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News 482 State Farm Cuts Rates Michigan Drivers Raises Rates Others Detroit News |
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Concepts:insurance, coverage, agent, auto insurance, state insurance department, pay, no-fault system, policy, damage, tort system, discounts, vehicle, price, risk, comprehensive coverage
Summary:Two factors determine what you pay for auto insurance. The first factor is underwriting and the second factor is rating.
Insurance companies underwrite to assess the risk associated with an applicant, group the applicant with other similar risks and decide if the company will accept the application.Based on the results of the underwriting process, the rating assigns a price based on what the insurer believes it will cost to assume the financial responsibility for the applicant's potential claim.
Your driving record, area in which you live, gender and age, marital status, prior insurance coverage, vehicle use and make and model of your vehicle are common factors that can affect the price you will pay for your auto insurance.
Discounts are awarded because the insurance company sees you as a "better risk."Here are some discounts you should look for: multiple vehicles, driver education courses, good student, safety devices, anti-theft devices, low mileage, good driver/renewal, auto/home package and dividends. Not all states offer all discounts, so check with your agent to see if you qualify.
Each state must implement either a tort system or a no-fault system.The system your state has implemented will determine what kind of insurance is available to you.The three basic coverages sold under the tort system are bodily injury liability insurance, property damage liability insurance and uninsured motorists coverage. In a no-fault state, coverages will vary, but under a no-fault system your insurance company pays you directly for your losses as a result of injuries sustained in an accident, regardless of who is at fault.Check with your state insurance department for questions concerning tort or no-fault state systems.
The most commonly recognized coverages, in addition to the basic liability package, are collision and comprehensive coverages.Collision coverage pays for physical damage to your car as a result of your auto colliding with an object such as a tree or another car. This is relatively expensive coverage and is not required by law.Comprehensive coverage pays for damage to your auto from almost all other causes, including fire, severe weather, vandalism, floods and theft. This coverage will also cover broken glass and windshield damage.Comprehensive coverage is less expensive than collision, but is also optional.Other optional coverages include medical payments coverage, rental reimbursement coverage and towing and labor coverage.
Information is available to consumers from a number of unbiased sources.These sources include public libraries, state insurance departments, online resources, consumer groups and consumer publications. Every state insurance department has personnel available to answer questions regarding auto insurance coverage and many departments publish premium comparisons to make shopping around easier.
When shopping for auto insurance, premium quotations are a useful tool for comparison of different companies' products.When asking for price quotations, it is crucial that you provide the same information to each agent or company.The agent will usually request the following information: description of your vehicle, its use, your driver's license number, the number of drivers in your household, the coverages and limits you want.
You should be aware that an auto insurance policy is a legal contract.It is written so your rights and responsibilities, as well as those of the insurance company, are clearly stated.When you purchase auto insurance, you will receive a policy.You should read that policy and make certain you understand its contents.If you have questions about your insurance policy, contact your insurance agent for clarification. If you still have questions, turn to your state insurance department. | Michigan drivers who carry full coverage on their auto insurance policies with State Farm will be receiving a 4.1% reduction in their rates, saving those drivers an estimated $45.2 million. Drivers who carry only the minimum coverage required by law will have their auto insurance rates increased by and average of 5.7%. Consumer advocates are not pleased with the rate changes. They say that those who carry minimum coverage are those who can not afford the more expensive premiums and are most in need of a break, many can ill afford an increase. Those who can afford to carry full coverage need a rate cut the least. While State Farm admits that some policyholders will have to struggle to pay their premiums, they say the rate changes came about not based on consumers' financial capabilities or lack thereof, but based on accident activity. Claims against non-mandatory coverages dropped while claims against mandatory coverages increased over the last year. The new rate changes will go into effect at the drivers' next policy renewal.
