New insurance law

The North Carolina General Assembly, in its seemingly endless wisdom, enacted a law last year requiring motorists to carry coverage protecting them if they are in an accident with an uninsured motorist.That law recently went into effect and what it means is that some area vehicle owners will see their auto insurance rates climbing.Up until now, North Carolina motorists who purchased auto insurance had the choice of whether to cover themselves should they be in a wreck caused by an uninsured motorist.The idea of such coverage is that, if someone is injured in a wreck caused by an uninsured motorist, or their vehicle is damaged, the person who carries uninsured motorist protection is still covered, by his or her own insurance.Of course, that cost motorists more on their auto insurance, and up until now North Carolina auto owners could choose whether to fork over that extra to their insurance company, or to keep the money in their own pocket while risking such an accident.Now the state is forcing all motorists to purchase this additional insurance.Most insurance professionals — who stand to reap additional revenue — say the typical car owner isn’t going to see that much of in increase in their annual premium. And, the truth is that more than 90 percent of insured motorists already carried this protection.The addition cost and the relatively small number of people who would be affected, however, are not the issue here. What is the issue that we find onerous is the state government finding yet another way to reach its tentacles into the private lives of state citizens.At the very least if the state is going to force a mandate on its citizens, it should cough up the money to pay for it. Otherwise, this just might be another example of government issuing regulations simply because it can, leaving private citizens to foot the bill.

Free Insurance Quotes

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AUTO INSURANCE

Auto insurance board with new rules for motorcyclists
Sun, 2009-05-24 22:22.
David Cohen
The auto insurance board is hoping to cut down on motorbike accidents by raising the minimum age to drive them.
The SAAQ will restrict access to high-powered sport bikes to riders either over 25 or those with more than five years experience.
Stats show the risk of accidents is directly linked to the cylinder size and type of motorcycle.
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ALLSTATE INSURANCE

Allstate Insurance Co., the nation's second largest auto insurer, announced plans today to re-enter the Massachusetts auto insurance market starting this fall.
If approved by regulators, Allstate would be the latest in a string of major insurers to enter the Massachusetts market since the state started allowing companies to start setting their own rates starting last year.
Geico, the country's third largest auto insurer, just started offering auto insurance in Massachusetts today. And Progressive, the country's fourth largest auto insurer, entered the market a year ago. A number of smaller companies have also started marketing auto insurance since the state stopped setting auto insurance rates.
According to Massachusetts Insurance Commissioner Nonnie S. Burnes, the new system is intended to give car owners more choice and help lower rates in Massachusetts. Indeed, some consumers say they have been able to save hundreds of dollars or more by switching insurance plans since the state introduced its "managed competition" plans.
But the state hasn't released figures yet showing how much consumers statewide have saved, if anything, under the new system.
Allstate, based in Northbrook, Ill., said it filed proposed rates and other paperwork today with the Massachusetts Division of Insurance. It hopes to start marketing auto insurance in the state under the Allstate brand starting Nov. 2.
The company said Massachusetts consumers will be able to sign up for policies online at , calling (800) ALLSTATE, or contacting the company's agents in Connecticut, New Hampshire, or Rhode Island.
Allstate already sells insurance in Massachusetts to a limited degree through a subsidiary, Encompass Insurance, but does not currently market the insurance under its own better known brand. A spokesman said Encompass has a tiny market share of the Bay State's auto insurance market. But Allstate hasn't marketed auto insurance policies under its own brand in two decades.
An Allstate spokesman said the company's insurance rates would be "very competitive," but couldn't say more precisely how they would stack up against competitors.

