OAI: Most Car Insurance Shopping Starts Online, Study Finds

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    May 02, 2012 /EIN Presswire/ -- A recent study released by J.D. Power and Associates shows that most shopping for insurance starts online, underlining the increasing impact that websites are having on the ways customers buy policies and insurers market themselves, according to Online Auto Insurance.

Fifty-two percent of consumers looking for a policy start their search online, with almost three-fourths visiting the website of at least one insurer as they shopped, according to the study.

The study also found that 32 percent of consumers surveyed got their quotes only through websites and that, for 34 percent of shoppers, the Web has become the preferred method in the search to get low cost auto insurance.

"Shoppers now expect to be able to visit an insurer's website and complete their purchase in the same visit," Jeremy Bowler, senior director at the research firm, said in a statement. "In most cases, shoppers can compare many policies online and narrow down their search field entirely via this self-service paradigm. From that point, they can then decide if they need to speak with an agent or to continue their online purchase process."

The annual study also measured insurers' retention rates and found they were at an all-time high since the study began six years ago, with only 25 percent of surveyed policyholders indicating that they researched a new insurer in the past year.

And with 43 percent of those shopping consumers ultimately ending up at another insurer, firm representatives said that an increase in the industry's advertising dollars seems to have shown limited impact.

Bowler cited statistics showing that advertising expenditures in the insurance industry were pumped up to around $5.7 billion for 2011.

Websites may also provide more advertising space that allows insurers to include specialized information that they need to entice certain markets.

A graduate study from Florida State University analyzing industry marketing trends toward Latinos found that several insurers created Spanish-language websites that were "often more information-oriented than their general market counterparts."

The Internet has proven to be powerful tool for insurers in their pursuit of the hard-to-corner market for Latinos, a group that has showed historically low rates of having insurance, according to the study.

Some company websites even included step-by-step guides and brochures "on how to choose the right policy," the study stated.

Source: http://hmc.comm.fsu.edu/content/download/4058/29138

For more on this and related insurance issues, head to http://www.onlineautoinsurance.com/low-cost/ for access to an easy-to-use quote-comparison generator and informative resource pages.

About OnlineAutoInsurance.com: OnlineAutoInsurance.com supplies informative resources for consumers seeking to understand the finer points of coverage and quote-comparison services for shoppers looking for the best rates on a policy.

Media Contact:
Charles Nguyen
Online Auto, LLC
9097842475
http://news.onlineautoinsurance.com/

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Lawyers Mutual Liability Insurance Company of North Carolina Names New Chair and Two Board Members: Retiring Directors Include Last Founder of Country's First Mutual Insurance Company for Attorneys

Lack of Life Insurance Cover Creates GBP2.4 Trillion Protection Gap in the UK

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BRIGHTON, ENGLAND, May 05, 2012 /24-7PressRelease/ -- Research highlighted by Barclays raises concerns that nearly two thirds (60 per cent) of adults in the UK do not have life insurance, which could mean that Britain is facing a protection gap in the UK insurance market of GBP2.4 trillion.[1]

According to new research by Barclays, the main reasons for not taking out life insurance were the increasing pressures on household expenditure and needing to cut back (42 per cent), separating from a partner (27 per cent) and a quarter believing it's a waste of money.

To help customers better protect themselves financially, should the worst happen, Barclays is encouraging customers to review their protection needs and is offering three months cash back to customers who purchase a life insurance policy between 21 April and 1 June 2012*.

Kieran Murphy, Managing Director, Barclays Insurance said: "Many people have a natural blind spot regarding the financial security of their dependents should they unexpectedly not be here tomorrow. However, it's really important people consider how their dependents would cope financially should the worst happen.

"Life insurance and knowing your family are protected is really valuable and obtaining the right level of cover needn't be too costly. We know that household budgets are really tight at the moment, but it's important that protection needs don't slip down the list of priorities."

