Latest Insurance News

Big Auto Insurance Savings Proposed: Companies: Let Drivers Pick Their Medical Coverage

By Chris Christoff, Detroit Free Press Jul. 18--LANSING -- Insurance companies are pushing to revamp Michigan's only-one-in-the-nation no-fault law that requires all motorists to carry unlimited medical coverage -- a mandate insurers say drives up rates for everyone. Some key legislators seem to be more willing than in previous years to revisit the issue. Allowing motorists to buy as little as $50,000 in medical coverage -- and putting strict limits on medical fees doctors and hospitals...

Auto Insurance Industry Backs Medical Coverage Choices

By Chris Christoff, Detroit Free Press Jul. 17--LANSING -- Michigan motorists could pay as much as 21 percent less on average for auto insurance if the state allowed them to buy less medical coverage than they're now required to carry, according to an insurance industry study. Part of the savings would come from limiting medical payments for injured motorists to what is paid for workers compensation injury cases under state law. The study bolsters arguments to eliminate Michigan's requi...

This Policy is a Real Blessing; Deductibles Waived If Bad Things Happen on Trips to Church

By TOM HEINEN When a pickup truck backed out of a driveway into the side of James Giles' passing Saturn Vue this spring, his FaithGuard insurance policy waived the $250 upfront deductible because the Kenosha man was driving to a Sunday morning service at First Christian Church in the Town of Bristol. "They (had) sent us a paper on it," said Giles, a retired plumber. "I didn't think a whole lot on it at the time. You don't figure you are going to have an accident. They might have a policy ...

Admiral Abandons Sale of Stake in Confused.Com

By Aled Blake Motor insurance group Admiral yesterday abandoned plans to sell off its price comparison website Confused.com. The company said its private equity suitors were demanding too much control so it has dropped plans to sell a minority stake in the company. Admiral announced it would retain full ownership of Cardiff- based Confused.com after ending talks with potential private equity buyers, which had valued the online business at between pounds 600m and pounds 650m. The Elephan...

Industry: Bill May Increase Car Rates *** Insurance Changes on Blanco's Desk

By MARK BALLARD One of the 20 bills still awaiting a decision by Gov. Kathleen Blanco would increase automobile insurance prices $200 to $400 per year for drivers of about 1 million vehicles in this state. For the remaining 1.5 million vehicles, the cost of supplemental policies, such as uninsured motorists' coverage, also would go up, as more and more Louisiana drivers hit the roads without the required minimum insurance. At least that's what officials in the insurance industry predict...

EDITORIAL: Going for Broke

By The News & Observer, Raleigh, N.C. Jul. 17--Consider Virginia. With its legacy of planters and presidents, placed by destiny on the doorstep of the nation's capital (and with its own capital having doubled as the Confederacy's), the proud Commonwealth is well known to Tar Heels as one of the twin Mountains of Conceit bordering our very own Vale of Humility. (The other peak, just for the record, is the one populated by all those South Carolinians.) Now Virginia has embarked on a colos...

Low-Cost Auto Insurance Coming?

By Daniel Witter, Appeal-Democrat, Marysville, Calif. Jul. 17--Yuba-Sutter residents who struggle to pay for car insurance may soon find it more affordable, state officials said. Local drivers may soon be able to enroll in the state's Low Cost Automobile Insurance Program, which provides low-cost insurance for less than $400 per year, provided people meet certain income guidelines. The state insurance department has proposed adding 11 counties, including Yuba and Sutter, to the program. ...

Premiums to Fall 7% for Riskiest Drivers

By Jonathan D. Epstein, The Buffalo News, N.Y. Jul. 17--The state's highest-risk drivers will see their auto insurance premiums fall by an average of 7 percent under the state's assigned-risk plan, state insurance regulators said Monday. The state Insurance Department said the rate cut for the Automobile Insurance Plan -- which is the insurer of last resort for those who can't get insurance otherwise -- will save nearly $20 million statewide for new drivers and others in the plan. The n...

This Policy is a Real Blessing: Deductibles Waived If Bad Things Happen on Trips to Church

By Tom Heinen, Milwaukee Journal Sentinel Jul. 16--When a pickup truck backed out of a driveway into the side of James Giles' passing Saturn Vue this spring, his FaithGuard insurance policy waived the $250 upfront deductible because the Kenosha man was driving to a Sunday morning service at First Christian Church in the Town of Bristol. "They (had) sent us a paper on it," said Giles, a retired plumber. "I didn't think a whole lot on it at the time. You don't figure you are going to have a...

Auto Insurance Competition May Be Coming. Will You Pay Less?

By Hillary Chabot, The Sun, Lowell, Mass. Jul. 15--BOSTON -- New state Insurance Commissioner Nonnie Burnes announces tomorrow whether competition will be introduced into Massachusetts' state-regulated auto-insurance market. Massachusetts is the only state in the nation where the state sets auto-insurance rates. Insurers and legislators have been arguing for years over whether competition will improve the insurance market, pointing to the effect on rates, coverage and number of drivers in...