Archive for January, 2011
House-swappers forgetful over insurance
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House-swapping as an alternative to the traditional family holiday looks set to take off this year, according to new research from Lloyds TSB Insurance.
A recent study suggests that 1.6 million Britons have arranged a house swap in 2011, twice the number estimated for 2010.
However, Lloyd’s suggests that proper planning is needed, particularly in the area of potential damage to property or possessions by the incomers.
Almost two-thirds of house-swappers questioned had run the risk of invalidating their home insurance policy by failing to tell their insurer about the exchange. <
Should you allow your kid to take your car back to campus?
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Your college student came home for the holidays, and wanted to take the car back to campus. Before you send you agree, here are a few things to consider.
Away at school auto insurance discount
If your child’s school is a significant distance from home, you could save money by keeping the car at home. Many auto insurance companies offer an “away at school” discount if a child rated on your policy is away at college. There are some distance restrictions; with my current insurance carrier the college has to be at least 120 miles away from home. My daughter qualified, but my son did not.
Garaging address
You should also have the vehicle rated at its new garaging address.
Britain Young Drivers Make Less Insurance Claims than their European Counterparts
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According to a research by AXA, the UK young drivers are less likely to get involved in any accident or collision than their European counterparts. The young British motorists make less insurance claims than the young drivers in Spain or France. The British motorists less than 25 years are 30% less likely to be involved in any collision or accident than the drivers in France and Spain are.
Even the German young drivers indulge 25% more in accidents than the British young drivers. The speed limit of the young British drivers is less likely to exceed on the motorway.
Fake Auto Accidents and Insurance Claims Result in 10 Arrests
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Auto insurance fraud has resulted in the arrest of 10 people and warrants issued for six more, according to the North Carolina Department of Insurance (NCDOI). The department says that these 16 individuals are connected to an alleged staged auto accident ring that operated in Nash, Edgecombe and Franklin counties in North Carolina.
Over $76,000 Paid in False Claims
NCDOI investigators have said that the individuals accused in the case filed are suspected of making claims on collisions that never happened or staged accidents by intentionally ramming their own vehicles from behind.
As a result, at least five auto insurance companies paid out a total of $76,217 on suspect claims between August and January 2010.
The two alleged ringleaders identified in the crimes were brothers Howard Earl Whitfield, Jr.
Credit Scoring Law Cuts Insurance Rates
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SALEM, Ore. — Thousands of Oregonians are enjoying lower insurance premiums as a result of a year-old credit scoring law, according to a recent survey by the Department of Consumer and Business Services Insurance Division.
The law allows consumers to ask their insurer to re-price or “rerate” their auto or homeowner policy once a year if the insurer used the consumer’s credit history to price the policy when it was originally issued. Insurers must lower the price if the consumer qualifies for a better rate based on their credit history; insurance companies cannot raise premiums as a result of the rerating.
The survey of key auto and homeowner insurers showed that discounts were given in more than 8,000 instances since the law took effect Jan. Read more…