Barclays Life Insurance provided by Aviva is a comprehensive policy, providing customers with affordable and reliable cover, with a number of additional features:
- Simple, great value life insurance from Aviva pays a lump sum of up to GBP500,000
- 16 per cent discount when you buy online, in addition to the three months cash back offer - apply online and be covered in just 15 minutes
- Choose either level term or decreasing term cover
- Monthly premiums from only GBP5 a month (just 17p per day)
- A 35-year-old non-smoking woman could pay GBP13.18 a month for GBP250,000 of level term cover for 25 years
- Your monthly premiums stay the same throughout the life insurance policy term

Barclays Life Insurance provided by Aviva policies can be purchased at any Barclays branch, telephone banking and via www.barclays.co.uk/insurance

Notes to Editors:

[1] Swiss Re 2009
Methodology: Opinion Matters survey of 1267 UK adults (3-10 April 2012)

*Three Months Cashback : Customers who complete an application for life insurance policy provided by Aviva during the offer period (21 April and 1 June 2012) and where both the policy is still current after three months and all policy premiums have been paid to date will qualify for a rebate (refund) of their first three months premiums paid.

From GBP5 per month a 35 year old male nonsmoker could get circa GBP30,000 worth of cover (20 years level term cover) with Barclays Life Insurance. But if that individual earns GBP20,000 a year this could only provide enough to support general living expenses (bills, food, car, etc) and any existing commitments (mortgage, credit cards or loans) for no more than two years, without putting more pressure onto the family's lifestyle. However, for an extra pound a month the same 35 year old individual could more than double their level of cover (GBP78,000).

About Barclays

Barclays is a major global financial services provider engaged in personal banking, credit cards, corporate and investment banking, and wealth and investment management.

With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs over 140,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.

For further information about Barclays, please visit our website www.barclays.co.uk

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SIA Group Named To Elite Builders Reserve List By Builders Mutual Insurance Company

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    RALEIGH, NC, May 17, 2012 /24-7PressRelease/ -- Don Mills, president of SIA Group (http://www.siagroup.net), a full-service insurance agency with six offices throughout North Carolina, has announced that the firm has joined Builders Reserve, an elite group of 10 agencies chosen by Builders Mutual Insurance Company from more than 600 contractors. SIA Group has worked with Builders Mutual since 1998 and has established itself as a key business partner by writing insurance plans for customers in the construction industry.

Every year, Builders Mutual recognizes the top 10 percent of its partner agencies with an invitation to join its Champions Club. The top 10 Champions Club agencies are then inducted into Builders Reserve, an even more exclusive group whose members are considered the absolute best in the business.

QUOTES:
"Our relationship with Builders Reserve has given us access to an expanded roster of commercial clients in the construction industry," said Mills. "We are proud to be recognized as one of Builders Reserve's top contractors, and we look forward to continuing to excel in providing service and support."

"SIA Group continues to show tremendous growth and profitability, and we are extremely pleased to induce them as a Builders Reserve agency," said Brad Moock, assistant vice president of business development at Builders Mutual. "This elite status is rendered only to the best of the best. Builders Mutual will continue to work closely with SIA Group to provide unparalleled service and support."

NEW MEDIA CONTENT:
SIA Group's blog:
http://siagroup.wordpress.com

SIA Group's Facebook:
http://www.facebook.com/#!/pages/SIA-Group/226184827397258

ABOUT SIA GROUP:
SIA Group is a full-service insurance agency with six offices throughout North Carolina. Founded in 1975, the firm offers a complete range of insurance products including risk management consultation, loss control, surety bonds programs, life insurance and employee benefit packages. SIA Group is one of North Carolina's fastest growing insurance organizations with more than 110 employees. The firm was listed as a Top 100 Privately Held Property Casualty Agency by the Insurance Journal in 2006, 2007 and 2008 and 2010. SIA Group has offices located in Raleigh, Jacksonville, Greenville, New Bern, Wallace, and Burgaw, N.C. For more information, visit http://www.siagroup.net.

Erin Smith
MMI Public Relations
(919) 233-6600
erin@mmipublicrelations.com
http://twitter.com/MMIPR
http://www.mmipublicrelations.com

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Potential New Jersey Auto Insurance Reforms Could Have Dramatic Impact

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May 16, 2012 /24-7PressRelease/ -- Some in the New Jersey legislature would like to change current automobile insurance laws to curb escalating costs to auto insurers. However, such reforms have the potential to ultimately deny critical medical care for those injured in automobile accidents.

Changes to PIP Coverage

In New Jersey, drivers are required to hold automobile insurance that includes, at the very least, property damage liability and personal injury protection insurance (PIP coverage). PIP coverage allows parties injured in a motor vehicle accident to collect insurance claims to cover their medical costs, regardless of who is at fault for the accident.

