial strength by the A.M. Best Company as of January 26, 2009. Encompass specializes in personal insurance. Encompass has more than 1.2 million customers in 42 states with more than $1.7 billion in personal insurance written premium which makes them one of the largest personal insurance brands in America. Encompass is a subsidiary of Allstate.

AXA : Automobile Insurance

Driving Record Rating - 10* Program

If you are a claims-free driver, the AXA 10* Auto product will reward you with a very competitive rating. The longer you have been claims-free, the higher your star level (up to 10 years) and the lower your premiums will be.

To earn the best AXA auto rates you must be:

  • 10 years licensed in Canada or the United States
  • 10 years with no "At Fault" Losses

Note: License suspensions and/or gaps in insurance coverage may affect your star level.

Zurich Auto Insurance

At last, a unique opportunity to underwrite commercial motor has arrived. And it’s been developed in New Zealand for New Zealanders.

Zurich believes in listening to what customers want and then delivering on that. Driven by service excellence, Zurich Auto combines leading technology with a specialist team to provide an offer like no other.

Focused on keeping you motoring

Underwritten by one of the world’s leading insurers, Zurich Auto incudes:

  • Zurich Commercial Motor – for businesses with up to 10 vehicles
  • Zurich Fleet Motor - for businesses with more than 10 vehicles

Benefit from some great features

Some of the benefits Zurich Auto can offer its brokers and customers include:
  • Paperless system. Keep in touch online from the comfort of your keyboard. Access for both clients and brokers, enabling full tracking of claims and the progress of repairs to your customer’s car, risk management and analysis capabilities.
  • 100% intermediated. Motor insurance available through brokers only.
  • Innovation. By employing the best, you get service excellence and great value.
  • Available 24/7 – claims online.

Zurich is one of the world’s leading insurance companies

Zurich New Zealand is headquartered in Auckland and led by Mike Poole and backed by a team hand picked from local talent. All major operational functions of underwriting, risk management, servicing, technical support and claims are provided by New Zealand staff with expert local knowledge.

Our business model provides brokers with a distinct competitive advantage. We are a leading global insurer operating locally with 100% focus on brokers. We don’t deal direct.

Click here for more information about Zurich.

Munich Re Group: Auto Insurance - Analysis of the consolidated cash flow statement

Our primary insurance and reinsurance operations have a significant influence on the cash flow of the Munich Re Group. We generally first collect the premiums for the risks assumed and do not make payments until later, in the event of a loss. The cash flow statements of insurance companies are therefore of limited relevance. The cash flow statement is adjusted to eliminate the effects of fluctuations in exchange rates and changes in entities consolidated.

In the consolidated cash flow statement, the Group profit of €1,528m is used as the starting point for determining the cash inflows from operating activ ities. The consolidated result is adjusted by €1,067m to take account of the higher technical provisions. There was an increase in provisions for future policy benefits at the Group’s primary insurers due to portfolio development and strong new business production at recently established companies abroad, whilst the high maturity payouts of the past decreased further. By contrast, our reinsurers’ provisions for future policy benefits fell, mainly owing to our reductions of large-volume quota share treaties. Their loss re serves increased, primarily because a large portion of the many major losses (e.g. those caused by Hurricanes Gustav and Ike) had not yet been settled. The net gains on the disposal of investments - which in adjusting the consolidated profit have to be deducted from the cash flows from operating activities - are essentially attributable to the disposal of securities available for sale and equity derivatives. The negative balance from write-ups and write-downs (triggered by share price losses that could not be fully offset by the use of derivatives) has to be added to the consolidated result again.

The cash outflows for investment activities were determined by payments for the acquisition of investments. These exceeded the inflows from the sale/ maturity of investments by €3,461m. In the financial year, we completed the following main acqusitions: in the second quarter, we acquired 100% of the shares in the US primary insurer The Midland Company. The purchase price of €861m has been reduced in the cash flow statement by the cash of €131m held. The Munich Re Group additionally assumed a total of €643m in investments and €466m in technical provisions through the acquisition. On 30 September 2008, we acquired a further 61% in BACAV, thus increasing our share - holding to 90%. The purchase price of €416m has been reduced by the cash of €96m held. The acquisition added investments of €3,851m and tech nical pro visions of €3,920m to the Munich Re Group’s books. Besides this, we purchased Sterling Life Insurance Company and Olympic Health Management Systems Inc. in the year under review for a total of €223m. We paid the amount in cash, reducing this in the cash flow statement by the cash of €92m held. As a result of the acquisition, the Munich Re Group assumed a total of €96m in investments and €72m in gross technical provisions. We also acquired 65% of the share capital of ERGO Daum Direct Auto Insurance Co. The purchase price of €37m has been reduced by the cash of €0.2m held. As a consequence of the purchase, investments of €112m and technical provisions of €121m were transferred to the Munich Re Group. Lastly, we purchased 100% of the shares in the holding company The Roanoke Companies for €34m, less the cash of €9m held. In this connection, the Munich Re Group assumed intangible assets of €43m and liabilities of €12m.

