|
|
| |
| Car and Auto Insurance Discount Savings |
| |
Auto Loss Claims Prove Worth of Insurance
FROM Luman K. Babcock, secretary of the Casualty claim division of the Aetna Affiliated Companies, comes the following selection of recent Automobile insurance claims handled by those companies which convincingly illustrate the value of several coverages:
AUTOMOBILE LIABILITY. We covered a small garage and sales agency in Indianapolis. Liability limits-$10,-000 one person, $20,000 one accident. Employe was testing a car which he had been adjusting. Struck another car in which a bank executive was riding, under circumstances which indicated the employe xvas to blame. Claimant died as a result of injuries. The case was settled for $8,000. Premium for policy amounted to $51.00 annually.
AUTOMOBILE LIABILITY. We covered an automobile owned by a mine superintendent residing near Wheeling, W. Va. Liability limits-$25,000 one person, $50,000 one accident. Assured drove his car at a high rate of speed late at night over a hard surface road, ran in ditch, killing two occupants outright, and severely injuring the other two. This case will likely cost us our policy limit of $50,000. In one case, we have outstanding against us a verdict of $25,000, plus expenses of $1,500. Annual premium amounted to only $26.46.
PROPERTY DAMAGE. Here is a case where a Ford automobile owned by a housekeeper at Hartland. Wisconsin, insured at a premium of S25.56, struck a 10-ton truck at an intersection. Damage was very conservatively appraised at and settled for 52,500.
THEFT LOSS. We insured a 3-ton Reo truck for a transfer company working exclusively for a large grocery concern, for a premium of $29.40. This premium also provided Fire coverage. Notwithstanding the fact that this truck had the name of the owner and the grocery concern painted on the sides of its panel body, it was stolen and probably used for a time by bootleggers, and then abandoned and burned. We paid $2,000 to settle this loss.
FIRE LOSS. We insured a 5-ton Autocar truck for a trucking concern, with headquarters at Summerville, Mass., for a premium approximating $25.00. Truck was loaded with groceries when it caught fire from an unknown cause, resulting in total loss, for which we paid $3,100.
COLLISION LOSS. We insured a Lincoln sedan for a vice-president of a Florida bank against all insurable hazards for a premium of $146.28. Assured's car skidded on wet pavement, striking a culvert in the road, causing substantial damage. The case was settled for 52,400.
Mr. Babcock continues: "Prompt, efficient service is secondary only to adequate protection. Because of our nation-wide service facilities it is possible for us to have a claim representative at the scene of any accident or loss within a few hours after we receive notice. Added to this, there is the army of more than 25,000 Aetna agents who know how to proceed to aid a policyholder in a strange land.
"In some states, on Compensation lines especially, it is often necessary for a policyholder to require protection for as long as fifty years. We have, in our files, numerous Automobile cases that have been pending in various appellate courts for upwards of twelve years. There are many legitimate reasons for delaying disposition of litigation for anywhere from five to ten years."
|
| |
| Latest News |
Backer of Auto-Insurance Measure Has Ugly Record (East Bay Express)
Mercury Insurance Company, the sponsor of a June ballot measure that would allow auto insurers to charge higher rates to low-income drivers, appears to have engaged in numerous illegal and discriminatory practices over the years, according to a report by the state Department of Insurance obtained by the Chron . It’s not clear whether Mercury will face any penalties from its actions, but consumer ... First Acceptance auto insurance makes a profit (The Tennessean)
Nashville-based automobile insurance company First Acceptance Corp. said today it made $1.5 million in profits during the second quarter ending Dec. 31, or 3 cents per share, compared to a loss of $1 million or 2 cents per share during the same quarter a year ago. Confie Seguros Acquires Vern Fonk Insurance Services (Financial Planning.com)
Confie Seguros broadens its presence with Hispanic consumers with its newest acquisition. The auto insurance provider acquired Vern Fonk Insurance Services Inc., an insurance agency in Washington and Oregon. State program helps connect drivers with low-cost auto insurance (The Bakersfield Californian)
People who feel they can't afford car liability insurance probably don't know about a state program that costs as little as $254 a year. That is substantially less than the price of a ticket in Kern County for not having insurance -- $786, court officials said. Fremont Insurance Endorsed by Michigan Retailers Association (Insurance Journal)
Fremont Insurance, a Michigan-exclusive property and casualty insurance carrier, has been named as the endorsed insurer of the Michigan Retailers Association (MRA). This is the second consecutive ... Ensuring you get the most out of your insurance (Provo Daily Herald)
Over the years, I've written in this column about how to save money on your homeowners or auto insurance. Bundling the policies together with the same insurance company often cuts your bill by 15 perc Insurance fraud will be subject of seminar (The Columbus Dispatch)
The 2010 Ohio Insurance Fraud Seminar is planned for March 10 at Quest Conference Centers, 8405 Pulsar Place. Prepare for auto insurance rate hikes (Sun-Sentinel)
State Farm asked to boost auto insurance rates this week, just weeks after another insurance giant -- Allstate -- started increasing average statewide rates for some policies. Top 5 Auto Insurer Rolls Out Silanis e-signatures to Streamline Auto Insurance Applications in Its Call Center and Web ... (PRWeb)
Silanis Technology, the leader in electronic signature process management, today announced that a top five U.S. auto insurer is using Silanis’ ApproveIt® Web Server to electronically process auto insurance applications though its call center and web channels. Moving to straight through processing will enable the insurer to reduce the number of customers that abandon the application process while ... Internal Gov't Reports Show Mercury Insurance Discriminated Against Soldiers Unemployed, Domestic Partners, Small Biz ... (PR Newswire via Yahoo! News)
Mercury Insurance Initiative – Prop 17 – Will Legalize Unlawful Surcharges Uncovered by State Investigators
|
|
