State warns about auto insurance phone scam

COLUMBUS: The Ohio Department of Insurance is warning about a telephone scam targeting auto insurance customers.

Department Director Mary Jo Hudson said today that victims are receiving calls saying their insurance payment can't be processed and that they'll need to provide their bank account number as well as other personal information to resolve the problem.

Hudson said in today's economy, phone scams are becoming more prevalent, and consumers need to be on guard or risk falling prey to identity thieves.

She said to be very careful when anyone other than your insurance agent contacts you about your policy. Also, if you're suspicious about a caller, insist on getting a name and telephone number and don't give the person your financial or other personal information.

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Tips for new drivers

and even their parents -- a driver's license is a ticket to freedom. However, even while they explore their new freedom, new drivers must keep safety and responsibility top of mind. This includes investing in an affordable insurance policy that offers drivers full protection.

There are some immediate actions new drivers can take to help lower the cost of insurance. For example, drivers who have completed an approved drivers training course in the last three years may pay lower premiums.

"Choosing a hybrid as your first car not only helps green the environment, it also helps keep the green in your pocket," says Henry Blumenthal, vice president, TD Insurance Home and Auto. "Drivers who own or lease hybrid vehicles can save up to 10 per cent on auto insurance premiums through the TD Insurance Green Wheel Program."

Some additional tips for new drivers setting out this season include:

* Think pink:Keep your pink insurance card with you in the car and know what your insurance policy covers. You will need to show it if requested by the police or when you renew your license.

* Go slow:Watch out for children and pedestrians as well as changing road conditions. Accidents and tickets will increase your insurance rates and stay on your record for at least six years.

* Be equipped:Store an emergency kit in your car stocked with jumper cables, a flashlight, first aid kit and a disposable camera to take photos of any accident that may occur. Ensure that the spare tire is fully inflated and your cell phone is fully charged.

* Know your limits:Before heading out for a long trip, become familiar with the route. Keep distractions like loud music to a minimum and stay alert and observant to your surroundings.

Practice makes perfect, so keep driving and gaining experience on the road. To see which insurance policy best equips new drivers for the road ahead, visit

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Auto Insurance Firms Record First Surplus in 7 Years

By Yoon Ja-young
Staff Reporter

Auto insurance companies recorded a surplus thanks partly to high oil prices in the first half of the year for the first time in seven years. While other financial businesses such as banks, asset management firms, and brokerage houses are suffering because of the global financial crisis, auto insurance companies are enjoying a surplus on top of high investment returns from bonds.

According to the Financial Supervisory Service (FSS), auto insurances recorded 5.5 trillion won in total sales for the first half ending in September, up 4.7 percent from a year ago.

They turned to surplus for the first time since 2001, with operating profits recording 10.7 billion won. Last year, they sustained operating losses.

They recorded a surplus thanks to the falling loss ratio, or the ratio of insurance money paid to subscribers compared with the insurance premium income of insurers.

The loss ratio stood at 68.3 percent, plunging 5.1 percentage points from 73.4 percent.

High oil prices were a boon for insurers in some ways, as an increasing number of drivers left their cars at home to use public transportation, and thus decreasing the number of accidents. The regulator also cited good weather as a factor that curbed loss ratio. Damage from typhoons or heavy rainfall was also small this year.

The report showed online direct auto insurers taking a bigger portion of the pie. They took 17.8 percent of the auto insurance market, up 2.3 percentage points from the previous year. The online auto insurance products saw a 20.1 percent sales growth.

Seeing the growth potential there, Samsung Fire & Marine Insurance recently announced it would advance into the online auto insurance market from next year. Kyobo AXA is the leader in this market with over a 40 percent market share, followed by ERGO Daum Direct.

The regulator, however, said the loss ratio could turn upward in the future following the recent plunge of global oil prices and insurance premium cuts. Dubai crude fell to below $60 per barrel from over $140 in July, while insurance companies cut insurance premiums by between two to three percentage points this summer.

chizpizza@koreatimes.co.kr

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AIG's auto-insurance business will drop the name 'AIG' to improve its prospects

American International Group Inc., the insurer bailed out by the U.S., will remove AIG from the name of an auto insurance unit to improve its sale prospects.

AIG will start calling its aigdirect.com business 21st Century Insurance in January, reverting to the brand of a California-based car insurer acquired last year, said Nicholas Ashooh, a spokesman for AIG.

AIG is selling businesses including auto insurance, U.S. life coverage, and a plane-leasing unit to repay the government loan that saved it from bankruptcy in September. The insurer was nearly overwhelmed by bad bets on U.S. housing and has posted about $43 billion in four straight quarterly net losses.