Read more: State Farm cuts auto insurance rates, but not for all users (Detroit News) State Farm is lowering overall rates for auto insurance in Michigan, but not all customers will get a break
Resources at MostChoiceRecent Auto Insurance Resources at MostChoice:Most Choice RSS FeedsLatest News for: Auto Insurance | - Car insurance trade groups vow to keep fighting rate rules
Gainesville Sun - A trade organization representing some of the state's largest auto insurers said it will keep fighting proposed rate-setting rules despite a decision by the Automobile Club of Southern California to honor them. "The fact that one company has taken an ...
| - Auto Club agrees to drive down insurance rates with new criteria
Daily Breeze - The Automobile Club of Southern California, the state's fourth-largest provider of auto insurance, has agreed to tie its rates to safety and miles driven rather than ZIP codes. The shift, announced Monday and lauded by consumer advocates, is expected ...
| - Auto Club to alter rate policies
Orange County Register - The state's fourth-largest provider of auto insurance has agreed to base its rates on safety and driving frequency rather than primarily on where a driver lives. The plan by Automobile Club of Southern California would cut some $133 million from the ...
| - Auto Club alters rate policy
Inside Bay Area - The state's fourth-largest provider of auto insurance announced Monday that it has agreed to base its rates on safety and driving frequency rather than primarily on where a driver lives. Although the decision by Auto Club of Southern California won't ...
| - What is auto insurance?
WLUC TV 6 - Auto insurance policies are purchased to minimize the personal financial impact associated with motor vehicle accidents, or other incidents, that may affect automobiles you own and drive. Risks and financical liability associated with automobile ...
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| 11/18/2008 News For:
News 482 State Farm Cuts Rates Michigan Drivers Raises Rates Others Detroit News
State hearing tackles insurance rates DETROIT -- A crowd of at least 75 people jammed into a downtown state office Saturday, spilling out into its lobby as visitors listened to testimony on auto insurance rates here.
State Farm raising Nebraska auto rates State Farm Mutual Automobile Insurance Company, the largest insurer of autos in Nebraska and in the nation, said it is raising its ratesin Nebraska an average of 2.3 percent effective Dec. 15.
Michigan Consumer Advocate Hosts Final Public Hearing in Detroit Michigan's Automobile and Home Insurance Consumer Advocate Melvin Butch Hollowell held the final public hearing in Detroit on Saturday, Nov. 15 to hear from consumers and industry experts about the af
State Farm: Deer collisions up 22 percent from five years ago Murfreesboro, TN, Nov. 17, 2008 ��� According to State Farm Insurance�� claims data, the number of deer-vehicle collisions in Tennessee are up 22.2 percent from five years ago. That compares with a 14.9 percent increase over the entire United States. Using its deer claims data from the last half of 2007 and the first half of 2008 and motor vehicle registration counts by state from the Federal ...
Athletics: State Farm Melbourne & Beaches Music Marathon Announces Prize Money Breakdown MELBOURNE, FL Nov. 16 ��� The State Farm Melbourne & Beaches Music Marathon, which features the USA Masters Half-Marathon Championships, has announced a total prize purse package of $12,500 ��� up from the $10,000 originally planned by event producer Mitch Varnes.
NEWS BRIEFS COLUMBUS State Auto strikes deal to buy Kansas City insurer State Automobile Mutual Insurance announced yesterday that it will purchase Rockhill Insurance Group of Kansas City.
News and Features for Rio Rancho, New Mexico After beating the third-seeded Trojans two times earlier in the season, the No. 2 Rio Rancho High boys soccer team lost a gut-wrenching 1-0 game at the State Farm Insurance Soccer Complex Thursday night that put a sour dollop on an otherwise great season and ended the Rams��� 12-game winning streak.
Union challenges proposed midyear cuts Gov. David Paterson's plan to close the state's budget gap by making deep cuts to public schools, higher education and health care would inflict harm on New York's children and working families, said NYSUT President Dick Iannuzzi, who is urging a focus on increasing revenues through a more fair and progressive tax system rather than cutting essential services.
Explorer Insurance Cuts California Auto Rates 15 Percent California Insurance Commissioner Steve Poizner announced a 15 percent rate cut for Explorer Insurance Co.'s auto insurance policyholders, saving them approximately $3.4 million. Explorer Insuranc
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