Latest Insurance News

Auto Rates Slashed for Area Drivers

By Hillary Chabot, The Sun, Lowell, Mass. Jan. 18--LOWELL -- No one has stopped Lowell police Capt. Robert DeMoura on the street to thank him for lowering their auto-insurance rates. That might change after April 1, when good drivers in Lowell and some surrounding towns see their bills slashed by up to 15 percent due mainly to DeMoura and the auto-insurance fraud task force he heads. The local discount is higher than the state average of 11.7 percent. "The reduction this year is large...

The World: The Road to Ruin

BICKERING couples are putting their lives at risk by their in- car arguments. As many as 74 per cent of couples admit to having rows while they are driving, the survey from Direct Line Car insurance found, and 60 per cent of those who bicker admit the quarrels distract their partner from the road ahead. (c) 2007 Evening Mail; Birmingham (UK). Provided by ProQuest Information and Learning. All rights Reserved.

Insurers Take Fight Against Credit-Reporting Law to Supreme Court

Insurers and other financial services companies are waging what they say is a multibillion-dollar fight as the U.S. Supreme Court assesses consumers' rights under a credit-reporting law. The justices were to hear arguments Tuesday in Washington from two insurers, Safeco and Berkshire Hathaway's Geico Corp. The companies are fighting class-action suits by consumers who sought price quotes, were not offered the lowest rates and now say they should have been told the insurer was relying on the...

57pc of Car Insurers 'Mislead' Motorists

By TAHIRA YAQOOB MORE than half of car insurers make misleading claims, the industry's regulator said yesterday. The firms either exaggerated the savings they offered or failed to tell customers about the small print, according to the Financial Services Authority. It warned that it would fine any companies that had misled the public. The authority analysed nearly 60 advertising promotions to see whether the prices offered were genuine. Some 57 per cent of motor insurers and 25 per cen...

Provident Financial Insurance Arm Up for Sale ; BUSINESS

By James Daley Provident Financial, the UK's largest doorstep lender, unveiled plans to auction off its insurance division yesterday, after revealing it had received a number of approaches for the business. A sale of the division could raise up to [pound]225m, according to analysts, although house brokers Dresdner Kleinwort and Merrill Lynch have estimate the business to be worth [pound]155m and [pound]188m respectively. In a statement to the market yesterday, Provident said: "In respon...

Privilege Offers Insurance Customers Extra Benefits

UK insurer Privilege has introduced a new benefits program to offer customers who have taken out car, home or breakdown insurance an immediate return on their investment by way of discounts on a range of lifestyle, leisure, food and drink products.In addition to the aforementioned discounts, customers will also benefit from exclusive customer discounts on other Privilege products. For example, online home insurance customers can enjoy a 10% discount on car insurance, while all Privilege custo...

Insurance Firms Targeted in Credit Case

WASHINGTON - Several Supreme Court justices seemed taken aback Tuesday at the idea that insurance companies might be required to notify tens of millions of customers they aren't getting the best rates because of their credit reports.In making the argument for notification, lawyers for consumers said two insurance companies - GEICO and Safeco - violated the Fair Credit Reporting Act by failing to send customers notices of adverse decisions made because of their credit reports.At issue is a dec...

Your MONEY: Car Insurers Told to Clean Up Misleading Ads ; CASHPOINT

By Simon Read MISLEADING car insurance ads are to be outlawed by City watchdogs. The Financial Services Authority found more than half the ads made dubious savings claims. The watchdog looked at ads from 57 firms flogging car cover in 2006, and discovered a majority were either unclear or misleading. Now it is planning a crackdown, giving insurers just three months to clean up their act or face a fine. Home insurers, too, came in for criticism as a quarter of their ads were misleading. ...

Insurers Under Fire in Consumer Credit Case

By Pete Yost WASHINGTON -- Lawyers for insurance companies and consumers want the Supreme Court to settle a dispute over notifying customers when their credit report is used against them. At issue in arguments to be presented to the court today are requirements in the Fair Credit Reporting Act holding businesses liable when they fail to inform customers of adverse decisions made because of credit reports. A decision a year ago by the 9th U.S. Circuit Court of Appeals in San Francisco wo...

FSA Issues Insurers With Claims Warning

The Financial Services Authority has warned insurance firms to stop using savings claims which could mislead consumers in their advertising or face regulatory action. The warning from the financial watchdog follows a review of press advertisements from 57 firms selling motor, home and travel insurance and who accounted for more than three quarters of the press advertising spend in these areas during 2006. The FSA found that more than half of motor insurance advertisements with savings claim...