Go Insurance Rates

Law-Abiding Citizens Committing Auto Insurance Fraud

Posted in Auto Insurance

April 26th, 2010
No Comments

According to a recent report from the Daily Bulletin in Ontario, Calif., it seems that auto insurance fraud is not just alluring to criminals; it is catching the interest of law-abiding citizens now. The reason for the increase in auto insurance fraud from this group, however, comes from the strong need to pay bills in this tough economy.

Auto Insurance Fraud Has Increased

The report showed evidence that auto insurance fraud has increased over the past several years, due largely to the troubled economy. In the California county alone, suspected fraudulent auto insurance claims jumped nearly 12 percent in 2008. In the entire state, fraud claims increased nearly 25 percent between 2007 and 2008 and seems to be a trend that is increasing around the country.

People Don’t See Auto Insurance Fraud as a Bad Crime

In the Daily Bulletin report, prosecutor Dave Simon was interviewed and acknowledged that while law-abiding people typically don’t want to break the law, they seem to feel okay with committing auto insurance fraud because car insurance companies have plenty of money and won’t miss it if it’s gone.

Unfortunately, filing a fraudulent claim is indeed a crime. In fact, it is a felony that could result in jail time and thus should be avoided.

If you are tempted to pull your own auto insurance scam, think twice. Instead, it’s good to shop around for affordable auto insurance rates to save money and avoid the trouble that comes with auto insurance fraud.

Harvard Researchers Say Insurance Companies Invest In Fast Food Stocks

Posted in Health Insurance

April 23rd, 2010
No Comments

You probably didn’t know that life insurance companies and health insurance companies the businesses that bank on your good health to take you on as clients both invest in fast food did you? Well, a team of Harvard Medical School researchers claim that a number of major life, disability and health insurance companies owned about $2 billion worth of stock in the worlds top five fast-food companies as of June 2009.

Fast Food Isn’t Healthy but It Makes Money

The team of Harvard researchers recently released a report showing that prominent European and American life insurance companies, as well as some health insurers have invested in the stocks of major fast food chains like McDonalds, KFC, Taco Bell and Burger King all of which are known for selling high-fat, high-calorie meals that are associated with obesity and diabetes.

The irony is that the same companies that force you to take exams to prove how healthy you are and even reject individuals and families based pre-existing conditions are investing in companies that largely contribute to health issues.

Insurance Companies Known for Contradictory Investments

This is not the first time that Harvard researchers have revealed the unique investment activities of insurance companies. In June 2009, Harvard physicians also discovered that life insurance companies were investing billions of dollars in tobacco stocks.

In both incidences, the Harvard researchers discovered that there is a potential disconnect between the insurers missions and the stocks they’re investing in. Who knows, maybe the stocks serve as backup funds to support the lack of money coming in from people with bad health who don’t qualify for health insurance or life insurance.

When Does My Life Insurance Coverage Start?

Posted in Life Insurance

April 22nd, 2010
No Comments

Thanks to the Internet, the process to secure life insurance can begin immediately, but the total process may take more than a couple of months.

The Process of Life Insurance

The process of securing life insurance begins with the application process. Regardless of whether you are interested in procuring whole or term life insurance, you will need to fill out paperwork. Depending on the type of policy you are interested in purchasing your application process may include a medical exam, blood work, urine analysis, blood pressure and pulse readings plus documenting your height and weight at exam time.

Once that paperwork is submitted, the life insurance company will review and determine both your how insureable you are and your premium costs. That process is called “underwriting” and it could take anywhere from four to eight weeks until your application is approved. The life insurance company will automatically notify you about your application status and let you know how much your premiums will be. You in turn will need to agree to the contracted terms of the policy, submit your payment and once processed, your life insurance plan will be activated.

Playing the Waiting Game

Stressing out about your lack of coverage is unnecessary. Because the underwriting process is known to be time consuming, some life insurance providers have a Plan B. Your insurance provider may provide temporary coverage (AKA conditional coverage) that will provide you with a degree of security while your paperwork navigates the system. This type of coverage will begin upon completion of the medical exam and upon the life insurance premium payment.

The key to proper planning is accepting that instant life insurance coverage does not exist. If you already have a policy in place, do not cancel it until you have received confirmation from your new carrier. Additionally those who are on the verge of making life changes like starting a family or buying a home, should be aware of the lag time in the process and plan accordingly.

Geico Gives Away Free Vehicles to 3 Families in Need

Posted in Auto Insurance , Geico

April 22nd, 2010
No Comments

National auto insurer Geico recently provided used vehicles to three families in the New York area. In a partnership with Recycled Rides, Geico presented the vehicles to Long Island and Brooklyn families who were in need of reliable transportation.

Geico Donated the Used Vehicles

In an effort to help the community, Recycled Rides, an awareness project that encourages members of the local National Auto Body Council (NABC), coordinated the project to refurbish and donate the recycled vehicles.

After Geico donated the used vehicles, local NABC body shops donated their repair services then gave the vehicles to the three families in a ceremony.

