Reclaiming PPI (Payment Protection Insurance)
If you have ever had payment protection insurance, but think that you might have a case to reclaim the money you spent on it, then youre not alone. Our guide looks at a few different scenarios in which this might happen and why you should reclaim your money. One reason is that if you have been mis-sold payment protection insurance, then it makes sense to claim your money back because you might not have wanted or needed the product in the first place.
Also, if you weren’t actually eligible for payment protection insurance when it was sold to you then you should definitely try and claim your money back from the lender you got it from. T
GEICO Reduces Auto Rates in California
California’s insurance commissioner today announced that a rate reduction of 10.7 percent has been approved for GEICO’s California auto insurance policyholders.
The GEICO rate decrease will come into effect on Aug. 15, according to a press release from Commissioner Dave Jones’ office.
The release said GEICO policyholders in the Los Angeles area will save an average $238 on their premiums a year. Policyholders in San Diego will save $163 a year on average. Statewide, the average savings for policyholders will be $127.
The premium reduction will save GEICO customers $91 million overall.
GEICO is the seventh largest auto insurer in California.
Homeowners Insurance and Your Credit Score
These days, homeowners’ insurance is a must for all home purchases. This insurance offers coverage which will protect homeowners against potential losses. Most people nowadays purchase houses with mortgage loans. Mortgage lenders give out loans based on credit scores of the loaners. Insurance companies too, charge premiums based on that score.
Credit score is a system that scores you on how well your ability is, to repay owed obligations. It is used by the banks to decide whether you should get a loan or not. Commonly used kinds of credit scores include Company score and FICO or Fair Isaac.
New Vehicle Technology Could Prevent Low-Speed Crashes
A Highway Loss Data Institute study released this week found that new vehicle technology may provide a solution for low-speed crashes. Drivers who frequently commute in environments known for bumper-to-bumper traffic finally have access to technology that could prevent rear-end collisions.
Collision Avoidance Technology Could Prevent Crashes
The auto insurance industry-funded study found that the 2010 Volvo XC60 outfitted with City Safety, a collision avoidance feature, is less likely to be involved in a low-speed, front-to-rear crash than other mid-sized SUVs without the system.
In fact, there were 27 percent fewer auto insurance claims reported for the XC60 than comparable vehicles while specific bodily injury claims were 51 percent less frequent.
The technology works by automatically braking to avoid a front-to-rear crash when traveling at speeds of about 2 mph to 19 mph.
Drivers Not Walking the Talk on Distracted Driving
Eight in 10 drivers say that it’s never safe to text, e-mail or use a smartphone while driving, according to a recent survey. Yet 50 percent of those same drivers reported making calls on their phones and 15 percent of drivers admit to sending and reading text messages while driving.
Like what you see? Click here to sign up for Insurance Networking News weekly newsletter to get the latest on breaking industry news, carrier technology implementations and developing business and technology trends.
These are the findings from the GMAC Insurance National Drivers Test, which polled 5,130 licensed drivers ages 16-65, from 50 states and the District of Columbia. T