The cash outflows for financing activities stem mainly from the share buybacks of €1,498m and the dividend payment of €1,181m for 2008.

Overall in the year under review, cash – which encompasses cash with banks, cheques and cash in hand – fell by €151m to €2,354m.

China Auto Insurance

Importance of China auto insurance industry
On an average, premiums of China auto insurance industry amounts to over 60 percent of aggregate premiums of insurance industry of China. China automobile insurance industry is a major contributor in non life insurance segment. From 2000 to 2007 premiums of automobile insurance industry of China have amounted to 70 percent of total premiums paid in China insurance sector. It is also regarded as having best rate of growth among all insurance industries of China

China auto insurance laws
Car owners in China are bound by law to get an auto insurance policy. This law was introduced in July 2006. This law has provided automobile insurance market in China with a much needed shot in arm. It is being assumed that in 2015 more cars would be sold in China than in United States of America. This is supposed to be a good sign for auto insurance industry of China as that would mean that more auto insurance policies would be sold in China at that particular point of time.

China auto insurance market
Allianz, which is a major insurance services provider of world, has been a marquee name in China auto insurance market. It has among first few companies, from outside China, to have ventured into property insurance market of China which has been growing at a steady rate.

As per regulations of China auto insurance market, any auto insurance services provider, which is funded by overseas business enterprises, has to have a minimum of 20 million yuan

in registered capital in order to open a branch in China. China Insurance Regulatory Commission requires a minimum of 200 million yuan in order for an overseas auto insurance services provider to establish a new branch in China

China Insurance Regulatory Commission has put in a provision, which states that overseas auto insurance services providers can transform their branches into subsidiaries that are fully owned. However, this facility would only be provided in instances where that particular branch has operated, for a period of one year, in accordance to laws set by China Insurance Regulatory Commission.

First in this line was a branch of Ming An Insurance Company Limited of Hong Kong. It was set up at Shenzhen. A number of non life insurance companies have benefitted greatly from China auto insurance policies. One example is Huatai Insurance Co, which generates 70 percent of its income from these policies

MetLife Auto & Home® offers you superior auto insurance coverage most other companies don't

MetLife Auto & Home® offers you superior auto insurance coverage most other companies don't.

Our Auto AdvantageTM features go beyond basic liability and collision coverage to offer you more complete coverage and benefits, including:

  • Deductible Saving BenefitSM for good drivers1
  • Enhanced rental car damage coverage2
  • Full replacement cost for total losses2
  • Full replacement cost for major parts2
  • Multi-policy discounts
  • Safe driver credits, discounts and programs

And if you own a motorcycle, we've got the right coverage for you.3 Ask your MetLife Auto & Home representative for details.

Law Suit Against Generali Insurance Company Goes Ahead In California USA

Generali Insurance Company, Italy's largest insurance company which also owns Israeli insurance company Migdal, has lost a California USA court case that would have stopped court action considering claims filed against the company for insurance policies purchased in Europe before World War Two by holocaust victims. Generali has been consistently trying to avoid any responsibility to pay these insurance policies to holocaust victims' families by using any and all means. Generali must now defend itself in the $135 million suit in California. The precedent setting case should serve a....

12/24/09

Car of the Year 2010 shortlist

The final seven cars in line for the European Car of the Year accolade.

Vauxhall's new Astra is among the seven nominees confirmed for the Car of the Year award 2010.

The other six are the Citro├źn C3 Picasso, Mercedes-Benz E-class, Volkswagen Polo, Toyota iQ, Skoda Yeti and Peugeot 3008.

The candidates were picked from a list of 33 eligible cars, all of which are available in at least five major European markets and have the prospect of at least 5,000 annual sales.

The second round of voting will now take place among 59 jurors from 23 European countries and the result will be announced on November 30.

We will be running a full report of how the seven finalists fare on that date.

7 Ways To Save on Your New York Auto Insurance in 2010

7 Ways To Save on Your New York Auto Insurance in 2010

Consult with your agent. Many companies have changed the way policy rates are determined. In the last few years, many insurance companies introduced a credit scoring formula into the mix. Prior insurance history, claims, moving violations, coverage limits and credit history now carry the most weight when obtaining an insurance rate. If you have had the same company for over 5 years or more, it is quite possible you may not be benefitting from your excellent credit history. It is probably a good time to shop around.

Other ways to cut your rates:

Are you getting all the discounts you are entitled to? If a life event has changed your family dynamic, it could impact your insurance costs. Many insurance carriers offer a discounted tier, when a rated, younger driver goes off to college without a vehicle. Simple documentation from SUNY Albany, Siena College, Cornell, Binghamton, Marist or Buffalo might reduce your New York auto insurance rates. Unfortunately, you’re still stuck paying the college tuition.

Increase your collision and comprehensive (fire & theft) deductibles to $ 1000. A higher deductible reduces your premium. It’s an option you should consider.

