Insurance Agents Boosted By Clunker Sales

Most consumers who sped off dealership lots in new vehicles, thanks to the government's cash rebate incentive Clunkers also departed from something else - more expensive car insurance.

Car Allowance compensation system has boosted sales of new cars 700.000 of the country after the driver in the course of their older gas guzzlers for new, more fuel efficient vehicles.

Local insurance agents say, new cars require more coverage, and their customer traffic began to increase when it entered into force on 27 July, did not end until August 24.

"We are seeing increased traffic and talked with some cash to customers clunker said Wilson Brown of Nationwide Insurance at 405 N. Elm St." A lot of people have added comprehensive and collision coverage of their policies (after buying new cars). "

Since most of the "clunkers" are older vehicles that have not been paid, many clients who have participated in the program are covered only by liability insurance or coverage that is offered for bodily injury or property damage for which the insured driver is deemed responsible . New cars bought through a loan or lease, however, is required by most lenders have collision coverage that pays for the insured driver of the vehicle when they are involved in the accident.

"People trade in many older cars, which not only responsibility, and because they are buying new cars, they are adding to their policy," said James Whitley, the Morton Whitley Insurance at 2610 N. Main St. It has created a business and increase premiums.

Whitley said customers also visited the agency before going to the dealership in order to determine whether he can afford the new policy.

Dewey Beckner, an agent with Allstate Insurance Co. said it is impossible to know how much money an average customer Clunkers increased their car insurance payments, because it depends on the number of vehicles are attached to the policy, but the program still mixed a few new businesses.

"We are disappointed that we did not get a new policy from the program, and it is people who have insurance, adding," he said. But there were many good things about this program. "
To see more of the High Point Enterprise, or to subscribe to the newspaper, go to http://www.hpe.com.

Are Insurance Limits Too Low?

A new statistical analysis shows that more than 28.000 companies of the carrier vehicles, which operate 200,000 trucks violations of federal safety regulations.

Process Bar Association, the American Association for Justice (AAJ), said he found commuters share the road with trucks, which suffered one thousand safety violations such as faulty brakes, bald tires, loads that exceed the weight limits dangerously and driving with little or no training or alcohol, drugs and addictions.

Group also stated that the current minimum insurance requirements Truckers are inadequate.

AAJ said that the data on the safety performance of U.S. companies ride from the Federal Motor Carrier Safety Administration (FMCSA).

States in which the ratio of companies found in violation of safety above the national average to West Virginia, North Dakota, Nebraska, Vermont, Iowa, Montana, Delaware, Idaho, Arkansas, Connecticut, Kentucky, Minnesota, North Carolina, Oregon, Indiana, Mississippi, Wisconsin and South Dakota.

According to the FMCSA more than 4,000 people die every year in collisions with trucks and 80000 are more seriously injured. Moreover, while trucks account for less than four percent of all passenger vehicles on the road in the U.S., they are involved in 12 percent of all motor vehicle fatalities.

AAJ also argues that the minimum insurance requirements for commercial trucks are "totally inadequate to compensate those who were seriously injured in collisions involving multiple vehicles and multiple victims. In 1980 Congress set a minimum level of insurance to $ 750,000, after factoring in inflation , $ 750,000 only $ 292,000 in 1980 dollars, according to the analysis.

While large companies driving may carry more than the required level of coverage, smaller companies often perform only the minimum, according to the AAJ. AAJ Analysis of the U.S. horse industry found that 87 percent of companies in violation of safety standards for small businesses that have fleets of 10 trucks or less.

AAJ said that many fatal accidents involving trucks dangerous are not recorded as a breach of security. 2005 Government Accountability Office (GAO) study showed that almost one-third of commercial motor vehicle accident that the states are required to report on the federal government have not been registered. In addition, do not, bug reports, the State has always been accurate.

The following analysis AAJ July 2009 GAO study, which showed that more than 1,000 commercial trucking companies, which have been procured from service because of federal safety violations to avoid compliance by operating under a different name, but often use the same owner, address, and employees.

AIG, Former CEO Greenberg, CFO Smith Agree to Binding Arbitration

American International Group, Inc., its former Chairman and Chief Executive Officer Maurice R. Greenberg, and its former Chief Financial Officer Howard I. Smith jointly announced today that they have agreed on terms for binding arbitration of various legal disputes between AIG, on the one hand, and Greenberg and Smith, on the other
Full News

Fortis secures £20m Toyota contract

Fortis Insurance UK has won a £20 million contract to provide car insurance to Toyota customers.

Fortis said the offer in consultation with the UK partner of Aioi Insurance Toyota, will help it build its position as the third largest UK motor insurer.

Aioi Motor and General insurance claims will continue, and Fortis will be responsible for sales, administration and claims services. Fortis will be undertaking some activity guaranteed by Aioi.

Three-year contract will create about 70 new jobs in the UK offices in Stoke-on-Trent and Gloucester.

Barry Smith, CEO of Fortis UK, said, "expects" to work with Aioi.

"This new relationship is a significant step forward in our multi-channel distribution strategy, reinforcing our strength in the private car insurance market," Smith said.

"Our approach is customer-driven and market-leading performance are key ingredients for our growth in the global affinity, which recently secured the number of new compounds.

Final binding partnerships to be agreed within the next two months.

Toyota said the company is "pleased" with the cooperation with Fortis.