CAR INSURANCE

Six months ago, the Springfield, Missouri, property supervisor found a policy that gives him a break. So far he's saved about $48 -- or ten percent -- over six months compared to a traditional premium.
There's a catch; his insurance company, Progressive, is monitoring every move he makes behind the wheel.
Goodwin is fine with it, and says that just knowing that a small transceiver is reporting his driving behavior back to the insurance company helps him drive more carefully.
"There's this 'Big Brothe'r thing, but it's good," Goodwin said. "Since I know I'm being watched, I'm on my best behavior." AOL Autos: Check out other Big Brother devices
Goodwin noted that he's now less likely to speed.
"You'll, in effect trade a degree of privacy for a lower rate" in such a pay-as-you-drive policy, explains Mike Barry, vice president of media relations for the Insurance Information Institute. "They know not only how many miles you drive but how and when you drive."
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For now, MyRate is the only widely available pay-as-you-go auto policy -- available now in nine states (Alabama, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Missouri, New Jersey, and Oregon), with at least three more expected by the end of the summer.
There are "tens of thousands" of drivers already enrolled, according to Progressive, and one in four existing customers of the company who've become eligible for the program have opted in.
Progressive says that MyRate may save up to 25 percent versus a traditional premium if you travel less than 10,000 miles per year, are a defensive driver, and rarely drive past midnight.
What bad behaviors does the system look for? Sudden starts and stops, and driving during higher-risk times, will raise the rate -- by up to 9 percent in states where a surcharge is permitted.
Progressive says that if you drive even once a week between midnight and 4 a.m. the policy probably isn't a good choice. On the flip side, smooth rural drivers who cover more than 15,000 miles a year could also save 20 percent or more. AOL Autos: Can your car last 1 million miles?
Several other insurers, including Allstate, Unigard, and The Hartford, are testing usage-based policies; and GMAC Insurance now offers a low-mileage discount of up to 54 percent to drivers of late-model GM vehicles -- with mileage reported by the onboard OnStar communication and safety system.
Another company, MileMeter, offers a system (only in Texas) through which customers pre-pay for a certain number of miles of coverage, as verified simply through the vehicle's odometer reading. AOL Autos: How to cut your insurance in half
In various forms, pay-as-you-drive policies are already offered in Canada, the U.K., Japan, Israel, the Netherlands, and South Africa, but for now the wider adoption of such policies in the U.S. has been slowed by the differences between in requirements in each state.
Why so long coming?
Tully Lehman, a spokesman for the insurance industry in California, a state that has recently laid the framework for pay-as-you-drive policies, says that the biggest concern with surveillance-based systems like Progressive's is privacy.
But there are also worries with the misinterpretation of the driving-style data.
"For instance, when the company sees hard braking," it could be driver inattention or carelessness, Lehman said. "Or, it could be a dog in the road." It also could be any number of things that have nothing to do with the driver's behavior.
Another issue is that the very vehicle you drive might not qualify you for much of a discount if it has touchy brakes or spirited acceleration; the company doesn't correct for the fact that some cars are more "responsive" than others. A Buick driver, for instance, might get more of a discount than a Mini Cooper driver simply because of the way the vehicles respond. MyRate doesn't differentiate between drivers, either.
MyRate users are able to log in and see an assessment of their driving style, along with charts and graphs and a running trip record.
While privacy advocates might already be up in arms over the data set -- which won't be shared with third parties but could be kept for up to six years -- they'll be somewhat relieved to hear that MyRate doesn't have GPS capabilities. The system knows "when" and "how" you drive, but not "where." For that, we'll leave the controversy to the GPS locators in cell phones.
Tracking exactly where users go would create serious privacy concerns, admits Steve McKay, product manager for MyRate
"Knowing location wouldn't add a lot to the predictive value either," McKay said.
The state of California in 2006 outlawed the pricing of policies by zip code, along with several other factors.
Although the future of pay-as-you-drive plans might rest in GPS-based systems that do track where you go, it's now looking like a distant future. California has also recently adopted new regulations that set the framework for pay-as-you-go policies, but the state's insurance commissioner, Steven Poizner, is especially conscious of the privacy concerns that the technology brings.
"I will not approve any auto insurance policy that aims to utilize GPS devices in order to obtain location data from consumers," Poizner said in a release last year.
State and federal governments also have their eye on GPS systems as a new way of figuring road tax in the future. With the projected long-term market swing away from conventional gasoline vehicles toward more efficient plug-in hybrids and electric vehicles, many state officials are worried about dwindling revenue for highways.
Currently, road taxes are collected via a per-gallon gasoline tax. Just earlier this year, U.S. Transportation Secretary Ray LaHood proposed a mileage-based method for calculating road tax, and several states, including Oregon, have tested a GPS-based system that would assess road tax.
Nudges drivers to be safer and greener
Drivers might simply choose pay-as-you-drive policies to get a break on their premium. But it'll likely save them even more in the long run; because they'll probably drive their cars gentler, get better gas mileage, put less wear on their vehicles, and be less prone to getting tickets.
"Just leaving the device in your car changes your behavior," Allstate spokesman Raleigh Floyd said. Because the company is scoring the driver's actions and there are measurable rewards for good behavior. "It becomes more game-like--and the benefit is that you're a safer driver." AOL Autos: How to avoid a speeding ticket
Even Goodwin admits that he finds restraint in his Tahoe when he wouldn't have before.
"Now when I just want to floor it, I don't," he said.
They're likely to reduce their trips as well. According to a report from the Brookings Institution, if motorists paid for their auto insurance by the mile, driving would decline by about eight percent nationwide, significantly reducing carbon-dioxide emissions and gasoline consumption, and nearly two-thirds of drivers would pay less for auto insurance. AOL Autos: How to get 100 MPG
Major environmental groups and safety advocates are also on board; the ten-percent decline in driving anticipated by the Environmental Defense Fund would not only reduce air pollution and toxic runoff but also translate to saved lives, through a 17-percent reduction in crashes.
Even Progressive agrees that a pay-as-you-drive policy won't be right for everyone. Those who value their privacy or want to drive however they please can rest assured; there will still be traditional policies for the foreseeable future, experts say.