Drop collision and/or comprehensive from older vehicles. To determine the trade offs, go to (Kelley Blue Book) to figure out your vehicles value and what you risk by removing these coverages from your policy. Then call your agent and request your annual savings, should you decide to remove these coverages.

Take an accident prevention / defensive driver course, especially important for fulltime, youthful operators. It just got a whole lot easier to take the class! You can do it from your home or your workplace. The New York State Department of Motor Vehicles has recently approved an online version of the course. Here is the link to approved vendors: On a NY auto insurance policy, you could save 10% on most coverages. Get that completion certificate to your agent. The discount last for 3 years!

Consult an agent with more than 1 company. Many of the “Big Box” insurance companies only have the ability to offer a single company product. They spend tons of money advertising but only offer you 1 option!

Auto Insurance Requirements Expected to Increase in 2010

MADISON, Wis., Dec. 23 /PRNewswire/ --The states of Wisconsin and Louisiana will be raising minimum liability limit requirements which may cause a raise in current premiums. As of January 1, 2010, these states will require that all new policies written meet these new requirements and consumers may want to compare their current carrier's rates with those of others to ensure that their policy remains competitive.

As of the 1st of the year, liability coverage will become a requirement in Wisconsin and the limits will increase to $50,000 for the injury or death of one person, $100,000 for the injury or death of more than one person and $15,000 for property damage. In addition to the new limit increase, beginning June 1, 2010, drivers and owners will be required to provide proof of such coverage when requested by law enforcement; caught operating a vehicle without insurance may result in a fine up $500, failure to have proof on hand may be subject to a $10 fine and providing fraudulent proof of coverage can end in a fine of up to $5,000.

Residents of Louisiana currently pay some of the highest premiums in the nation and the new increased limits are expected to push these rates even higher. Although some have expected the rate increase to be in the 20 percent range, insurance commissioner Jim Donelon stated, "I would not be surprised to see it go to 15 percent." The limits for bodily injury liability to one person will increase to $15,000, $35,000 for more than one person and $25,000 for property damage liability.

For those who will be up for policy renewal after the New Year, it may be wise to shop around before renewing their policy. Websites such as OnlineAutoInsurance.com allows visitors to complete an auto insurance comparison online to help ensure that their current rate is still the most affordable. In order to avoid policy lapse while shopping around, rates should be compared well in advance of policy expiration dates.

SOURCE Online Auto Insurance, LLC

12/23/09

3 Things to Consider When Buying Cheap Full Coverage Auto Insurance

If you’re looking for cheap full coverage auto insurance you’ve got to be a bit confused about all the choices you have. And, because most people want to get quality coverage along with money savings, it can take a bit of time to consider different aspects before deciding upon which company to go with and which policy to buy.

Understanding what the terms mean will speed up the process.

Full Coverage Insurance - Full coverage insurance is comprehensive coverage that covers you personally for every type of insurance that your insurance company offers.

Here are some examples:

Medical Costs

Medical costs could be an option for some policies. When you have a full coverage auto insurance policy the medical costs of everybody in your car are covered if you get into an accident and sustain injuries.

Liability

Liability is also covered when you have a full coverage auto insurance policy. So if an accident is your fault, this coverage makes it possible for all the damages you’ve caused to be compensated.

Liability coverage should be part of everyone’s insurance policy because you never know who will be blamed if there’s an accident. In this case it’s far better to be safe than sorry.

The Cost of the Premium

It pays to compare premium costs with different insurance carriers if you’re looking for cheap full coverage auto insurance because the cost of identical coverage can vary by hundreds of dollars or more per year.

The premium will be based on your age, your gender, and how old your vehicle is.

By the way, if your car is on its last legs you may not want to invest in full coverage because the premiums will be higher. You could end up paying premiums based on the current market value of the car. It usually makes more sense to get cheap full coverage auto insurance policies
for newer vehicles.

Some comprehensive insurance polices cover you in case of arson or vandalism, but they aren’t very common.

When comparing premiums you can check out companies online and get in touch with some insurance agents who can keep you abreast of information about cheap automobile insurance.

12/18/09

Car Insurance Coverage Details and More

Buying a car insurance policy means you need to become familiar
with the details of each type of coverage. Do you know what you
want in terms of coverage? Or do you need to consider more
details before you move forward? The fact of the matter is that
there are many details that surround the car insurance industry,
available policies, and you as a consumer. For this reason you
need to know as much as you can about the car insurance
industry, as well as what you are looking for.

What coverage details are most important to you? This is among
the most important questions that you will face. For instance,
you may feel that a low deductible is as important as it gets.
In this case you will need to search for a car insurance policy
that offers many options in this area. This will allow you to
see what is available and how much it costs.

Of course, you don’t want to get hung up on one coverage detail.
Remember, it is important to consider anything and everything
that has to do with a policy; especially if you are ready to
make a buying decision. Skipping over one detail may be a huge
mistake.

