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Experts offer tips on driving safety, auto insurance for teens at Saturday expo in Oviedo
Anika Myers Palm | Sentinel Staff Writer
August 8, 2008
Insurance agents and law-enforcement experts will offer driving tips for teens at a special event this weekend.
NOTE: DRIVING TEENS ARE BEING SUPPORTED BY INSURANCE COMPANIES.
Exhibitors at the Saturday event in Oviedo Marketplace will answer questions and offer teen/parent driving contracts and auto-insurance information.
Participants include the Florida Association of Insurance Agents, the Florida Highway Patrol , the Deparmtent of Highway Safety and Motor Vehicles, the American Automobile Association, Mothers Against Drunk Driving, the Florida Safety Council, Mercury Insurance and Progressive Insurance.
Attendees also can take a written driving test or renew a vehicle registration at the event.
The Safe Living Teen Auto Expo will begin at 10 a.m. and end at 4 p.m.
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Friday, August 15, 2008
Thursday, August 14, 2008
USED AND NEW CAR BUYING AND SELLING IS NOW MUCH EASIER WITH AUTOMARKET
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Used and New Car Buying and Selling is now much easier with Automarket
Used and New Car Buying and Selling is now much easier with Automarket
Avatar Posted by automarket 1 day 2 hours 8 minutes ago (http://www.automarket.com.au) View profile
Category: Marketing | Tags: cars for sale australia used car australia used car nsw
Perth, WA-09/08/2008 Automarket.com.au, the prominent online automobile marketplace adds new sections enabling consumers swifter and easy buy, sale, finance, insurance for new cars and used cars! In addition, the website now expands its reach to all the states of Australia enhancing from previous reach only to five states. At top of that, simpler and easy-to-navigate sections make the deals and trades pretty user friendly.
"According to the grown customer demand and online transformation we have expanded and modernized our website! We are aimed to catering our clients complete auto solutions under a single roof, whether it be car finance, used car sales, new car sales or any anything else, we want to be the single key to auto solutions," states the MD of Automarket.com.au.
The newly transformed, enhanced and simplified automarket.com.au makes things easy for customers with a simple click. Customers can see the new sections on every page and can click the desired solutions with a glance.
NOTE: AUTOMARKET IS A POPULAR AUTO ONLINE MARKETPLACE.
The highlights of the new and better automarket.com.au
Search by state: Now, automarket is not exclusive to five states only, but expanded its reach to every nook and corner of Australia. Purchase used cars, new cars or any other deals; one can search every state wide.
Free and Easy Car Advertising Service: The general public within Australia can advertise their car, with elaborate details and many photos on AutoMarket for FREE. That's right, absolutely free, no costs at all, not for advertising, not on sale, and not for enquiries.
Search by Make and Model: The useful automarket endues customers to browse the desired models and cars just by clicks. Most of the renowned brands, models are available here.
Car Finance & Insurance: Information about car loans and auto insurance are available, in an easy guiding approach. Direction to excellent finance and insurance option are available.
Every Page Display: The new sections like Used cars, Car finance, Car insurance, Sell your car and many others are available on every page. Users can easily navigate the website and make deals swiftly.
User friendly Features: With the modernist development, the website enables customers to make easy browsing, navigations, selections and much more. One can select car dealers according to the states one require or can see all the enlistments as well. Bookmarking is yet another benefit for customers offered by automarket.com.au.
"The improved website is very easy to navigate and I took hardly any time to find out my desired deals. Everything I thought was dished up to me, I needed only a few clicks" says a delighted customer after using the revived website.
Team automarket.com.au is really energized to see the increased hits and rise in the market popularity chart. The new sections have been highly acclaimed by the clients, customers, webmasters and other Internet experts.
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Used and New Car Buying and Selling is now much easier with Automarket
Used and New Car Buying and Selling is now much easier with Automarket
Avatar Posted by automarket 1 day 2 hours 8 minutes ago (http://www.automarket.com.au) View profile
Category: Marketing | Tags: cars for sale australia used car australia used car nsw
Perth, WA-09/08/2008 Automarket.com.au, the prominent online automobile marketplace adds new sections enabling consumers swifter and easy buy, sale, finance, insurance for new cars and used cars! In addition, the website now expands its reach to all the states of Australia enhancing from previous reach only to five states. At top of that, simpler and easy-to-navigate sections make the deals and trades pretty user friendly.
