Auto insurance

Auto insurance (also known as vehicle insurance, gap insurance, car insurance, or motor insurance) is insurance purchased for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise therefrom. The specific terms of vehicle insurance vary with legal regulations in each region.

Heralding the end of insurance fraud in Staten island

All of us want the lowest car insurance premiums with the best coverage. Shopping around for the best insurance policies will work to a very large extent, but short cuts such as registering outside the state will not work anymore. Now, there is a legislation to bring down this practice and this is more likely to be turned into a law. There would be tough penalties that would also include a 15-year jail term.

Sen. Diane J. Savino D-North Shore/Brooklyn who is the bill’s co-sponsor stated that the bill was given more teeth in order to discourage fraudsters to stop and think before committing a fraud by siphoning off money from their fellow Staten Island motorists. The bill was passed in the House 60-1 with one abstention in the month of June, and it now awaits approval in the next session of the Assembly.

22Rise in catastrophe claims – Allstate claims loss

 Allstate Corp. has claimed a loss of $620 million in the second-quarter. This is the worst quarter for Allstate and the losses have mounted due to a sharp rise in catastrophe claims ever since Hurricane Katrina hit the Gulf Coast during 2005.

Around $2.34 billion has been contributed towards the damages caused due to the devastating tornadoes that hit the Midwest and the South. Allstate had earlier issued a warning to its shareholders with regard to these estimated losses. These tornadoes have proven to be very costly for the entire insurance industry, but Allstate being the largest publicly traded insurance company in the United States seems to have absorbed these huge losses. Although, the company has made a conscious effort to limit its losses by insuring just a limited number of homes in the coastal regions, the losses could not be curtailed. It is not only because the coastal areas are more vulnerable to hurricanes, but also due to the tornadoes that struck areas away from the coastal region. This caused widespread destruction in places such as Joplin, Mo., and Birmingham, Alas.

Steady rise in auto insurance rates in Florida

There is a stiff competition in the auto insurance industry in Florida. Some of the major companies such as Geico, State Farm, Progressive, and Allstate have been marketing their products quite aggressively and promising some of the best deals ever. This might even make you think that auto insurance is getting cheaper by the day, but that is not true. In fact, auto insurance rates are rising steadily.
Florida is one of the most expensive states when it comes to auto insurance. Despite the fact that it already has a high national average, the rates are hiked twice a year by most of the insurers. Since 2009, most of the big players have been hiking up the rates.

New York city has the highest auto insurance rates in the US

According to a study released by an online auto insurance quote provider, New York City is the most expensive city in the whole of US, to buy auto insurance. The Tri-State members New Jersey, New York, and Connecticut have the highest auto insurance premiums throughout the country. There are a number of factors that have contributed to these high auto insurance rates such as, poor traffic conditions, high crime rates, as well as high population density. New Jersey has continuously been ranked number one for 3 years in a row. But New York as well as Connecticut has also ranked among the top five expensive states to purchase auto insurance.

Top 10 Auto Insurance Companies

The rating of the top 10 auto insurance companies is based on their financial strength as well as the quality of service provided. Ratings are based on a grade average and each of the top 10 auto insurance companies has car insurance ratings of a B+ or higher.

Progressive: Progress has been selected #1 of the Top Rated Auto Insurance Companies In the United States. They are the number one writer of standard car insurance and low rate car insurance through independent agencies, a leading writer of insurance for commercial autos, motorcycles, personal watercraft, boats and RVs. Rating: A+ (Superior)

GMAC Insurance: Chosen as # 2 on the list of the top 10 auto insurance companies, GMAC Insurance is a company that provides a broad range of insurance and insurance-related products and services for individual consumers, as well as automotive dealerships and other businesses. Rating: A- (Excellent)

Infinity: Infinity provides protection to those with a proven record of accident-free driving as well as those who have difficulty obtaining coverage due to a record of accidents or violations, their age, occupation or type of car they drive. They provide low rate car insurance as well as quality and always search for the best car insurance ratings.Rating: A (Excellent)

Unitrin: A relatively new name in car insurance ratings, Unitrin Specialty writes through several companies rated “Excellent” by A.M. Best. They have recently grown by over 140% to become one of the top 10 auto insurance companies nationwide. Rating: A (Excellent)

Bristol West Insurance Group: Bristol West insurance products provide customers the security of a comprehensive range of automobile insurance coverage at low rate car insurance prices. Rating: A (Excellent)

Western United: Western United was formed in response to the growing need to provide drivers with more accessible, reliable and low rate car insurance. Rating: A+ (Superior)

Access Insurance Company: A relatively recent entrant into the Top Rated Auto Insurance Companies In United States, Access Insurance Company provides turnkey property/casualty insurance programs throughout the United States. Rating: A (Excellent)

The Explorer Insurance Company: Though their name may be unfamiliar, they breached the list of the top 10 auto insurance companies with quality car insurance ratings. The Explorer Insurance Company offers comprehensive low rate car insurance products to both individuals/families and businesses. Rating: A- (Excellent)

Western General Insurance Company: Western General Insurance Company and its affiliate companies, together with their Insuring partners are committed to provide you with unparalleled strength and stability for your service contract program. Rating: B++ (Good)

Esurance: From it’s humble beginnings, Esurance has quickly become one of the fastest growing low rate car insurance companies in the country and joined the list of the top 10 auto insurance companies. Rating: B+ (Good)