The details you face as a car insurance consumer will determine
what you end up with and how much you pay. Remember that every
detail, big and small, is important to your future. Once you
realize that this is the case you should be able to begin your
search for car insurance. Are you ready to buy a policy? Once
you know all about car insurance coverage details your answer
should be a resounding yes.

CompareTheMeerkat.com – It’s Not For Car Insurance

Aleksandr Orlov, founder of comparethemeerkat.com, is urging people not to use his site when shopping around for cheaper car insurance.

It seems that people looking to compare car insurance quotes are confusing comparethemeerkat.com with the similarly named comparethemarket.com, one of the UK’s leading car insurance comparison sites.

The problem has escalated to such extreme levels that Aleksandr has decided to launch a TV advertising campaign to educate the masses and clear up the confusion once and for all.

The message is clear, comparethemeerkat.com won’t help you find cheaper car insurance but if you’re looking to compare meerkats than Aleksandr is more than happy for you to stop by.

This ingenious piece of marketing is really taking off with Aleksandr proving a real hit on facebook, youtube and twitter.

If you’re considering using comparethemarket.com to search for a car insurance quote be sure to check out our review of their site. As for comparing meerkats, we’ll leave you in the dependable hands of Aleksandr.

12/4/09

California Guide to Auto Insurance

  • Average auto liability insurance premium - $391.24
  • Average auto collision insurance premium - $391.24
  • Average auto comprehensive insurance premium - $263.64
  • Average auto combined insurance premium - $765.2
California’s Compulsory Financial Responsibility Law requires every driver and owner of a motor vehicle to be financially responsible for their actions. The statutory minimum limits of liability insurance in California are as follows:

Bodily Injury

  • $15,000 for death or injury of any one person, any one accident.
  • $30,000 for all persons in any one accident.

Property Damage

  • $5,000 for any one accident

There are four ways to accomplish financial responsibility:

  1. Coverage by a motor vehicle or automobile liability insurance policy;
  2. A cash deposit of $35,000 with the Department of Motor Vehicles (DMV);
  3. A certificate of self-insurance issued by DMV to owners of fleets of more than 25 vehicles; or
  4. A surety bond for $35,000 obtained from an insurance company licensed to do business in California.

All California drivers and owners must have at least the statutory limits of minimum liability insurance or an approved alternative way to pay for injury or property damage they may cause. Penalties are very severe for non-compliance with this section of the vehicle code.

When your car is in an accident for which you are found legally liable, bodily injury (BI) liability covers your liability to others for injuries to them. Property damage (PD) liability covers your liability for damage to someone else’s property.

A policy with bodily injury of $15,000/$30,000 and property damage of $5,000 will pay out as follows:

  • The maximum limit for one person’s injuries, medical expenses is $15,000 under the bodily injury portion;
  • If two or more people are injured, the maximum limit for the accident will be $30,000;
  • The maximum limit for damage to other people’s property (their car, their fence, etc.) is $5,000.

Comprehensive coverage (other than collision), uninsured motorist, medical payments and collision insurance are not required by law.

Automobile Insurance Resources - Where to Call When You Need Assistance

California Low Cost Automobile Insurance Program
For more information about this state-sponsored plan for low-income drivers, call (800) 622-0954

California Automobile Assigned Risk Plan (CAARP)
For more information about the State’s insurance plan for high-risk drivers, call (800) 622-0954

California Department of Insurance
300 South Spring Street, South Tower
Los Angeles, CA 90013
800-927- HELP (4357)

California Department of Motor Vehicles
2415 1st Avenue Mail Station F101
Sacramento, CA 95818
800-777-0133

California Automobile Assigned Risk Plan
595 Market St., #1250
San Francisco, CA 94105
(800) 622-0954 Toll-free within California only

11/2/09

Resolved Question - Auto Insurance New York

What is the most popular and best auto insurance broker in NYC? Any recommendations? What is the advantage?

By best, I mean the lowest priced rate they can come up with. What is the advantage I get going to a broker instead of directly going to a popular auto insurance company? Thanks a lot.

Additional Details
I live in Bronx, NY, work in Manhattan and I have a 2000 Toyota RAV4.

Answer:

The best thing to do is to ask friends & colleagues who they use for their insurance. If you have a tenants or co-op policy, go to that company first. Travellers is a good company and used to have decent rates in NY. I was from NJ & one of my insureds moved to Manhattan & his rate went down with Travellers. They work through independent agents. Look in the phone book under insurance & start calling. You don't necessarily want the cheapest rate (remember you get what you pay for), you want the best coverage for your situation. You want a good company that will be there to help you if you have a claim. Good luck to you. If I were still in the area, I may have known someone but unfortunately, I am not anymore.

11/1/09

Frequently Asked Questions on Auto Insurance

1) ARE THERE ANY SPECIFIC TIME LIMITS FOR AN INSURANCE COMPANY TO PAY FOR COLLISION OR COMPREHENSIVE CLAIMS?