"According to the grown customer demand and online transformation we have expanded and modernized our website! We are aimed to catering our clients complete auto solutions under a single roof, whether it be car finance, used car sales, new car sales or any anything else, we want to be the single key to auto solutions," states the MD of Automarket.com.au.
The newly transformed, enhanced and simplified automarket.com.au makes things easy for customers with a simple click. Customers can see the new sections on every page and can click the desired solutions with a glance.
NOTE: AUTOMARKET IS A POPULAR AUTO ONLINE MARKETPLACE.
The highlights of the new and better automarket.com.au
Search by state: Now, automarket is not exclusive to five states only, but expanded its reach to every nook and corner of Australia. Purchase used cars, new cars or any other deals; one can search every state wide.
Free and Easy Car Advertising Service: The general public within Australia can advertise their car, with elaborate details and many photos on AutoMarket for FREE. That's right, absolutely free, no costs at all, not for advertising, not on sale, and not for enquiries.
Search by Make and Model: The useful automarket endues customers to browse the desired models and cars just by clicks. Most of the renowned brands, models are available here.
Car Finance & Insurance: Information about car loans and auto insurance are available, in an easy guiding approach. Direction to excellent finance and insurance option are available.
Every Page Display: The new sections like Used cars, Car finance, Car insurance, Sell your car and many others are available on every page. Users can easily navigate the website and make deals swiftly.
User friendly Features: With the modernist development, the website enables customers to make easy browsing, navigations, selections and much more. One can select car dealers according to the states one require or can see all the enlistments as well. Bookmarking is yet another benefit for customers offered by automarket.com.au.
"The improved website is very easy to navigate and I took hardly any time to find out my desired deals. Everything I thought was dished up to me, I needed only a few clicks" says a delighted customer after using the revived website.
Team automarket.com.au is really energized to see the increased hits and rise in the market popularity chart. The new sections have been highly acclaimed by the clients, customers, webmasters and other Internet experts.
Discuss Bury
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Yey.
Paris needs " White Gloved Designated Driver Team...Save up to 65% on ink from HP, Epson, Lexmark, Canon & other major...Royal International Air Tattoo 2008 Refund Policy:
REFUND...I am really disappointed that the Air Tattoo show has been cancelled, on...The Air Tattoo event has been cancelled see story:
wow, it's great. The thrilling dream phone entering hyderabad.
Karen Bailey is a very well known and respected 'coke head'....
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axigen business gold idx investing metals mining seo software web
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Wednesday, August 13, 2008
CREDIT REPAIR BUSINESS PROBLEMS ARE SOLVED
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Credit Repair Business Problems are Solved
Innovative credit repair business software solution revolutionizes the credit repair industry!
Tampa, FL (PRWEB) August 9, 2008 -- DisputeSuite.com launches state-of-the-art credit repair business software to satisfy an increasing demand. Prior to its release, credit repair companies were stuck using software that could not efficiently manage the credit repair and credit dispute process. DisputeSuite.com's standard edition software is a user friendly and cost-effective solution for credit repair businesses of all sizes. DisputeSuite.com offers credit repair business software that starts at only $45 per month.
NOTE: DISPUTESUITE.COM IS ONE OF THE INNOVATIVE CREDIT REPAIR SOLUTION MADE.
DisputeSuite.com credit repair business software is designed to meet the needs of all credit repair businesses. The software allows users the choose a plan that starts as low as $45 per month and is packed with features. Some of the advanced features included in the standard edition of DisputeSuite.com credit repair business software include:
An advanced interactive credit dispute letter library
The credit dispute letter library allows users access to hundreds of proven credit dispute letters along with the capability to add an unlimited amount of completely custom dispute letters. The credit dispute letter customization tools allow for complete customization of credit dispute letters including colors, fonts sizes and texts…
A complete credit report dispute manager
The Credit Dispute Manager gives users the power to quickly enter clients credit items in a centralized section to rapidly create dispute letters.