DOG INSURANCE

Saikou and Kozette are as safe as dogs can be when they go for car rides. The border collie and boxer are always strapped in tight, says Lonnie Olson, 55, of St. Helen, Mich.
Still, Olson says, when she heard that the auto insurance policies offered by Progressive now include coverage for pets injured in vehicle crashes, she decided to move her business to the company.
"Any company that supported animals like that, I wanted to support," she says. "I just hope I never have to use it."
At least four U.S. auto insurers have added — at no extra cost to customers — coverage of $500 to $1,000 for pets injured or killed in car accidents.
With 196 million licensed drivers nationwide, according to the Federal Highway Administration, "it's very competitive," says Lori Conarton of the Insurance Institute of Michigan. "If other companies find that people want this type of coverage, they're going to want to start offering it, too."
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Progressive, the third largest auto insurer in the nation with 10.4 million customers in all 50 states, was the first to offer pet accident coverage in summer 2007, says Miriam Deitcher, the company's director of marketing.
"We did it because we know how much our customers love their dogs and cats," Deitcher says. "At first we provided $500 worth of coverage, but in March, we increased that to $1,000, to make sure we're covering even more."
Auto-Owners Insurance, which has 4.6 million policyholders in 25 states, and Farmers Insurance, with 10 million auto customers in 20 states, also offer coverage for pets injured in vehicle crashes.
"We estimate more than 63% of our customers have pets, and caring for them after an accident can be expensive," says Brian Dwyer, a Farmers senior vice president.
People whose pets are injured in a vehicle accident can file a claim under property damage if their insurance provider does not offer specialized pet coverage, says Krissy Posey, a spokeswoman for Allstate insurance, which does not offer pet coverage. What auto insurance companies consider legitimate property damage differs from company to company and state to state, says Jeanne Salvatore of the Insurance Information Institute. In traditional policies, it wouldn't be unusual for a company to deny a claim of pet injuries based on property damage liability limits, she says.