There are no specific time limits for the settlement of claims. Insurance companies are required by law to pay all claims in a prompt and reasonable amount of time. However, what constitutes "prompt and reasonable" may vary from claim to claim. Claims that require special or extended investigation may take longer to resolve. Inclement weather conditions often cause an increase in the number of claims filed and that can delay the process as well. If, however, the insurance company fails to pay a comprehensive or collision claim within seven days after it receives an official claim form stating that the vehicle has been repaired, the insured may sue for the payments claimed to be due.

2) MY AUTO WAS DECLARED A TOTAL LOSS FOLLOWING AN ACCIDENT. IS MY COMPANY REQUIRED TO GIVE ME THE REPLACEMENT COST?

When your auto is declared a total loss, your insurance company will pay you only the actual cash value of the auto as of the date of the loss, not the cost to replace it. Your auto's value is determined by the following factors: the retail value for an auto of like kind and quality prior to the accident; the price paid for the auto plus the value of prior improvements to the auto at the time of the accident; the decrease in value of the auto resulting from prior unrelated damage which is detected by the appraiser or for which a claim has been paid; and the actual purchase cost of an available auto of like kind and quality.
If your auto has substantial value because of its exceptional condition such as an antique, classic, or restored auto, you should have it appraised and then insure it for the appraised value.

3) DO I HAVE TO PAY AN INSURANCE PREMIUM AFTER MY AUTO IS DECLARED A TOTAL LOSS?

Yes, you must pay an insurance premium even if your auto is declared a total loss until such time that you return your license plates to the Registry of Motor Vehicles. Your auto policy terminates when you return the license plates to the Registry of Motor Vehicles. If you don't have your license plates because your auto was stolen or because your auto and plates were destroyed in a fire, you must go to the nearest Registry of Motor Vehicles office and obtain a lost or stolen plates receipt. This receipt must be presented to your insurance company in order to cancel your policy and avoid paying any additional premium.

4) MAY I KEEP MY AUTO IF I HAVE A COLLISION, LIMITED COLLISION OR COMPREHENSIVE CLAIM AND MY INSURANCE COMPANY DECLARES IT A TOTAL LOSS?

4) MAY I KEEP MY AUTO IF I HAVE A COLLISION, LIMITED COLLISION OR COMPREHENSIVE CLAIM AND MY INSURANCE COMPANY DECLARES IT A TOTAL LOSS?Your insurance company has the option to take title to your auto when it issues payment on your claim. The insurer is entitled to any salvage value your auto may have. You can, of course, negotiate with your company to purchase your auto for the agreed salvaged value.

5) THE BODY SHOP IS REPAIRING MY AUTO AFTER AN INSURED LOSS. WILL MY INSURANCE COMPANY PAY FOR ORIGINAL EQUIPMENT MANUFACTURER (OEM) PARTS?

If the repair of the damaged part impairs the operational safety of the auto, the insurance company will pay to replace it with an OEM part. For non-safety parts, unless your claim occurs during the first 20,000 miles on the auto's odometer, you are not entitled to OEM parts. For autos with more than 20,000 miles, state regulation allows for the replacement of damaged parts with used, reconditioned or after market parts. You can insist on OEM parts, but you will have to pay the difference in cost.

6) AN OBJECT DAMAGED MY WINDSHIELD AND I AM UNABLE TO DETERMINE WHERE IT CAME FROM. AM I COVERED FOR THIS LOSS?

Yes, if you have comprehensive insurance you are covered for the full amount of the loss, unless you opted for a $100 deductible for glass breakage. The $300, $500, or $1000 deductible, or whatever you may have selected for comprehensive coverage, does not apply to a glass loss.

7) CAN MY INSURANCE COMPANY DENY A CLAIM FOR DAMAGES TO MY AUTO IF THE PRINCIPAL PLACE OF GARAGING LISTED ON MY APPLICATION IS FALSE?

Yes. If you or someone on your behalf gives false, deceptive, misleading or incomplete information on any application and if such information increases the insurance company's risk of loss, your company may then refuse to pay claims under any or all of the Optional Insurance coverages of the policy. Such information includes the description and place of garaging of the vehicles to be insured, the names of the operators required to be listed and the answers given for all listed operators. In the event that you have moved since you filled out your initial application, promptly notify your insurance company and the Registry of Motor Vehicles of your new address.

8) IS MY INSURANCE COMPANY REQUIRED TO NOTIFY ME OF ITS DECISION TO CANCEL MY POLICY?

Yes. Your company must send you a notice at least 20 days prior to the effective date of the cancellation. A notice sent by regular mail with a certificate of mailing receipt obtained from the Post Office is considered sufficient. Certified or registered mail with a return receipt is no longer required.

9) WHAT CAN I DO IF I ACTUALLY RECEIVE A CANCELLATION NOTICE?

If your policy is being cancelled because you have failed to pay your premium, you must pay your exact outstanding premium immediately to prevent cancellation. If you feel that the cancellation is unjust for any reason, you may submit a written appeal to the Board of Appeals at One South Station, Boston, MA 02110-2208. This must be done prior to the effective date of cancellation.