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Hassle free and Cheap auto and home Insurance quotes online

Released on: November 6, 2008, 8:03 am

Press Release Author: http://cheap-insurance-rates.com/

Industry: Financial

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We’re ready to help you with all of your insurance shopping, from auto insurance to Home owners insurance, life insurance and even health and pet coverage. It’s simple and easy, for each type of insurance, you fill out a simple online form with your information and we do the rest for you, shopping different carriers, getting you the best quotes possible and bringing the agents to you, saving you time and money. On our website, you’ll find options for home owners insurance, renter’s insurance, family and individual health insurance coverage, auto insurance, term life insurance and even pet insurance that can help take care of your beloved pet in case of an emergency, and can even help with regular vet bills.

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Car insurance stands to rise

Thousands of Georgia drivers could see substantial increases in their auto insurance rates -- as much as 81 percent, for some -- as insurance companies begin setting their own rates under a law that took effect Oct.1

WHO'S GOING UP?

Nineteen insurance companies have set new rates that renewing or new customers will encounter, with 14 enacting average increases between 2 percent and 11 percent, according to the state Insurance Commissioner's Office.

The increases are much higher for certain drivers. A 28-year-old man with a DUI conviction, an accident or other violations who is insured through Central Mutual Insurance Co. can expect his rate to climb 81 percent.

Drivers insured through 21st Century Insurance Co. will see their rates climb at least 9 percent, on top of a 7.5 percent increase the insurer received in August, when the state still had authority to review and approve insurance rates beforehand.

"We're seeing a lot of companies coming in with very significant swings," Insurance Commissioner John Oxendine said.

The largest increases, between 24.5 percent and 81 percent, would affect about 60,000 drivers.

Six of the companies raising rates, including 21st Century, are owned by underwriting giant American International Group, or AIG, which is in line for a multibillion-dollar government bailout. AIG officials did not respond to a request for comment.

WHO'S NOT GOING UP?

Four companies will reduce their rates by a fraction of a percentage, including State Farm Mutual Automobile Insurance Co., the state's largest insurer with 1.4 million policies. Lincoln General Insurance Co. will cut rates the most, by 10 percent.

WHY DID THE LAW CHANGE?

When state lawmakers debated the law, supporters said allowing insurers to set their own rates would spur competition and improve prices for consumers. It passed the House and Senate with only 13 votes against it.

Mr. Oxendine fought the change, which was added to a bill allowing drivers to bolster their coverage against uninsured motorists.

Mr. Oxendine said Friday that he doubted the law would ever increase competition.

"These companies can come back every couple of months and raise rates if they want to," Mr. Oxendine said. "I think the key is going to be what happens over the next year."

Sen. Jeff Chapman, R-Brunswick, voted against the bill. He said he hoped rates would eventually be driven down.

"You obviously don't want to see anybody get taken advantage of," Mr. Chapman said.

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Ways to reduce your auto insurance premium

(Nov. 27, 2008) — If you’re like me, you’re always looking for a smart way to save money. Sometimes, saving money can come in the most unlikely place — such as your insurance.

There are several ways you may be able to cut your auto insurance costs. Higher deductibles can lower your premium, as will selecting only the coverages you feel you need. Many insurance companies offer different discounts. Here are a few. When shopping for auto insurance, be sure to ask about the availability of these discounts and whether the insurer offers them.

• New business discount: May offer you a discount as a new policyholder if you have been accident-free for a specific period of time.

• Accident-free: Policyholders who have been accident-free while being insured with the same insurance company for several years may be eligible for reduced premiums.

• Discounts for other insurance lines: Premiums may be reduced if you insure your home, life or health with the same company that covers your car.

• Multiple cars: Premiums may be reduced if there are two or more private passenger cars in the household insured by the same company.

• Air bag/passive restraint: Cars that are 1993 or older and are equipped with air bags or automatic seat belts may receive this discount. Certain makes and models of newer vehicles may receive the Vehicle Safety Discount because of the lower medical payments associated with them. The Vehicle Safety Discount is for autos 1994 or newer. Certain makes and models may have a decrease in their premiums because of lower medical payments associated with those specific makes/models.

• Antitheft devices: Some insurance companies offer discounts on comprehensive coverage premiums when certain antitheft devices are installed or built into a vehicle.

• Defensive driving course: Premium discounts sometimes are offered for the voluntary completion of specified driver improvement courses.

• Good student: Full-time students (high school or higher level) maintaining at least a “B” average may qualify for reduced premiums with many companies.

These are just a few of the common discounts offered by insurance companies. For more details, contact your insurance company or agent. Above all, drive safely.

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