Multi user collaboration
DisputeSuite.com web-based platform allows multiple users to share and collaborate data. Advanced administrative functions allow for users capabilities to be limited based on pre-determined permissions…
DisputeSuite.com has more features than could be listed in ANY article! DisputeSuite.com's goal was to create a user friendly solution to the credit repair industry that had the capability to rapidly create, manage and track credit dispute letters for an unlimited amount of clients. With one look at the software it is obvious that DisputeSuite.com far surpasses their goal! Every credit repair business owner that has the opportunity to embrace the power of this AWESOME credit repair business software solution will quickly transform their business!
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Credit Repair Business Problems are Solved
Innovative credit repair business software solution revolutionizes the credit repair industry!
Tampa, FL (PRWEB) August 9, 2008 -- DisputeSuite.com launches state-of-the-art credit repair business software to satisfy an increasing demand. Prior to its release, credit repair companies were stuck using software that could not efficiently manage the credit repair and credit dispute process. DisputeSuite.com's standard edition software is a user friendly and cost-effective solution for credit repair businesses of all sizes. DisputeSuite.com offers credit repair business software that starts at only $45 per month.
NOTE: DISPUTESUITE.COM IS ONE OF THE INNOVATIVE CREDIT REPAIR SOLUTION MADE.
DisputeSuite.com credit repair business software is designed to meet the needs of all credit repair businesses. The software allows users the choose a plan that starts as low as $45 per month and is packed with features. Some of the advanced features included in the standard edition of DisputeSuite.com credit repair business software include:
An advanced interactive credit dispute letter library
The credit dispute letter library allows users access to hundreds of proven credit dispute letters along with the capability to add an unlimited amount of completely custom dispute letters. The credit dispute letter customization tools allow for complete customization of credit dispute letters including colors, fonts sizes and texts…
A complete credit report dispute manager
The Credit Dispute Manager gives users the power to quickly enter clients credit items in a centralized section to rapidly create dispute letters.
Multi user collaboration
DisputeSuite.com web-based platform allows multiple users to share and collaborate data. Advanced administrative functions allow for users capabilities to be limited based on pre-determined permissions…
DisputeSuite.com has more features than could be listed in ANY article! DisputeSuite.com's goal was to create a user friendly solution to the credit repair industry that had the capability to rapidly create, manage and track credit dispute letters for an unlimited amount of clients. With one look at the software it is obvious that DisputeSuite.com far surpasses their goal! Every credit repair business owner that has the opportunity to embrace the power of this AWESOME credit repair business software solution will quickly transform their business!
# # #
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Tuesday, August 12, 2008
BUFFETT PROFIT DECLINES BUT TOPS FORECASTS
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Buffett profit declines but tops forecasts
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'Even Warren Buffett himself threw the caution flag'
* August 8, 2008
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Billionaire investor Warren Buffett's Berkshire Hathaway posted its third straight profit decline as lower rates pressured results in insurance operations.
Second-quarter net income fell 7.6% to $US2.88 billion ($3.23 billion), or $US1,859 a share, from $US3.12 billion, or $US2,018, a year earlier, the Omaha, Nebraska-based company said yesterday. Excluding investment gains, profit was $US1,465 a share, beating the $US1,352 average estimate of two analysts compiled by Bloomberg.
NOTE: BUFFETT IS A WELL RESPECTED PERSONALITY IN THE INSURANCE INDUSTRY.
Buffett has been seeking non-US acquisitions, purchasing distressed securities and funding buyouts as he scales back sales in some insurance units because of price competition. Buffett last month pledged $US3 billion to Dow Chemical Co.'s $US15.4 billion purchase of Rohm & Haas Co. In April, he agreed to put up $US6.5 billion to help Mars Inc. buy Wm. Wrigley Jr. Co. in a deal that gives Berkshire a discounted stake in the chewing gum maker.