10) WHO IS LIABLE FOR THE STORAGE CHARGES ON MY DAMAGED AUTO WHEN THERE IS A DISPUTE AS TO THE AMOUNT OF THE CLAIM PAYMENT?

The insurance company is responsible for paying storage charges until it makes a reasonable offer to settle the claim. However, if the consumer disputes the amount offered and the company revises its offer, this does not necessarily mean that the original offer was unreasonable. Disputes over what is reasonable can be resolved with your company through the process described in your insurance policy. You can also submit a written complaint to the Division of Insurance if you are unable to settle the dispute.

11) MAY AN INSURANCE COMPANY REQUEST A DOWN PAYMENT IN ADVANCE WHEN I PURCHASE OR RENEW AN AUTO INSURANCE POLICY? AND IS IT POSSIBLE TO PAY MY PREMIUM MONTHLY?

Your insurance company may request up to a 30 percent down payment of the annual premium prior to the renewal or issuance of your policy. Many companies offer an installment payment plan for the balance of the premium. You should check with your agent or company to see what options are available to you.

12) IF I OWN AN AUTO WITH COLLISION AND COMPREHENSIVE COVERAGE, WILL MY INSURANCE APPLY TO A RENTAL OR BORROWED PRIVATE PASSENGER AUTO?

Yes. Your collision and comprehensive insurance coverages are transferable to a substitute rented or borrowed private passenger auto that is damaged while it is being operated by you or members of your household with the consent of the owner. There is no coverage under your policy for family friends or significant others. You should be aware that your coverage is available only if you rent or borrow a private passenger auto in the United States or Canada. You should also be aware that your policy does not provide coverage for a borrowed or rented truck. If you are renting a truck, you should check with the rental company regarding the purchase of collision and comprehensive insurance. If you are borrowing a truck, make sure you determine whether or not the owner has purchased collision or comprehensive coverage. If the owner does not have insurance, you may be personally liable for any damage to that truck which is the result of your negligent operation. If the use is for business rather than pleasure, call your agent first. Business use is usually not covered under your personal auto insurance policy.

13) HOW DO I GO ABOUT SWITCHING INSURANCE COMPANIES PRIOR TO THE END OF MY POLICY WITHOUT PAYING A PENALTY?

Once you receive an invoice reflecting new (not estimated) rates and any applicable new deviations or discounts, you have 30 days to change insurance companies without paying a "short rate" penalty. If you make a change within this 30 day period, you will pay your former insurance company on a pro-rata basis at its newly established rates until the date the coverage with your new insurance company begins. If you choose to switch insurance companies after the 30 day period, you may be subject to a short rate penalty which decreases as your policy year progresses depending on the insurance company to which you transferred your coverage. You should ask your new insurance company whether it will reimburse you for these penalties.

10/25/09

Frequently Asked Questions on Auto Insurance

1) ARE THERE ANY SPECIFIC TIME LIMITS FOR AN INSURANCE COMPANY TO PAY FOR COLLISION OR COMPREHENSIVE CLAIMS?

There are no specific time limits for the settlement of claims. Insurance companies are required by law to pay all claims in a prompt and reasonable amount of time. However, what constitutes "prompt and reasonable" may vary from claim to claim. Claims that require special or extended investigation may take longer to resolve. Inclement weather conditions often cause an increase in the number of claims filed and that can delay the process as well. If, however, the insurance company fails to pay a comprehensive or collision claim within seven days after it receives an official claim form stating that the vehicle has been repaired, the insured may sue for the payments claimed to be due.

2) MY AUTO WAS DECLARED A TOTAL LOSS FOLLOWING AN ACCIDENT. IS MY COMPANY REQUIRED TO GIVE ME THE REPLACEMENT COST?

When your auto is declared a total loss, your insurance company will pay you only the actual cash value of the auto as of the date of the loss, not the cost to replace it. Your auto's value is determined by the following factors: the retail value for an auto of like kind and quality prior to the accident; the price paid for the auto plus the value of prior improvements to the auto at the time of the accident; the decrease in value of the auto resulting from prior unrelated damage which is detected by the appraiser or for which a claim has been paid; and the actual purchase cost of an available auto of like kind and quality.
If your auto has substantial value because of its exceptional condition such as an antique, classic, or restored auto, you should have it appraised and then insure it for the appraised value.

3) DO I HAVE TO PAY AN INSURANCE PREMIUM AFTER MY AUTO IS DECLARED A TOTAL LOSS?

Yes, you must pay an insurance premium even if your auto is declared a total loss until such time that you return your license plates to the Registry of Motor Vehicles. Your auto policy terminates when you return the license plates to the Registry of Motor Vehicles. If you don't have your license plates because your auto was stolen or because your auto and plates were destroyed in a fire, you must go to the nearest Registry of Motor Vehicles office and obtain a lost or stolen plates receipt. This receipt must be presented to your insurance company in order to cancel your policy and avoid paying any additional premium.

