Archive for the ‘Traveler's Insurance News’ Category
AAA expects a decline in travel over the 4th of July weekend
Posted by Ryan in Traveler's Insurance News, Uncategorized on July 1st, 2009
AAA released a statement saying that travel over the 4th of July holiday weekend will decline 1.9% this year due to the recession and high gasoline prices.
AAA reported to Bloomberg that the number of people traveling at least 50 miles away from their home will drop to 37.1 million from 37.8 million in 2008.
The nationwide average for gasoline has risen 65% this year. Even though gas prices have risen throughout the year, they still haven’t reached the record highs of last year. On July 17th, last year, gas was $4.114 per gallon. According to the data from AAA, this puts the gas prices of last year 34% higher.
James Cordier, portfolio manager at OptionSellers.com in Tampa, Florida had this to say:
“You have fewer people going to work now and a bunch of price-conscious consumers who are looking for vacations closer to home”
Bill Day, spokesman from the Valero Energy Corporation, which represents 1,000 retail locations, said that they are cautiously optimistic. The corporation is hoping lower gas prices from last year will encourage people to get out and drive.
Massachusetts Auto Insurance Rates Slowly Coming Down
According the Boston Globe, Massachusetts auto insurance rates are slowly lowering for many consumers.
Other companies that have recently changed their auto insurance rates, according to published reports, include Commerce Insurance Co. of Webster, which is lowering its average rate 4.5 percent; Liberty Mutual of Boston, which is raising its average rate 4 percent; and Quincy Mutual Fire Insurance Co., which is raising rates an average of 3 percent.
“After four successive years of declining rates, including last year’s 10.7 percent decrease, loss trends, expenses, and inflation dictated a need to increase rates,” said John Natale, a spokesman for Liberty Mutual, which is based in Boston.
On Anniversary of managed competition savings to consumers still up for debate
Posted by RossieReader in Competition, Legislation, Traveler's Insurance News on April 1st, 2009
April 1 marks the one year anniversary of managed competition for Massachusetts auto insurance, and, as the varied stories show, whether or not the consumer is benefiting is still in question.
According to Insurance Journal: “It’s difficult to measure the exact impact of the new system so far.”
Customers are saving money with managed competition according to Travelers Insurance, who states that “…approximately 75 percent of Travelers of Massachusetts’ customers saw savings on their car insurance…”
The Bedford Minuteman reports: “Consumer group representatives claimed Massachusetts drivers would have saved more on auto insurance premiums under the state’s old heavily regulated system…”
Massachusetts Auto Insurance Appeals Board To Be Shuttered
Posted by Paul in Consumer Advocacy, Electric Insurance News, Legislation, Massachusets Division of Insurance, Massachusetts Insurance Agents, Progressive Insurance News, Traveler's Insurance News, Video on January 28th, 2009
NECN delivers a very important story for Massachusetts auto insurance consumers – if your insurance company raises your rates because of an accident and you think it’s unfair, you won’t be able to appeal it to the commonwealth beginning on April 1. Check out NECN’s reporting:
Here is a key point explained by NECN:
If you feel unfairly surcharged by your insurer, you can dump them and get a new insurer.
Coakley alleges unfair rate increases for Massachusetts auto insurance customers
Posted by Paul in Competition, Consumer Advocacy, Legislation, Massachusets Division of Insurance, Traveler's Insurance News on November 24th, 2008
At the end of 2008, Massachusetts Attorney General Martha Coakley asked the Massachusetts state Division of Insurance to look at one insurance company, Premier (a subsidiary of Traveler’s Insurance), for alleged discrimination related to home ownsership. Coakley’s office alleges that Premier’s new rating system unfairly increases rates for Massachusetts Auto Insurance consumers who do not own homes. As readers of this blog already know, Massachusetts insurance regulations prevent auto insurance companies from basing rates on income, homeownership, among other factors that could be construed as indicators for income.
