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Auto insurance rates based on credit scores unfair
Using credit scores as a factor in determining automobile insurance eligibility and premiums is a standard industry practice. For years, insurers have maintained that a person's scores, originally intended to measure creditworthiness, are also a predictor of whether - and how often - someone will file an auto insurance claim.
And for years, consumer groups have urged state legislatures and the federal government to see the flaws in that practice. Consumer advocates say using credit scores to set insurance rates unfairly hurts blacks and Latinos because those groups tend to have lower credit scores and thus end up paying more for their auto insurance. They also complain that errors in credit files can result in lower scores and thus higher insurance premiums.
The Federal Trade Commission recently weighed in on the debate, releasing a study that largely sides with the industry....
www1.pressdemocrat.com/article - August, 2007
Insurers putting premium on teen driving skills
It would seem that the trend would bode well for auto insurers: Get these budding adults behind the wheel as soon as possible and capture them as loyal, long-term customers. But some, including Allstate Corp., are calling for South Carolina and other states to make teens navigate a more difficult road to earn their driving privileges.
As Allstate and others see it, the greatest risk to the welfare of teens is parked outside their houses.....
Post and Courier, Sunday, July 29, 2007
Outside Pressures On the Typical Insurance Adjuster
Insurance adjusters are not without outside pressures they must deal with every day of their work life. It would be advantageous for all readers to be aware of the most important of these because they could put money in your bank
Burnes expected to announce auto insurance decision
BOSTON -- Newly appointed state Insurance Commissioner Nonnie Burnes announces tomorrow whether competition will be introduced into the Massachusetts-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 auto insurance market, pointing to the effect on rates, coverage and number of drivers insured.
SentinalandEnterprise.com, Hilary Chabot, 7/15/2007
Getting liability insurance may not fully cover you
You may fully comply with the state laws requiring liability insurance when you get your vehicle's license plates, yet not be completely covered should you get into an accident.......
That's because the average new car costs about $25,000 these days, yet the state minimum liability property insurance required.......
Cincinnati.com/Community Press and Recorder, July 11, 2007
We buy insurance to protect ourselves against catastrophes. But will coverage be there when we need it?
http://articles.moneycentral.msn.com/Insurance/AvoidRipoffs/WillYourInsurerPayUp.aspx?page=all
Group Aims To Increase Women, Minority Law Firms' Work in Insurance
Recognizing that women and minority-law firms are underrepresented in the insurance industry, the National Association of Minority and Women Owned Law Firms announced it has launched a new initiative designed to enhance opportunities for minority and women-owned law firms to compete for legal work from insurance companies throughout the United States.
Governor, Lawmakers Question Agency's Deal With Insurance Company
DES MOINES, Iowa -- Gov. Chet Culver and lawmakers are asking questions about a settlement between state regulators and an insurance company that includes a $750,000 fine -- but no reasons for the penalty.
State: Insurance practices harm minorities
A Florida Office of Insurance Regulation (OIR) report contends the insurance industry's use of occupation and education for the underwriting and rating of auto insurance policies unintentionally harms minorities and low-income individuals in determining auto insurance premiums and insurance eligibility.
Can You Trust Your Auto Insurer?
Insurance companies have become a big part of the problem.Insurers in most states refer policyholders to body shops they have contracts with - known as direct repair shops - promising quality repairs at reasonable prices.But investigators tell us that often isn't what the customer gets.
Auto insurers play hardball in minor-crash claims
Most of the major insurance companies have adopted a take-it-or-leave-it approach with people filing minor-impact claims.
Are you driving a time bomb? You could be driving a time bomb and not even know it.That's what auto experts told 11 News Investigates, all because of a deadly type of fraud that makes you less safe behind the wheel.
They're a big business on the black market: airbags.
California class-action suits challenge rates Insurers have an obligation to the policyholder to cover the cost inflicted by a covered wreck says Quisenberry."It's not a co-pay like a health insurance policy," he says. "It's to pay for the actual cost value of the damage."These alleged payment discrepancies result in shops and consumers being ensnared in the middle of a financial battle they should not have to endure, says Quisenberry.