4) MAY I KEEP MY AUTO IF I HAVE A COLLISION, LIMITED COLLISION OR COMPREHENSIVE CLAIM AND MY INSURANCE COMPANY DECLARES IT A TOTAL LOSS?

4) MAY I KEEP MY AUTO IF I HAVE A COLLISION, LIMITED COLLISION OR COMPREHENSIVE CLAIM AND MY INSURANCE COMPANY DECLARES IT A TOTAL LOSS?Your insurance company has the option to take title to your auto when it issues payment on your claim. The insurer is entitled to any salvage value your auto may have. You can, of course, negotiate with your company to purchase your auto for the agreed salvaged value.

5) THE BODY SHOP IS REPAIRING MY AUTO AFTER AN INSURED LOSS. WILL MY INSURANCE COMPANY PAY FOR ORIGINAL EQUIPMENT MANUFACTURER (OEM) PARTS?

If the repair of the damaged part impairs the operational safety of the auto, the insurance company will pay to replace it with an OEM part. For non-safety parts, unless your claim occurs during the first 20,000 miles on the auto's odometer, you are not entitled to OEM parts. For autos with more than 20,000 miles, state regulation allows for the replacement of damaged parts with used, reconditioned or after market parts. You can insist on OEM parts, but you will have to pay the difference in cost.

6) AN OBJECT DAMAGED MY WINDSHIELD AND I AM UNABLE TO DETERMINE WHERE IT CAME FROM. AM I COVERED FOR THIS LOSS?

Yes, if you have comprehensive insurance you are covered for the full amount of the loss, unless you opted for a $100 deductible for glass breakage. The $300, $500, or $1000 deductible, or whatever you may have selected for comprehensive coverage, does not apply to a glass loss.

7) CAN MY INSURANCE COMPANY DENY A CLAIM FOR DAMAGES TO MY AUTO IF THE PRINCIPAL PLACE OF GARAGING LISTED ON MY APPLICATION IS FALSE?

Yes. If you or someone on your behalf gives false, deceptive, misleading or incomplete information on any application and if such information increases the insurance company's risk of loss, your company may then refuse to pay claims under any or all of the Optional Insurance coverages of the policy. Such information includes the description and place of garaging of the vehicles to be insured, the names of the operators required to be listed and the answers given for all listed operators. In the event that you have moved since you filled out your initial application, promptly notify your insurance company and the Registry of Motor Vehicles of your new address.

8) IS MY INSURANCE COMPANY REQUIRED TO NOTIFY ME OF ITS DECISION TO CANCEL MY POLICY?

Yes. Your company must send you a notice at least 20 days prior to the effective date of the cancellation. A notice sent by regular mail with a certificate of mailing receipt obtained from the Post Office is considered sufficient. Certified or registered mail with a return receipt is no longer required.

9) WHAT CAN I DO IF I ACTUALLY RECEIVE A CANCELLATION NOTICE?

If your policy is being cancelled because you have failed to pay your premium, you must pay your exact outstanding premium immediately to prevent cancellation. If you feel that the cancellation is unjust for any reason, you may submit a written appeal to the Board of Appeals at One South Station, Boston, MA 02110-2208. This must be done prior to the effective date of cancellation.

10) WHO IS LIABLE FOR THE STORAGE CHARGES ON MY DAMAGED AUTO WHEN THERE IS A DISPUTE AS TO THE AMOUNT OF THE CLAIM PAYMENT?

The insurance company is responsible for paying storage charges until it makes a reasonable offer to settle the claim. However, if the consumer disputes the amount offered and the company revises its offer, this does not necessarily mean that the original offer was unreasonable. Disputes over what is reasonable can be resolved with your company through the process described in your insurance policy. You can also submit a written complaint to the Division of Insurance if you are unable to settle the dispute.

11) MAY AN INSURANCE COMPANY REQUEST A DOWN PAYMENT IN ADVANCE WHEN I PURCHASE OR RENEW AN AUTO INSURANCE POLICY? AND IS IT POSSIBLE TO PAY MY PREMIUM MONTHLY?

Your insurance company may request up to a 30 percent down payment of the annual premium prior to the renewal or issuance of your policy. Many companies offer an installment payment plan for the balance of the premium. You should check with your agent or company to see what options are available to you.

12) IF I OWN AN AUTO WITH COLLISION AND COMPREHENSIVE COVERAGE, WILL MY INSURANCE APPLY TO A RENTAL OR BORROWED PRIVATE PASSENGER AUTO?

Yes. Your collision and comprehensive insurance coverages are transferable to a substitute rented or borrowed private passenger auto that is damaged while it is being operated by you or members of your household with the consent of the owner. There is no coverage under your policy for family friends or significant others. You should be aware that your coverage is available only if you rent or borrow a private passenger auto in the United States or Canada. You should also be aware that your policy does not provide coverage for a borrowed or rented truck. If you are renting a truck, you should check with the rental company regarding the purchase of collision and comprehensive insurance. If you are borrowing a truck, make sure you determine whether or not the owner has purchased collision or comprehensive coverage. If the owner does not have insurance, you may be personally liable for any damage to that truck which is the result of your negligent operation. If the use is for business rather than pleasure, call your agent first. Business use is usually not covered under your personal auto insurance policy.

