The State of Texas put in place a plan that enables police officers and specified state users to instantaneously check whether or not an automobile is actually insured. The times of fake or phony proof of auto insurance cards and shedding insurance protection soon after getting a legitimate car insurance card are soon to be a thing of the past.
Officials fear more increased cost would prompt drivers to go without coverage.
People whose odometer doesn’t tick up much may be eligible for reduced rates on their auto insurance.
Progressive Insurance offers up to a 30 percent discount on premiums to drivers who don’t slam on their brakes, drive late at night, or accumulate a lot of miles.
A direct-to-consumer auto insurance company says it has lowered its overall rate for coverage for drivers in New Jersey by 20%.
Wilmington, Del.-based 21st Century Centennial Insurance Co. said the lower overall rate level is for new customers, effective May 10.
But Progressive’s latest attempt to distinguish itself in Pennsylvania - a plan to offer rates based on drivers’ habits, determined by connecting wireless monitors to their cars’ computers - has run into a roadblock.
The Ohio company says its usage-based “MyRate” plan offers drivers in other states, including New Jersey, discounts of up to 30 percent if they drive fewer miles, stay off the roads during the accident-prone hours after midnight, and avoid hard braking.
Personal and commercial auto insurer Progressive Corp. (NYSE:PGR) reported second-quarter results on Tuesday that showed the company continues to grow in the segment that sells auto policies directly to consumers. Strong historical growth and high underwriting standards are other reasons to look closely at the stock, even though it is more pricey than the firm’s archrivals.
Shopping around for the best car insurance rates and home insurance prices seems like a no-brainer, but a recent study reveals that most people aren’t taking advantage of possible savings.
Car insurance companies rationalized that high risk drivers are charged higher premiums. It can be more than 25-100% higher than the normal liability insurance because of the risk they impose to car insurance companies. Basically, one gets insurance so that he will not pay for all the expenses such as car damage due to accident.
Michigan’s Insurance Commissioner banned the practice of insurance companies basing the rates their customers paid for auto insurance on their respective credit scores. On Thursday, the Michigan Supreme Court in Detroit effectively vetoed the Commissioner’s ban, and legitimized the practice once again.
Texas insurance regulators ordered The Travelers Cos. to immediately halt broadcast of a television commercial that says drivers could lose their homes if they don’t have sufficient auto liability insurance to cover a crash.