auto insurance, personal injury coverage

Auto insurance changes to personal injury protection coverage offered

Last week there has been a proposed change to the auto insurance coverage of personal injury protection in an attempt to control the rise in the auto insurance rates.
Analysis of the data from the auto insurance indicates that the insurance companies are paying $1.23 against every $1.00 received in auto insurance premium.

What is personal injury protection coverage and how would this affect you

Personal injury protection is the coverage which pays for you or anyone in your vehicle, who is injured during an auto accident for medical expense and treatment to injury, loss of earnings and other expenses. This is paid irrespective of the fact whether you are at fault and is also called “no-fault coverage”
No-fault coverage is compulsory in New Jersey. This was a benefit for any person who did not have a medical coverage and was injured in an accident. Till date there were no restrictions in the treatments under the coverage.

Changes proposed in the auto insurance coverage and who would benefit.

The proposed changes would expand the list of treatments that would be governed by a predetermined fees attached. Doctors would not be able to charge separately for office visits for patients for diagnostic and treatment on this coverage. In short there is going to be certain limitations for the personal injury coverage benefits- you can read more in detail at the article on auto insurance published by insurance
The main advantage for this would be to the insurance companies in the initial state, since their expense would come down. In the long run, this would also be beneficial to the auto insurance buyers since their auto insurance premium would lower.

Review car insurance and compare auto insurance quotes to get low auto insurance rates.

review car insurance- geico reduces rates

Great auto insurance news for GEICO policy holders, review car insurance

GEICO has made a great move and have had their car insurance rates reduced. As per the news given by GEICO car insurance rates have been reduced by 10.7% for the policy holders in California.
As per the announcement from GEICO “According to GEICO, the rate filings were approved on June 2 and the rate decrease will be effective August 15, 2011. GEICO policyholders in the LA Metro area will realize an average savings of $238 on their premiums annually. Approximately 98,000 policyholders in the San Diego area will save, on average, $163 on their premiums annually. GEICO’s policy holders state-wide will realize an average annual savings of $127. The rate filing included GEICO, GEICO General and GEICO Indemnity, which provide coverage to, 717,443 GEICO auto policyholders in California. This premium reduction will save them $91 million dollars annually.”
This is a great savings especially in the stressful times where there are already lots of economical issues hovering over us.

Review car insurance and compare auto insurance for low auto insurance and also for insurance companies

The other important thing that you need to keep in mind at this time is that the insurance companies are large-scale investors in U.S. All eye are on Obama to see what really happens to US debt decision. Treasuries and government-backed instruments, insurers would experience a larger impact from a decline in the credit quality of the U.S. government than many other industries because of the asset leverage insurers hold. This would mean that the impact of the decline in credit rating is going to be felt most by the insurance companies. This would indirectly also mean that they need to increase their revenues in order to maintain the required premium and reserve ratio. You need to review car insurance and compare auto insurance so that you can get your policy at a low auto insurance rate before the rates increase and also with the best insurance company.

Getting low insurance quotes or compare auto insurance is easier now

It is becoming very easy for you to review car insurance, compare auto insurance and get the right rate for yourself since now you have information and quotes all over the place. Social media is fast becoming a very good place to share things. By social media obviously you all know I mean facebook, twitter, hub pages, squidoo , google plus1 all give you the opportunity to be informed fast and quick. Please use this information to your advantage. Compare auto insurance quote. Loads of information has been provided to you on how to do. Any questions just put it in the comments or reach me on twitter or facebook here.
Thanks.

Stephen Pierce : Massachusetts : I live in Massachusetts and would like to know what is happening because of the deregulation of the auto insurance here? How would it affect the customers and get low auto insurance.

Response : Getting low auto insurance quotes would require you to review auto insurance coverage and shop online. Please see the low auto insurance quotes on compareautoinsurancequote411.com and review your quotes, since I am sure you will find a really good deal and low auto insurance quote.

“The deregulation of the Massachusetts auto insurance market has driven up prices, boosted insurer profits, reduced consumer protections and generally created confusion in the marketplace, according to a new report by the state’s attorney general.

The report, which comes roughly two years after the creation of managed competition, provides an accounting of how the market is operating, and includes a number of recommendations to improve consumers’ interests.

“When the Division of Insurance introduced the new deregulated auto insurance system nearly two years ago, they contended that this system would result in better rates for consumers,” said Attorney General Martha Coakley in a statement. “While the long-term results of this new system remain to be seen, our office is concerned that consumers may not, in fact, be getting the best rates and the protections they deserve.”

The report notes that most consumers haven’t shopped around for insurance — and therefore, not driving rates down — while are now increasing. Coakley’s office said it is particularly concerned companies are now rating customers on several new factors more closely linked to socio-economic status, rather than to consumers’ driving records.

