October Online Auto Insurance News Wrap-Up
RANCHO CUCAMONGA, Calif., Oct. 31, 2011 /PRNewswire/ -- Plummeting profits, Bambi-related accidents, Michigan no-fault reform talks, a $433,000 broken ankle, new insurance laws and more. The following summary sheet wraps up a few of the most notable October auto insurance news developments covered at News.OnlineAutoInsurance.com :
- PCI reported property/casualty insurers' profits were down 70 percent in the first half of 2011, compared with the first half of 2010. Losses on investments and a spike in natural catastrophes are two factors cited as contributors to the decline for some companies.
- The Michigan Legislature moved toward reforming the state's no-fault system. The House Insurance Committee gave the OK to a bill that would eliminate lifetime coverage, an aspect unique to the Michigan system. The bill would replace lifetime benefits with a choice of four coverage levels. Forecasts for the fate of the legislation are mixed.
- An AARP official says older South Dakotans may be having a harder time getting premium discounts. A law recently took effect erasing the requirement for insurers to offer price breaks to seniors who take safe-driving courses.
- A new report from state officials shows insurers in West Virginia saw a 9 percent decline between 2009 and 2010 in the annual amount spent to cover comprehensive deer-vehicle crash claims. State Farm called West Virginia the state where deer-car collisions are most likely to take place.
- The Michigan Supreme Court agreed to hear arguments in a case involving Allstate and a $433,000 broken ankle. Whether Allstate should pay the claim revolves around the nature of a car door and the definition of "alighting" from a vehicle.
- A Massachusetts agents association dropped a bid for a ballot initiative to ban the use of some socioeconomic factors when setting auto policy prices. The association is instead supporting a bill that would ban the practice of insurance scoring when setting car coverage rates.
- Changes to the minimum amounts and applications of some coverage types in Wisconsin take effect Nov. 1. The potential effects of these changes are still being hotly debated.
- Oklahoma's "no pay, no play" law also goes into effect on the first of November. The law will affect uninsured drivers who get into serious accidents.
To read the full stories on these and other topics, readers can head to http://news.onlineautoinsurance.com/ where they will find the only site on the Web devoted to reporting nothing but the latest newsworthy developments in the American car coverage industry and marketplace.
SOURCE Online Auto Insurance, LLC