Mo. Insurance Consumers Turn to Regulators and Reclaim Millions in 2011

ST. LOUIS, July 18, 2011 /PRNewswire/ -- Missouri policyholders have pocketed more than $5 million so far this year in claims that might never have been settled if not for the mediation efforts of the state’s Department of Insurance, officials announced this week.

OnlineAutoInsurance.com says the recouped money and the large volume of complaints highlight the extent to which state regulators can help consumers.

Among other services, regulatory agencies in many states publish reports ranking providers by the rate of complaints filed against them, making it easier for consumers to find the best rated auto insurance companies. The complaint data in the reports are usually weighted, so consumers can see how many grievances were filed per premium dollar or per policy for a specific provider.

Policyholders who believe they have had claims wrongly denied or coverage canceled for no good reason can turn to regulators for help if they cannot work the issue out with their provider.

Regulatory agencies act as objective mediators and their work results in millions of dollars recovered each year for consumers nationwide.

“Oftentimes a call or a letter from our technical experts is all it takes to resolve a dispute between policyholders and their insurance companies,” Missouri Insurance Director John M. Huff said in a news release.

Consumers logged nearly 9,000 inquiries with Huff’s department in the first six months of 2011. About 760 were related to the tornado that hit Joplin in May and another nearly 370 from another tornado that buffeted St. Louis in April.

Source: http://insurance.mo.gov/news/2011/Missouri_Department_of_Insurance_returns_5_million_to_consumers_through_first_half_of_2011

Spokesman Travis Ford said 1,123 official complaints against insurers have been filed by Missouri residents so far this year. Of those complaints filed with the department, nearly a quarter were related to auto coverage.

To read more about this and other car coverage issues, go to http://www.onlineautoinsurance.com/companies/ratings/, where you will find informative resource pages and a free-to-use quote-comparison generator.

SOURCE Online Auto Insurance, LLC