PIP coverage varies with the type of insurance driver purchase and typically ranges from $15,000 per person per accident to $250,000 per person per accident if permanent or significant brain or spinal cord injuries are sustained.

Unfortunately, PIP insurance coverage is susceptible to fraud, and some New Jersey state lawmakers are entertaining reforms that aim to cut costs associated with the coverage by capping the amount health care facilities can charge for care.

This decision has outraged doctors, who believe these caps will make it nearly impossible for some severely injured in car crashes to receive appropriate care. Under pressure from doctors and hospitals, lawmakers backed off caps on back and spinal outpatient care. Now, doctors are fighting to prevent caps on pain medication treatments, which are an essential part of medical treatment for those suffering chronic pain after an accident.

Other Changes in Automobile Insurance Law

On a related note, the New Jersey Supreme Court recently dismissed the case of a plaintiff trying to sue for damages as a passenger in a car that she owned but was not insured. The court ruled that granting the plaintiff the right to sue for damages would "circumvent" the intent of an existing law that denies uninsured drivers the right to sue for damages, in part to compel them to purchase insurance. New Jersey requires all drivers to be insured.

New Jersey insurers offer a basic automobile insurance plan that includes property damage liability of $5,000 per accident and PIP coverage of $15,000 per person per accident. The plan does not include coverage for bodily injury liability, collision, comprehensive or uninsured/underinsured motorist coverage. Those with basic automobile insurance have a limited right to sue for damages in the event of an automobile accident.

As New Jersey lawmakers continue to debate automobile insurance reforms, drivers should review their policies to make sure they have an appropriate amount of coverage. If you or a loved one has been injured in a car accident, please contact an experienced personal injury attorney to explore your legal options.

Article provided by Fishman McIntyre P.C.
Visit us at www.jaeleelaw.com

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OAI: Progressive Lawsuits Mark Start of Fight Over Auto Insurance Patents

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RANCHO CUCAMONGA, CA, May 09, 2012 /24-7PressRelease/ -- Progressive filed two lawsuits last week against The Hartford and State Farm over claims of patent infringement, which may be the start of a battle in which Progressive will try to use its long-running hold on pay-as-you-drive (PAYD) patents to remain the dominant player in the PAYD niche, according to Online Auto Insurance.

In the lawsuit, Progressive claims that three patents behind its usage-based Snapshot program, including a recording device that logs driving data, were violated by The Hartford and State Farm in their respective usage-based programs, TrueLane and Drive Safe & Save.

Progressive says getting inexpensive vehicle insurance is more in policyholders' control with usage-based programs, which allow drivers to observe their own driving data through a Web-based display of discounts that they may be eligible for because of roadway habits like softer braking and driving less.

"The infringement has caused and will continue to cause damage and irreparable harm to Progressive," the insurer claimed in its initial filings, which did not mention the amount of financial damages that the insurer was seeking.

A 2008 Brookings Institution report on PAYD described Progressive's long-running pursuit of patents:

"[F]or the past decade Progressive has aggres?sively sought patents around innovations in tele?matic auto insurance," the report's authors stated, adding that the insurer's ownership of the "Pay-As-You-Drive" title barred Unigard's use of it for a similar per-mile program.

Over the past two decades, an abrupt spike in the number of patents granted and sometimes broad nature of some of those patents have led to higher litigation costs, according to the report, an unsavory prospect that had kept insurers from approaching the PAYD market.

"Any insurance firm interested in offering per-mile insurance pricing understandably might be con?cerned that doing so would open it up to a possible patent infringement suit," the report's authors stated, foreshadowing last week's events. "Even if the firm believed it had developed a method of per-mile insurance pric?ing that did not violate the patent or that the patent was invalid, it might be deterred by the mere threat of a lawsuit from Progressive."

But that same report also laid out a framework of vulnerabilities within Progressive's patents, saying that the foremost challenge to them "could be brought in theory on 'obvious?ness' grounds" that require patents to be inventions that are not obvious to a person trained in the field related to the patent.

That approach may not seal a lawsuit's outcome but exposes an opening that other insurers may chance with their own usage-based programs, the report's authors stated in 2008.

"[A] rival firm wishing to offer a PAYD product may still be able to do so despite existing patents," the report stated.