``He doesn't have to keep writing bad policies, say in reinsurance, just to maintain market share at the cost of big losses later on,'' said Tom Russo, a partner at Gardner Russo & Gardner in Lancaster, Pennsylvania, which manages more than $US3 billion, including Berkshire shares. ``Most competitors do just the opposite, favoring reported profits at the cost of long-term wealth creation.''
Berkshire's earnings from underwriting insurance and reinsurance policies fell 43% to $US360 million. The businesses typically provide about half of Berkshire's profit. Commercial insurance rates in the US fell 13% from a year earlier, the Council of Insurance Agents and Brokers said.
`Fewer opportunities'
``Price competition resulted in fewer opportunities'' to sell reinsurance at acceptable prices, the company said in a regulatory filing. Reinsurers assume liabilities from insurers for a share of their premiums.
Investment losses, fallout from the collapse of the subprime mortgage market, catastrophe claims and falling property and casualty rates caused second-quarter profit declines or losses at 18 of the 24 companies in the KBW Insurance Index.
Berkshire shares had their worst first half since 1990 and are down 18% this year in New York Stock Exchange composite trading. Berkshire's results were posted yesterday after the close of regular trading.
Profit from selling policies at car insurer Geico Corp. fell 8.3% to $US298 million before taxes on rising claims costs. Price reductions from last year, which went into effect as drivers renewed their policies, cut into the profit margin. The unit added about 105,000 new policyholders in the quarter.
`Caution flag'
``Even Warren Buffett himself threw the caution flag earlier when he said look, don't expect the earnings from 2006 and 2007 to continue into 2008,'' said Charles Hamilton, an analyst at FTN Midwest Securities Corp. in Nashville, Tennessee, in a Bloomberg Television interview. ``We're not particularly surprised by the weaker earnings.''
NOTE: HAMILTON IS A RESPECTED PERSONALITY IN INSURANCE INDUSTRY.
Increases in the value of some holdings and derivatives raised earnings by $US610 million, compared with $US608 million a year earlier. Investment income at Berkshire's insurance units, including stock dividends, rose 2.6% to $US884 million.
Berkshire boosted holdings of auction-rate securities to $US6.5 billion as of June 30 from $US3.8 billion March 31 and none at the end of 2007. The market froze in February when investors were left unable to redeem the securities after dealers that ran the periodic bidding to determine interest costs suddenly stopped supporting the auctions.
Buffett told investors at Berkshire's annual meeting in May that bonds from the same issue were selling simultaneously from the same broker with yields of 6% and 11%.
Auction-rate securities
``Those are extreme dislocations,'' Buffett said. ``Those are great times to make unusual amounts of money.''
The worst housing slump since the Great Depression has hurt Berkshire's building-related companies.
Earnings fell 26% to $US82 million at Shaw Industries, the world's largest carpet manufacturer, as sales to residential customers declined. Profit at furniture stores, jewelry shops and the candy business declined 47% to $US29 million.
``Pretax earnings in 2008 declined in all of Berkshire's retail operations,'' the company said, citing ``weak local residential housing markets and general economic conditions as well as an overall decline in consumer confidence.''
Earnings from Berkshire's energy and utilities unit decreased 10% to $US208 million.
Marmon Holdings Inc., purchased this year, helped increase profit at Berkshire's manufacturing, service and retailing businesses by 11% to $US719 million.
Seeking acquisitions
Marmon employs about 20,000 people in 125 business units, mostly in North America, Europe and China, according to the company's Web site. Its operations include manufacturing and leasing railroad tank cars and making wire and cable products. The unit earned $US261 million in the period ended June 30.
Buffett, 77, completed a four-city European tour in May aimed at drumming up potential acquisitions of family-owned companies as US results slump. Berkshire had about $US31 billion in cash as of June 30, most of it in insurance units.
Buffett, ranked the world's richest person by Forbes magazine, built Berkshire over four decades from a failing textile manufacturer into a $US175 billion holding company by buying out-of-favor securities and businesses whose management he deemed superior.
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Buffett profit declines but tops forecasts
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'Even Warren Buffett himself threw the caution flag'
* August 8, 2008
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Billionaire investor Warren Buffett's Berkshire Hathaway posted its third straight profit decline as lower rates pressured results in insurance operations.