13) HOW DO I GO ABOUT SWITCHING INSURANCE COMPANIES PRIOR TO THE END OF MY POLICY WITHOUT PAYING A PENALTY?

Once you receive an invoice reflecting new (not estimated) rates and any applicable new deviations or discounts, you have 30 days to change insurance companies without paying a "short rate" penalty. If you make a change within this 30 day period, you will pay your former insurance company on a pro-rata basis at its newly established rates until the date the coverage with your new insurance company begins. If you choose to switch insurance companies after the 30 day period, you may be subject to a short rate penalty which decreases as your policy year progresses depending on the insurance company to which you transferred your coverage. You should ask your new insurance company whether it will reimburse you for these penalties.

Resolved Question - Auto Insurance New York

What is the most popular and best auto insurance broker in NYC? Any recommendations? What is the advantage?

By best, I mean the lowest priced rate they can come up with. What is the advantage I get going to a broker instead of directly going to a popular auto insurance company? Thanks a lot.

Additional Details
I live in Bronx, NY, work in Manhattan and I have a 2000 Toyota RAV4.

Answer:

The best thing to do is to ask friends & colleagues who they use for their insurance. If you have a tenants or co-op policy, go to that company first. Travellers is a good company and used to have decent rates in NY. I was from NJ & one of my insureds moved to Manhattan & his rate went down with Travellers. They work through independent agents. Look in the phone book under insurance & start calling. You don't necessarily want the cheapest rate (remember you get what you pay for), you want the best coverage for your situation. You want a good company that will be there to help you if you have a claim. Good luck to you. If I were still in the area, I may have known someone but unfortunately, I am not anymore.

10/7/09

What Vehicle has the highest insurance rates?

I friend of mine wants to purchase a Mustang and she was told that the rates in Georgia would be high....Does the color of the vehicle make a difference also?....I have heard the color Red would bring you into a high pay rage with insurance....not too sure so I'm asking....thanks
Answer:

Color has no impact. The symbol (basically, value of car) has a big impact on the comp & collision. Theft rates, statistically, on different types of cars, also has an impact on comp & collision. Safety equipment (ABS brakes, passive alarm, VIN etching ...) will lower the liability portion. If an insurance company does statistics on cars and shows that red cars are more likely to drive dangerously (probably specific to certain models), it is within their rights to raise the premium accordingly.

Everything is statistics; each insurance company usues a different calculation. All liability-only cars will be the same at some companies and different at others.
Source(s):
Licensed agent

9/23/09

How old do you have to be to test-drive a car?

Answer:

First you must be a serious buyer. They don't waste their time with joy rides. Second you need to be 18 or over, the age at which you can legally enter into a contract, or have someone 18 or over accompany you who would be a co-signer of the contract if you did purchase a car.

That is how the sales person earns a living, and they don't appreciate people who waste their time and keep them from a customer that will buy a car.

9/20/09

What happens if I don't get new license plates when I move to a different state?

I just bought a car and had it registered and titled in Minnesota. In two months I will be moving down to Florida. Now my Minnesota plates are good for another 10 months, but Florida state law says I must register the car in Florida within 10 days of moving down there. I'm not particularly keen on paying to get Florida plates and a Florida driver's license sooner than I have to, so what happens if I wait till my Minnesota plates expire? If you've been in this situation before, I'd certainly appreciate your input!
Answer:

In virtually all states, once you establish residence in another state, you are required to switch your plates over (as you obviously already know - in most states it's a month, I'm surprised Florida only gives you ten days).

Enforcing the law is another matter entirely. Minnesota will almost certainly keep your registration active until the scheduled expiration date, since it is likely they have no idea that you have moved. If you are pulled over six months after moving, still have you MN license, and tell the officer you just got there a few days ago, or are still residing in MN and just going back and forth, then (depending on the officer's mood) you may simply receive a warning, as I did when I was living in SC and still kept my CO plates (I was, as you are, reluctant to pay for new plates). If you have a Florida license, Minnesota plates, and your local cop has seen you commuting to work for the last six months, you will probably be cited. In my case, I was travelling out of town and was in a small, one-horse burg I had never been in before, so some fast talking to the cop saved me from a citation. I was military and told him I was waiting for my paperwork to keep my Colorado DL and plates - I even threw in a made-up form number and sounded irritated with the whole process (cops know all about paperwork) - I should have gotten an Oscar for that one.

If you are cited, you can plead your case to the judge (bear in mind that lying in court is illegal), as the state is almost certainly not going to go to any extreme lengths to investigate your whereabouts for what is a misdemeanor traffic offense - it's simply too expensive.

However, to maintain a clean conscience, get your plates changed. If you are in an accident, as noted before, the insurance company may not cover you if they do a little digging and discover you were driving on a technically invalid registration.