Source: http://www.brookings.edu/~/media/Files/rc/papers/2008/07_payd_bordoff ... ffnoel.pdf

Snapshot is currently available in 41 states in the U.S., most recently granting West Virginia policyholders access late last month.

TrueLane is available in five states and offers "auto policyholders the opportunity to reduce premiums by demonstrating safe driving habits through the installation of a telematics device in their vehicle."

"The Hartford denies Progressive's allegations and intends to defend the lawsuit," spokesman Thomas Hambrick said in an email.

According to State Farm's website, Drive Safe & Save is available in 13 states and uses "statistics from your car to earn real savings."

"We have just learned of this complaint," spokesman Dick Luedke said Tuesday in an email. "We will look into the issue and provide our response to the court."

State Farm "developed the optional Drive Safe & Save program to provide the opportunity for additional discounts to our customers and reinforce and reward their safe driving habits," Luedke said.

The lawsuits were filed with the U.S. District Court for the Northern District of Ohio on April 30 and are referenced within the court's system as 12cv1070 for Progressive's lawsuit against The Hartford and 12cv1068 for Progressive's lawsuit against State Farm.

For more on this and related insurance issues, head to http://www.onlineautoinsurance.com/affordable/ for access to an easy-to-use quote-comparison generator and informative resource pages.

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In an Accident? Watch What You Say to Other Driver's Insurance Company

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May 02, 2012 /24-7PressRelease/ -- From running errands to a cruise down Interstate 84 outside of Portland, a car accident can happen anywhere -- an unexpected upset to your normal routine.

In the aftermath of a crash, you may not be thinking completely clearly. Nonetheless, it is during this vulnerable state, only days or even hours after an accident, when the other driver's insurance company is likely to contact you. Handled incorrectly, a call from the other driver's insurer could be devastating to your ultimate claim for damages; do you know what to say?

Innocent Statements Can Come Back to Haunt You

As a general rule, you should not make any sort of statement to the other driver's insurance company before consulting an Oregon auto accident lawyer. Anything you say to the other driver's insurer could potentially be used against you to deny you the full compensation you deserve or to make it seem like the accident was your fault.

There is essentially no compelling reason to speak with the other driver's insurer; the only parties you should provide with a factual version of events are your auto accident lawyer, your insurer and the police. Even with your own insurer and the authorities, you should avoid saying "I'm sorry" or making any other statement that could be interpreted as an admission of fault.

But, you may be wondering, if you are just telling the truth, what could be the harm? Even the truth can be manipulated and misinterpreted by the insurer to deny you compensation. For instance, they may engage in what seems like small talk while "waiting for their computer to load" by asking you where you were headed when the accident occurred -- even this seemingly innocuous detail can be turned on you as evidence that you were in a hurry (and thus more likely to have caused the crash).

Politely Decline To Make Any Statements, and Get In Touch With an Oregon Attorney

When another driver's insurer calls, you should be calm and polite (believe it or not, your attitude may affect the outcome), but inform them that you do not wish to discuss the accident. Do ask for the claim number and contact information for the insurance adjustor, however; this will be useful if you pursue a legal claim. Disregard any letters you receive from the other driver's insurer urging you to call them.

A car accident is a traumatic experience; but, responding to it correctly can save you worlds of trouble and help you get the compensation you need to move through a tough time in your life. If you have been involved in an auto accident, contact an attorney today about your claim.

Article provided by Harris Law Firm
Visit us at www.503lawyer.com

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OAIN: Rates Increasing for Texas High-Risk Car Insurance Program

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    May 03, 2012 /EIN Presswire/ -- Texas officials announced Wednesday that they will be raising bodily injury and property damage liability rates within the state-run program that covers high-risk motorists, reports Online Auto Insurance News.

Rate increases for the Texas Automobile Insurance Plan Association (TAIPA) will amount to a 24.1 percent overall hike for personal passenger auto policies. The new rates go into effect July 1.

Drivers with tarnished records who are repeatedly denied coverage by insurers still need to get the best car insurance available to them, and programs like TAIPA meet that need by offering a safety net that covers motorists who have been denied by two or more insurers, usually due to having a history of too many claims or moving violations.

The overall hike included increases of 31.9 percent and 20 percent to bodily injury liability and property damage liability, respectively. TAIPA's optional coverage of personal injury protection or uninsured/underinsured motorists saw no changes.