Second-quarter net income fell 7.6% to $US2.88 billion ($3.23 billion), or $US1,859 a share, from $US3.12 billion, or $US2,018, a year earlier, the Omaha, Nebraska-based company said yesterday. Excluding investment gains, profit was $US1,465 a share, beating the $US1,352 average estimate of two analysts compiled by Bloomberg.
NOTE: BUFFETT IS A WELL RESPECTED PERSONALITY IN THE INSURANCE INDUSTRY.
Buffett has been seeking non-US acquisitions, purchasing distressed securities and funding buyouts as he scales back sales in some insurance units because of price competition. Buffett last month pledged $US3 billion to Dow Chemical Co.'s $US15.4 billion purchase of Rohm & Haas Co. In April, he agreed to put up $US6.5 billion to help Mars Inc. buy Wm. Wrigley Jr. Co. in a deal that gives Berkshire a discounted stake in the chewing gum maker.
``He doesn't have to keep writing bad policies, say in reinsurance, just to maintain market share at the cost of big losses later on,'' said Tom Russo, a partner at Gardner Russo & Gardner in Lancaster, Pennsylvania, which manages more than $US3 billion, including Berkshire shares. ``Most competitors do just the opposite, favoring reported profits at the cost of long-term wealth creation.''
Berkshire's earnings from underwriting insurance and reinsurance policies fell 43% to $US360 million. The businesses typically provide about half of Berkshire's profit. Commercial insurance rates in the US fell 13% from a year earlier, the Council of Insurance Agents and Brokers said.
`Fewer opportunities'
``Price competition resulted in fewer opportunities'' to sell reinsurance at acceptable prices, the company said in a regulatory filing. Reinsurers assume liabilities from insurers for a share of their premiums.
Investment losses, fallout from the collapse of the subprime mortgage market, catastrophe claims and falling property and casualty rates caused second-quarter profit declines or losses at 18 of the 24 companies in the KBW Insurance Index.
Berkshire shares had their worst first half since 1990 and are down 18% this year in New York Stock Exchange composite trading. Berkshire's results were posted yesterday after the close of regular trading.
Profit from selling policies at car insurer Geico Corp. fell 8.3% to $US298 million before taxes on rising claims costs. Price reductions from last year, which went into effect as drivers renewed their policies, cut into the profit margin. The unit added about 105,000 new policyholders in the quarter.
`Caution flag'
``Even Warren Buffett himself threw the caution flag earlier when he said look, don't expect the earnings from 2006 and 2007 to continue into 2008,'' said Charles Hamilton, an analyst at FTN Midwest Securities Corp. in Nashville, Tennessee, in a Bloomberg Television interview. ``We're not particularly surprised by the weaker earnings.''
NOTE: HAMILTON IS A RESPECTED PERSONALITY IN INSURANCE INDUSTRY.
Increases in the value of some holdings and derivatives raised earnings by $US610 million, compared with $US608 million a year earlier. Investment income at Berkshire's insurance units, including stock dividends, rose 2.6% to $US884 million.
Berkshire boosted holdings of auction-rate securities to $US6.5 billion as of June 30 from $US3.8 billion March 31 and none at the end of 2007. The market froze in February when investors were left unable to redeem the securities after dealers that ran the periodic bidding to determine interest costs suddenly stopped supporting the auctions.
Buffett told investors at Berkshire's annual meeting in May that bonds from the same issue were selling simultaneously from the same broker with yields of 6% and 11%.
Auction-rate securities
``Those are extreme dislocations,'' Buffett said. ``Those are great times to make unusual amounts of money.''
The worst housing slump since the Great Depression has hurt Berkshire's building-related companies.
Earnings fell 26% to $US82 million at Shaw Industries, the world's largest carpet manufacturer, as sales to residential customers declined. Profit at furniture stores, jewelry shops and the candy business declined 47% to $US29 million.
``Pretax earnings in 2008 declined in all of Berkshire's retail operations,'' the company said, citing ``weak local residential housing markets and general economic conditions as well as an overall decline in consumer confidence.''
