Auto Insurance
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Some automobile insurance companies, warning that they may ultimately abandon all car insurance in New Jersey, are reducing the number of their minimum-coverage policies here as they press the state for higher premium rates
Source : select.nytimes.com
1.3 Million New Jersey Drivers To Pay More for Auto Insurance
Automobile insurance rates will rise for 1.3 million New Jersey drivers as a result of recent settlements between state regulators and insurers, including in some cases a revamping of systems that vary rates according to drivers’ records.
The State Department of Banking and Insurance said this week that starting in January, premiums would rise by an average of 6 percent for 464,000 policyholders with Liberty Mutual Fire Company, and by 8.9 percent for 65,000 drivers insured by its affiliate, Liberty Insurance. The announcement comes two weeks after a settlement with State Farm Insurance that will mean an average premium increase of 14.5 percent for more than 800,000 drivers, and up to 90 percent for those with the worst driving records.
The settlements stem from lawsuits the companies brought against the state after their requests for steeper increases were rejected by the insurance department last year. The requests followed a mandatory 15-percent rollback of insurance premiums imposed by legislators and Gov. Christie Whitman in 1999.
Several companies, including State Farm, have said they plan to pull out of the New Jersey market, which the industry says is the most heavily regulated and highly politicized in the country.
Last year, Liberty Mutual unsuccessfully sought a 20 percent increase and Liberty, 25.2 percent. State Farm requested a 16.8 percent increase. Eight other companies are also seeking increases.
Under the settlements, all State Farm customers will pay 7 percent more. But the remaining 7.5 percent of the increase granted by the state will result from a revamping of the company’s six-tier system that will place many drivers into higher-paying tiers based on their driving records. For drivers bumped from the fourth tier to the second, for example, rates will jump 90 percent.
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NEW RATES FIXED ON AUTO INSURANCE; Substantial Reductions for Many Types of Policies Are Listed Throughout State. SOME SAVINGS IN THE CITY Schedules for Commercial Ve- hicles Cut – No Change on Passenger Cars Here. PENALTY SCALE PROVIDED Traffic Law Violators and Others Involved in Culpable Accidents to Pay 10%, 25% or 50% Extra.
The new rates for automobile insurance, effective next Tuesday, were made public yesterday by George S. Van Schaick, State Superintendent of Insurance. The new schedule in many instances is lower than the rates previously approved by the department on the application of the National Bureau of Casualty and Surety Underwriters.
Source : select.nytimes.com
‘Floating’ Auto Insurance Rates Face Uncertain Future
After a long and often ruthless campaign to weed out the bad and the unwanted, automobile insurance companies are once again actively looking for customers.
Source : select.nytimes.com
AUTO INSURANCE HAS MANY PROBLEMS; Underwriters Adopt Reduced Value Policy for Theft for Coming Year– Other Changes Suggested.
Automoblle insurance is again undergoing a period of change, a condition which has prevailed in the insuring of motor cars for several years. While the action of the National Automobile underwriters’ Association at its recent annual meeting provides for the
Source : query.nytimes.com
BILL ASKS SECURITY IN AUTO INSURANCE; Dineen Wants Fund to Protect Public From Loss in Collapse of Casualty Companies
-Creation of a security fund to protect automobile owners and traffic accident victims from losses that might result from the collapse of casualty insurance companies was recommended today by Robert E. Dineen, State Superintendent of Insurance.
Source : select.nytimes.com
AUTO INSURANCE RATES REVISED; Underwriters’ Report Shows It Is Cheaper to Insure High-Priced Cars Than Cheaper Ones.
The report of the New York Insurance Department under which the Automobile Underwriters’ conference is doing business, shows a revision of automobile insurance rates. The examiners, after outlining the history of the conference, commented upon the phases of the work which conflict with some of the insurance laws.
Source : query.nytimes.com
More Auto Insurance Cures
With the cost of auto insurance dominating politics in New Jersey, readers have continued to submit their suggestions for reforming the industry.
A Moral Failure
New Jersey’s insurance rates are the highest in the nation because we have a lot of morally bankrupt individuals scamming the system. The scams are both legal and illegal. The industry itself creates an environment in which few people feel any shame because most people feel they themselves have been getting ripped off, so they feel justified in turning a minor fender-bender into a serious accident. The lawyers and the doctors grease the wheels of wealth with slickly filled-out forms and boilerplate arguments. The insurance-company lawyers make tons of money for fighting tooth and nail to prevent any money from ever being paid on a claim.
Part of the solution will be to start putting thousands of these white-collar criminals in jail. Lawyers and doctors and ‘’patients'’ who routinely lie to enrich themselves are just as worthy of jail time as any burglar; that applies to the repair scams also.
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Insurance Cut Rejected By Massachusetts Court
The Massachusetts Supreme Court declared unconstitutional today a mandatory 15 per cent rate reduction for property damage liability auto insurance. The reduction was part of the state’s new “no-fault” auto insurance law.
Source : select.nytimes.com
THE 1997 ELECTIONS: THE AD CAMPAIGN; Another Attack on Insurance
State Senator James E. McGreevey, the Democratic candidate for governor, recently released a 30-second television advertisement criticizing Gov. Christine Todd Whitman for her policies on auto insurance.
PRODUCER – Struble Oppel Donovan Communications in Washington.
ON THE SCREEN – Scenes of the Governor giving a speech, a copy of a $25,000 check written to the Republican Party and Mr. McGreevey discussing his auto insurance plan.
THE SCRIPT – Announcer: On July 1, Christie Whitman made an election-year promise to freeze car insurance. But hours before, Whitman secretly approved her 12th rate hike. Days later, this same insurance company gave Republicans $25,000. Want change? Jim McGreevey will take on the insurance industry. Crack down on fraud. And as governor, order a 10 percent rollback on rates.
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