Among the observations included in the reports:

•Many consumers whose rates decreased paid more than they should have after the market was deregulated. Had the regulatory rate-setting process occurred in 2008, rates would have been reduced for essentially all consumers, with average rate reductions much greater than those seen under deregulation.
•Once ‘managed competition’ began, insurers instantly began seeking higher profit. In 2008, the Division of Insurance accepted target returns in the insurer rate filings that were over 150 percent of the 2007 regulated value for some insurers..
•There is currently no easy way for consumers to determine what the market prices for insurance are, what each company will charge a particular individual, and what discounts and special coverage options are available. The website provided by the Division of Insurance does not solve these problems.
•Some consumers have not been offered all discounts to which they are entitled, have had difficulty obtaining quotes from agents, and have received different quotes from different agents for the same insurers.
•Most Massachusetts consumers purchase insurance through an independent agent, yet most agents typically cannot or do not provide price quotes for more than a couple of carriers.

Thegood news is that the report recommends several moves to help improve the auto insurance market for consumers. These included improved rate proposals, the creation of an insurance Web site to provide side-by-side quotes for all insurers, elimination of penalties for leaving an insurance company early, prohibition of the collection of personal information not needed for rating and the introduction of legislation to ban the use of credit score in insurance ratemaking.

Thus you will get the information first hand but need to shop and compare and review auto insurance coverage to get your much wanted low auto insurance quote.

Mark Ling : I like to compare auto insurance quotes online and do get good low auto insurance quotes. Are there any changes in the distracted driving regulations in USA for 2010.

Distracted driving and low auto insurance quotes :
Response : It is nice to know that you compare auto insurance quotes online and are able to obtain low auto insurance quotes. If you try here at compareautoinsurancequote411.com you will be able to get low auto insurance quotes. Yes, you are right about the new driving regulations in USA which will come into effect from Jan 1 2010. You should appreciate that the Insurance companies and the insurance institiute encourage and support the regulations since this will help in minimizing the claims.

Here are the latest news on distracted driving from the Insurance Institutute ” Illinois, Kansas, New Hampshire and Oregon will bring in the new year with new state laws aimed at cracking down on distracted driving, according to the Property Casualty Insurers Association of America (PCI).

Of the four states with stronger laws regarding cell phone use and texting that take effect Jan. 1, 2010, Oregon goes the farthest by banning the use of hand held devices and texting for all drivers. The new law in Oregon also prohibits people under age 18 from using any type of cell phone while driving.

Illinois is placing new restrictions on hand held devices and bans their use in construction and school zones.

Kansas is implementing a ban on all cell phone use and texting for young drivers who have learner’s permits and intermediate licenses.

New Hampshire is banning texting for all drivers.

“These four states are joining a growing number states and localities that are implementing or strengthening restrictions on cell phone use and texting,” said Robert Passmore, senior director of personal lines for PCI. “In 2009, 17 states implemented or strengthened cell phone and texting laws.”

The National Highway Traffic Safety Administration reports that nearly 6,000 people died in 2008 in crashes involving a distracted or inattentive driver, and more than half a million were injured. Research also shows that the worst offenders are the youngest and least experienced drivers: men and women under 20 years of age.

As per the Insurance Institute for Highway Safety, there are statewide bans on driving while talking on a hand-held cell phone seven states (California, Connecticut, New Jersey, New York, Oregon, Utah, and Washington) and the District of Columbia.

The use of all cell phones by novice drivers is restricted in 21 states and the District of Columbia.

Text messaging is banned for all drivers in 19 states and the District of Columbia. In addition, novice drivers are banned from texting in nine states (Delaware, Indiana, Kansas, Maine, Mississippi, Missouri, Nebraska, Texas, and West Virginia)

You will agree with me that these regulations will go a long way in reducing auto accidents and hence would give you low auto insurance rates.
Happy 2010.
Kamlesh

Amit : What are the new changes in Michigan auto insurance. Would it make any difference in online auto insurance quotes for this state when one tries to get low auto insurance rates?

Response : Just recently as on the 17th December 2009, The House passed a portion of a bill package focused which according to the insurance industry will have disastrous consequences on auto insurance costs and the stability of the insurance market, including a prohibition on credit-based insurance scoring.

Now let me explain this to you in more details. As per the bill, the insurance companies will not be permitted to have a credit based rating. This would be an advantage for the customer since now they can go for online auto insurance quotes without anything to worry about and get multiple quotes since their credit score is not at all affected. Now to be very honest it is a myth that your credit score is affected and please see my post on credit rating and online auto insurance.

The insurance companies are not happy with this since now they will not be able to use the credit based rating system. As per the insurance companies the credit based rating helped them in giving low auto insurance to the clients. Credit-based insurance scoring has been shown to benefit consumers because it allows them to secure lower insurance costs. In Michigan, credit-based insurance scoring is used only to provide discounts for insurance customers. Credit-based insurance scores are not used in Michigan to apply a surcharge or to determine whether a person can be insured by the company. And despite the economy, credit scores are staying stable.

Auto and homeowner insurers doing business in Michigan have formed a coalition, Protecting Michigan’s Future, to defeat this misguided, anti-consumer legislation; promote comprehensive, cost-saving reform solutions; provide information to policymakers for making sound public policy decisions; and set the record straight on insurance practices.

My own recommondation to you is to go for online auto insurance quotes, you will get low car insurance rates for sure and find what suits you best with the online quotes without having to worry about any privacy information since this is free and the insurance companies should abide to the privacy acts.