Earnings from Berkshire's energy and utilities unit decreased 10% to $US208 million.
Marmon Holdings Inc., purchased this year, helped increase profit at Berkshire's manufacturing, service and retailing businesses by 11% to $US719 million.
Seeking acquisitions
Marmon employs about 20,000 people in 125 business units, mostly in North America, Europe and China, according to the company's Web site. Its operations include manufacturing and leasing railroad tank cars and making wire and cable products. The unit earned $US261 million in the period ended June 30.
Buffett, 77, completed a four-city European tour in May aimed at drumming up potential acquisitions of family-owned companies as US results slump. Berkshire had about $US31 billion in cash as of June 30, most of it in insurance units.
Buffett, ranked the world's richest person by Forbes magazine, built Berkshire over four decades from a failing textile manufacturer into a $US175 billion holding company by buying out-of-favor securities and businesses whose management he deemed superior.
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Sunday, August 10, 2008
STATE'S AUTO INSURANCE RATES DIP AS HOMEOWNERS INSURANCE GOES UP
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Dayton > News > Industries > Banking & Financial Services - Insurance
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Monday, August 4, 2008 - 4:21 PM EDT
State's auto insurance rates dip as homeowners insurance goes up
Dayton Business Journal - by Maria Gallucci DBJ Contributor
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"AUTO INSURANCE"
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While auto insurance rates continued a three-year decline in 2007, homeowner insurance rates picked up again, according to figures released Monday by the Ohio Department of Insurance.
The Insurance Department said average rates from the 10 largest auto insurers in Ohio dropped 2.6 percent last year, versus declines of 1.6 percent and 1 percent in 2005 and 2006, respectively.
Meanwhile, rates for Ohio's top 10 homeowner insurers increased 1.5 percent in 2007, up from a 0.7 percent drop in the year before and a 0.4 percent increase in 2005.
Ohio's auto insurance rates are the 13th lowest in the country, up from 14th a year ago, according to recent figures from the National Association of Insurance Commissioners. Ohio ranked 6th for lowest homeowners insurance average premiums, up one slot from last year.
Lower premiums on auto insurance results from a competitive marketplace in the state, said Jarrett Dunbar,, a department spokesman. Dunbar attributed the increased costs of building and materials and a hike in weather-related claims to higher homeowner insurance premiums.
NOTE: DUNBAR IS A RESPECTED PERSONALITY IN THE INSURANCE INDUSTRY.
The state insurance department said average auto insurance rates will likely increase slightly this year because of more cars on the road and due to increasing medical and repair costs. Homeowners insurance rates will probably increase in greater percentages, the department said.
E-mail dayton@bizjournals.com. Call (937) 528-4400.
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Monday, August 4, 2008 - 4:21 PM EDT
State's auto insurance rates dip as homeowners insurance goes up
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* Geico drops car insurance rate hike [08/06/2008]
* Hanover Insurance to acquire AIX holdings [08/06/2008]
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* State's auto insurance rates dip as homeowners insurance goes up [08/04/2008]
* First Insurance says car rates down 8% [08/01/2008]
* > More Search Results
While auto insurance rates continued a three-year decline in 2007, homeowner insurance rates picked up again, according to figures released Monday by the Ohio Department of Insurance.
The Insurance Department said average rates from the 10 largest auto insurers in Ohio dropped 2.6 percent last year, versus declines of 1.6 percent and 1 percent in 2005 and 2006, respectively.
Meanwhile, rates for Ohio's top 10 homeowner insurers increased 1.5 percent in 2007, up from a 0.7 percent drop in the year before and a 0.4 percent increase in 2005.
Ohio's auto insurance rates are the 13th lowest in the country, up from 14th a year ago, according to recent figures from the National Association of Insurance Commissioners. Ohio ranked 6th for lowest homeowners insurance average premiums, up one slot from last year.
Lower premiums on auto insurance results from a competitive marketplace in the state, said Jarrett Dunbar,, a department spokesman. Dunbar attributed the increased costs of building and materials and a hike in weather-related claims to higher homeowner insurance premiums.