Geico Helps the Community and Offers Affordable Auto Insurance

In addition to helping the community to get back on their feet, Geico helps individuals find affordable auto insurance. However, if you’re not convinced that this company is the right one for you, there are other car insurance companies that offer great auto insurance quotes as well.

In order to find the right coverage, it’s important to shop around for the best auto insurance rates. By taking this action, you offer yourself the opportunity to find coverage that comes with great discounts – like those found with Geico – and other deals that could lower your premium substantially.

National Flood Insurance Program Receives Umpteenth Extension

Posted in Home Insurance

April 22nd, 2010
1 Comment

On Thursday night, the National Flood Insurance Program received another extension after being passed in Congress with a House vote of 289-112 and signed by President Barack Obama. Now that flood insurance has been extended again – this time until the end of May 2010 – one has to wonder when Congress will finally make their extension permanent.

What’s Up with the National Flood Insurance Program?

The National Flood Insurance Program (NFIP) is a program governed by FEMA that offers flood insurance to homeowners, business owners and renters around the country who live or work in flood-prone areas. Anyone can purchase this coverage, and many experts say this is wise, because floods aren’t covered by homeowners insurance and can threaten any area.

Flood insurance is offered by private insurers and is backed by the NFIP. However, for the past few weeks, it hasn’t been available for purchase or renewal, leaving many homeowners vulnerable to floods, because Senate members failed to extend the program as they had in March, effectively allowing it to expire.

When the Temporary Extension Will Become Permanent

Now that they program has received yet another short-term extension, one has to wonder when Congress plans to make the extension permanent. Congress members maintain that the plan is to permanently extend the flood insurance once they determine whether windstorm coverage should be included.

Hopefully, they will decide on a long-term solution sooner than later so that the lapse in home insurance coverage won’t have to occur again.

What Other Structures are Covered by My Home Insurance?

Posted in Home Insurance

April 21st, 2010
No Comments

For many owners, their homes represent the largest portion of their assets and homeowner’s insurance is the way to get some peace of mind. That sense of serenity can fully be gained when consumers are able to educate themselves on all the nuances of their homeowner’s policy.

The largest portion of coverage of a home insurance policy is derived from the “Coverage A” plan, also known as dwelling coverage. Dwelling coverage will provide restitution for a policyholder when their home suffers from direct, physical damages. This fraction of the policy will cover all areas and personal property in the home including bedrooms, fireplaces, decor, carpeting, tile floors, attached garages and the kitchen sink.

What About My Possessions?

Some homes have more than the typical inside contents associated with them. With additional features like gazebos, fencing, swimming pools, freestanding garages and sheds, it’s good to know that “Coverage B” exists.

This section of typical homeowners insurance policies dubbed “other structures” extends to provide coverage for detached structures associated with the insured property. Typically, coverage of other structures is capped to your total dwelling coverage amount.

What are My Other Options?

Riders are a way for homeowner insurance policyholders to supercharge their accounts. Riders provide policyholders with the ability to tweak their homeowner’s policy specifically for their needs. Some common examples include jewelry, flood and even earthquake insurance.

To ensure that not only your home, but also your other structures are completely covered by your home owner’s insurance policy, an additional extended replacement cost coverage rider should be added to your policy.

April is National Car Care Month: How to Properly Car for Your Car

Posted in Auto Insurance

April 21st, 2010
No Comments

One great way to lower your auto insurance rates is to take great care of your car and lower the risk of mishaps and accidents, which is why it’s good to take April’s National Car Care Month to make improvements to your vehicle.

National Car Care Month highlights the commitment people should make to be aware of the condition of their cars. Whether you’re caring for the inside or outside, there are benefits in store, some of which could outright affect your auto insurance.

1. Check your tire pressure: One commitment you want to make is to check your tire pressure. Not only can it help with fuel economy, handling and traction, if you have a slow leak, it could eventually become a blowout that causes dangers on the road.

2. Check your windshield wipers: April is known for being one of the rainiest months of the year. If your wipers are not in good condition, you could find yourself struggling to see the road during a storm. This of course poses a major danger to you and others on the road, and as a result could negatively affect your auto insurance rates.

3. Protect rubber seals: Cold weather can sometimes dry out rubber seals, which block out road noise in the passenger cabin. To avoid issues with dry seals, try a rubber protectant to re-hydrate them.

4. Wash your car: Washing your car is important for getting the winter sludge off. If you don’t wash it thoroughly, the dirt could slowly eat away at the exterior of the car.

5. Polish your car: Taking time to polish your car makes you feel that all of the maintenance (and the car notes) are worth it. So take time to make that lackluster winter paint look brand new. By using a wax or sealant, you will see your car shine like a new penny.

Being able to keep your car in tip-top shape is a great way to make it look its best for the spring and summer. But even better, with the proper maintenance, you could find low auto insurance rates and keep them low by reducing the threat an improperly-maintained vehicle poses on the road.

