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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."
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| Latest News |
California judge rules on auto insurance language in voters pamphlet (The Sacramento Bee)
A three-way fight over the language in a June ballot initiative on auto insurance ended in a draw Friday. Members of auto insurance fraud ring set to be arraigned (KPCC Pasadena)
An attorney and two chiropractors were scheduled to be arraigned today on charges of taking part in a large-scale auto insurance fraud ring. 5 arrested for alleged SoCal auto insurance scam (San Diego Union-Tribune)
Los Angeles County prosecutors have arrested a lawyer and four chiropractors and paralegals who allegedly bilked insurance companies by submitting bills for phony auto accidents. Five arrested for alleged SoCal auto insurance scam (CBS 47 Fresno)
LOS ANGELES (AP) — Los Angeles County prosecutors have arrested a lawyer and four chiropractors and paralegals who allegedly bilked insurance companies by submitting bills for phony auto accidents. The district attorney's office says the suspects arrested Thursday are among seven people charged with dozens of counts of insurance fraud. Some could face more than a dozen years in prison if ... Speedy Access to Auto Insurance Information (WSAZ NewsChannel 3 West Virginia)
Lawmakers want West Virginia to crack down on uninsured motorists by providing law enforcement with real time policy information during traffic stops and crash scenes. A bumpy road for Mexican auto insurers (San Diego Union-Tribune)
In the days when the Baja road trip was a Southern California ritual, southbound tourists, surfers, campers and racetrack aficionados would start lining up Friday afternoons at the ubiquitous Mexican auto-insurance shops near the border, idling at the drive-up window as they waited for a policy. YouTube Video of Race Car Crash Busts Two for Alleged Auto Insurance Fraud (LAist)
A crash happens around 2:00 on this video The above YouTube video helped investigators land two Diamond Bar siblings in cuffs today after they allegedly submitted false claims to insurance agents. 21-year-old Jay Xi Chen told Farmers Insurance Exchange that his sister, 29-year-old Tracy Chen Chen, had been driving the GT-R when it was involved in a collision on Interstate 10 on March 16, 2009 ... Get to know the facts before you spend money on auto insurance (Purcell Register)
(ARA) - Don't you wish there were classes on subjects such as mortgages, taxes, auto insurance or even saving for retirement? How many times have you looked for background information on each of these issues? 3 agencies join hands for auto tax scheme (Manila Standard Today)
The Land Transportation Office, Bureau of Internal Revenue and the Insurance Commission have firmed up a system for the collection of all taxes on auto insurance. Recession fuels boom in insurance fraud (Denver Post)
The sour economy is producing a bumper crop of cash-strapped consumers, business owners and shady agents who are fueling a wave of insurance fraud that is keeping regulators and law enforcement officials busy from coast to coast.
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