NOTE: DUNBAR IS A RESPECTED PERSONALITY IN THE INSURANCE INDUSTRY.
The state insurance department said average auto insurance rates will likely increase slightly this year because of more cars on the road and due to increasing medical and repair costs. Homeowners insurance rates will probably increase in greater percentages, the department said.
E-mail dayton@bizjournals.com. Call (937) 528-4400.
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GEICO DROPS CAR INSURANCE RATE HIKE
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Wednesday, August 6, 2008 - 10:35 AM EDT
Geico drops car insurance rate hike
Business First of Buffalo - by Tracey Drury Business First
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Geico, the largest provider of auto insurance in the state, has agreed to withdraw a rate increase request for New York drivers.
NOTE: GEICO IS ONE OF THE TOP AUTO INSURANCE COMPANY.
The insurer had requested a rate increase with the State Insurance Department for Geico and Geico General, which together write more than 75 percent of the company's auto insurance policies in the state. The withdrawal followed a discussion with the state Insurance Department on how higher gas prices are reducing the number of miles New York motorists drive.
The company, whose Northeast Operations Center is housed in Amherst and employs 1,500 workers, also agreed to reduce its rate increase request for a third division, Geico Indemnity.
Other insurers will also now be required to assess the impact of reduced driving on their rates under a bulletin issued by the Insurance Department Aug. 6. In a prepared statement, state Insurance Superintendent Eric Dinallo said reduced driving resulting from increased gas prices should result in fewer accidents and less crowding on roads, resulting in lower auto claims costs for insurers.
NOTE: DINALLO IS A RESPECTED PERSONALITY IN INSURANCE INDUSTRY.
"My job is to make sure that these savings are passed on in the form of lower rates for New York drivers," he said.
Dinallo's office cited U.S. Department of Transportation statistics showing the number of miles Americans drove dropped in May for the seventh straight month. New Yorkers drove 4 percent less in May 2008 than May 2007, a reduction of 500 million vehicle-miles. The drop-off is expected to continue.
Currently, automobile insurance rate increases require prior approval from the insurance department. The bulletin issued Wednesday, known as a Circular Letter, instructs companies with pending rate requests to submit a supplement with their assessment of the impact on rates and rate requests of reduced driving before the department approves any rate filings.
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Buffalo > News > Industries > Banking & Financial Services - Insurance
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Wednesday, August 6, 2008 - 10:35 AM EDT
Geico drops car insurance rate hike
Business First of Buffalo - by Tracey Drury Business First
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Geico, the largest provider of auto insurance in the state, has agreed to withdraw a rate increase request for New York drivers.
NOTE: GEICO IS ONE OF THE TOP AUTO INSURANCE COMPANY.
The insurer had requested a rate increase with the State Insurance Department for Geico and Geico General, which together write more than 75 percent of the company's auto insurance policies in the state. The withdrawal followed a discussion with the state Insurance Department on how higher gas prices are reducing the number of miles New York motorists drive.
The company, whose Northeast Operations Center is housed in Amherst and employs 1,500 workers, also agreed to reduce its rate increase request for a third division, Geico Indemnity.
Other insurers will also now be required to assess the impact of reduced driving on their rates under a bulletin issued by the Insurance Department Aug. 6. In a prepared statement, state Insurance Superintendent Eric Dinallo said reduced driving resulting from increased gas prices should result in fewer accidents and less crowding on roads, resulting in lower auto claims costs for insurers.
NOTE: DINALLO IS A RESPECTED PERSONALITY IN INSURANCE INDUSTRY.
"My job is to make sure that these savings are passed on in the form of lower rates for New York drivers," he said.
Dinallo's office cited U.S. Department of Transportation statistics showing the number of miles Americans drove dropped in May for the seventh straight month. New Yorkers drove 4 percent less in May 2008 than May 2007, a reduction of 500 million vehicle-miles. The drop-off is expected to continue.
Currently, automobile insurance rate increases require prior approval from the insurance department. The bulletin issued Wednesday, known as a Circular Letter, instructs companies with pending rate requests to submit a supplement with their assessment of the impact on rates and rate requests of reduced driving before the department approves any rate filings.
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