Insurance Sales Reached 50-Year Low in 2009

Posted in Auto Insurance , Home Insurance

April 21st, 2010
No Comments

Industry trade group, the Property Casualty Insurers Association of America (PCI), reported on Thursday that U.S. property and casualty insurance sales dropped the most in five decades last year. They reason they gave for the overwhelming drop in sales was the recession and the business cut spending and reduced coverage that occurred as a result.

Policy Sales Drop Largest On Record

According to the association, policy sales for property and casualty insurance (includes auto insurance and homeowners insurance) fell 3.7 percent to $419 billion in 2009. Not only was this the third straight annual decline for the industry, but according to PCI, this was lowest drop the association has seen since it began tracking data in 1959.

From the report, the recession is what caused the most damage to insurance policy sales. With most people focusing on immediate needs (food and shelter), insurance very often was pushed to the bottom of the priority list.

Are You Looking to Get Insured?

According to the Council of Insurance Agents and Brokers, U.S. commercial insurance rates have dropped each quarter since 2004. This means that, while it may not always seem this way, insurance is more affordable than it was six years ago. So if you’re in the market for auto insurance or homeowners insurance, now’s the time to get in on the great rates.

If you already have both types of coverage, there are ways to lower your auto insurance rates or find more affordable homeowners insurance so that you can take advantage of the cheaper insurance rates.

Does My Home Insurance Cover My Car?

Posted in Home Insurance

April 20th, 2010
No Comments

Saving money is always of interest to consumers, and there are plenty of creative ways to do so. However, cutting your insurance coverage is not one of those ways.

Auto and home insurance will provide policyholders not only with a financial safety net, but may actually be legal necessities requiring minimum levels of coverage. Typically, if you own both a home and a vehicle, separate policies will be required for the fullest level of protection.

Auto and home insurance are sold as unique entities. Although many insurance providers offer substantial discounts to consumers who bundle their policies together, the policies issued are completely separate and cover different items altogether. However, in some very rare circumstances, your homeowners insurance would come in handy and cover some situations directly related to your automobile.

What Does Auto Insurance Cover?

Auto insurance is structured to protect your financial assets and well being of those involved in a car accident. Legally, auto insurance minimums include financial protection for bodily injury liability limits property damage.

In addition to that, more coverage can be purchased such as comprehensive and personal injury protection (PIP). When it comes to personal possessions in a car, auto insurance providers only cover the standard features (such as CD player and radio) that were in the vehicle upon purchase.

What Does Home Insurance Cover?

Homeowner’s insurance is the type of protection required to help assist when personal property is stolen directly from your vehicle. Consider if you left your computer, cell phone and a newly purchased designer handbag in your car while you ran into a shop.

Upon your return, if you see your car was broken into and your stash has gone AWOL, not only would you need to report the incident to the police, but also contacting your auto and home insurance providers would be essential.

Does My Home Insurance Include My Car?

Typically homeowner insurance policies do not cover your auto in any way except for personal property.

If you are considering pulling a spare car off the road and storing it in your driveway to cut down on insurance expenses, you need to check with both your auto and home insurance providers to ensure coverage for the automobile.

Although some homeowner’s policies may let you schedule the vehicle as personal property under an additional rider, that is not automatic and not offered by all home insurance providers.

Insure.com’s 2010 Most (and Least) Expensive States to Insure a Car

Posted in Auto Insurance

April 20th, 2010
No Comments

Recently, Insure.com released its list of the most and least expensive states to insure a vehicle. This list follows up on the most and least expensive cars to insure in the nation, which was released in March 2010.

Wondering about the average cost of auto insurance in your state? Read on…

Most Expensive States

Insure.com releases its annual list of the most and least expensive states to insure cars. This list was last updated April 9, 2010 and has found that the following states are the most expensive places to purchase auto insurance annually:

• Louisiana: $2,510.87
• Michigan: $2,098.29
• Oklahoma: $1,869.39
• Montana: $1,857.96
• California: $1,774.41

Some other states that ranked high on the list included South Dakota; Washington, D.C.; Georgia; Illinois and Connecticut. New Jersey ranked as 22nd most expensive despite its ranking #1 on CarInsurance.com’s list for March.

Least Expensive States

On the other end of the spectrum are states that, on average, charged the least annually:

• Maine: $902.85
• Vermont: $968.58
• Ohio: $999.86
• Wisconsin: $1,010.93
• New Hampshire: $1,011.23

Some other states ranked for the cheapest auto insurance rates in the country include Iowa, Massachusetts, North Carolina, Arizona and Tennessee.

About Insure.com’s Rankings

In order to determine its state rankings, Insure.com commissioned a survey from Quadrant Information Services and calculated the average auto insurance rates for more than 2,400 vehicles for model year 2010.

Insure.com notes that rankings should not be compared to the annual list of “average expenditures by state released by the National Association of Insurance Commissioners (NAIC), which looks at what people actually spend for auto insurance rather than looking at how expensive it is whether it is purchased or not.

If you find that your state is offering pricier auto insurance rates than you’d like, don’t feel discouraged. Different companies offer different rates. By shopping around for auto insurance quotes, you’re likely to find a company that offers coverage cheaper than your state’s average.