Source: http://www.tdi.texas.gov/bulletins/2012/cc10.html

The average base rate for a policy covering only minimum bodily injury and property damage liability is $578, according to calculations made under the new rates. Depending on the territory and driver class, actual premiums will vary between $289 and nearly 10 times that.

TAIPA provides the lowest liability amounts allowed by law, offering 30/60/25 coverage. That means the policy provides for up to $60,000 worth of bodily injury liability coverage per accident (and $30,000 per person) along with $25,000 worth of property damage liability coverage per accident.

Available optional coverage includes up to $2,500 for personal injury protection and uninsured/underinsured motorist coverage that matches the policy's liability limits.

The program does not provide collision or comprehensive coverage. Its policies are typically more expensive than policies acquired through the voluntary market. Also, traffic tickets incurred while insured through TAIPA will lead to surcharges that are "higher than in the traditional market," according to the association's website.

For more on this and related issues, head to http://www.onlineautoinsurance.com/companies/best-car-insurance-company/ for access to an easy-to-use quote-comparison generator and informative resource pages.

About OnlineAutoInsurance.com: OnlineAutoInsurance.com supplies informative resources for consumers seeking to understand the finer points of coverage and quote-comparison services for shoppers looking for the best rates on a policy.

Media Contact:
Charles Nguyen
Online Auto LLC
9097842475
http://news.onlineautoinsurance.com/

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Online Auto Insurance: New Top Safety Picks Show Strength of Hybrids

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RANCHO CUCAMONGA, CA, May 17, 2012 /24-7PressRelease/ -- Two of the three vehicles recently billed as Top Safety Picks by the Insurance Institute for Highway Safety (IIHS) were new hybrid models, underscoring the reliability of safety in smaller, economical cars that are hitting the market, according to Online Auto Insurance.

The 2013 Malibu Eco, a midsize hybrid, and 2012 Prius C, a compact hybrid, both scored the highest-possible "good" rating overall that is required for Top Safety Pick distinction.

The premium you pay can depend on auto insurance company ratings of the car you drive, so vehicles with better, cheaper claims data and safety awards may look like a good deal to insurers who could, in turn, charge less. Being a Top Safety Pick, however, does not guarantee cheaper rates.?

It may also be worth noting that though hybrids save their owners money at the pump, they often are costlier to cover under an insurance policy compared with their gas-only counterparts.?

This is the first year on the Top Safety Pick list for the 2012 Prius C and 2013 Malibu Eco, both of which are new to the auto market.

The Prius C was introduced as a concept car last year and joins the Toyota Prius, another compact hybrid, and Prius V, a moderately priced midsize hybrid, as Top Safety Picks. The Prius V also made its debut as a Top Safety Pick this year, while the regular Prius first appeared on the list last year.

IIHS gave the Prius C "good" grades overall in both side-impact and frontal crash tests. In frontal-crash tests, the Institute noted the possibility of head injuries because "high head acceleration occurred when the dummy's head hit the steering wheel through the frontal airbag." In side-impact tests, the vehicle got an "acceptable" rating for the safety of its structure/safety cage.

The 2012 Chevy Malibu was redesigned this year as the Eco with a motor with both gas-powered and electric modes, and is now only available as the hybrid model. The Eco also received the highest-possible "good" rating overall in side- and front-impact crash tests. In side-impact tests, the vehicle got the second-highest "acceptable" rating in protecting the driver's torso area because tests revealed the possibility of rib fractures, according to the IIHS.

Tests evaluating a car model's frontal safety involve results of crashes at 40 mph. Side impact tests are performed at 31 mph. To test roof strength, the institute uses a metal plate to push down on a top corner of a car model. The IIHS's roof strength test is based on the test performed by government regulators, but the IIHS employs minimum standards more than twice as high as federal safety standards.

Source: http://www.nhtsa.gov/cars/rules/import/fmvss/index.html

The third vehicle to be placed on the list was the 2012 Hyundai Azera, a large-sized family vehicle. All three models recently made Top Safety Picks also got "good" ratings in rollover crash tests.

The list was last expanded late last year, when IIHS made added 18 new vehicles to its Top Safety Picks. There are a total of 115 vehicles in the institute's 2012 listing.

For more on this and insurance-related issues, head to http://www.onlineautoinsurance.com/companies/ratings/ for access to an easy-to-use quote-comparison generator and informative resource pages.

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