A report listing the 10 worst insurance companies was recently compiled, based upon claim denials, premium increases, and refusing coverage to those who need it most. And guess who made the top of the list?
Allstate. That's right, The good hands people! Were found to be the very worst when it comes to putting profits over policyholders.
At a time when the economy is in a shambles, and unemployment still hovers around 10%, insurance industry profits are skyrocketing!
And one of the main ways the insurance industry makes $30 Billion in yearly profits is by denying, delaying, and unfairly defending against legitimate claims. Claims for injury made by people just like you and me.
Allstate is the worst, but they're not the only bad apple. If you would like the list of the 10 Worst Insurance Companies in America, just shoot me an email and I'll send it to you. Email me at fmj@frankjenkinslaw.com
Showing posts with label auto insurance; insurance rates; car insurance. Show all posts
Showing posts with label auto insurance; insurance rates; car insurance. Show all posts
Wednesday, September 22, 2010
Wednesday, February 24, 2010
How are Auto Insurance Rates Set in Kentucky?
Insurance companies evaluate each applicant individually, and they use a variety of factors. When buying auto insurance in Kentucky, remember that insurance companies need your business just as much as you need their promise of protection.
The process by which insurance companies consider applications is called underwriting. Each company follows different guidelines for underwriting, and therefore you will get different premium quotes from different companies. The most common factors used are:
Driving Record
This is the most important thing to the insurance company. “Safe drivers” are rewarded with the lowest insurance rates.
Where You Live
The area in which you live can influence your auto insurance premium. Insurance companies analyze categories of data including (but not limited to):
• Population density
• Number of vehicles on roadways at any given time
• Road conditions and maintenance
• Auto accident statistics
• Auto repair and replacement costs
• Medical care costs
Generally speaking, people living in cities pay higher premiums than those in rural areas.
Automobile Type
If you purchase a brand new luxury sedan, or a super-fast sports car, you will pay a higher rate for auto insurance than if you were to buy that dependable used sub-compact car. The evaluation of this factor is usually based on the following:
· Style & type of vehicle (Sedan, SUV, station wagon, sports car, etc)
• Actual Cash Value (ACV)
• Cost of repairs, replacement and maintenance
• Likelihood of theft
Use Of Automobile
The more you drive, the more you pay. If you commute twenty miles to work everyday, your premium will be higher than if you only drive to the grocery store once a week. It makes sense: The daily use of your automobile increases your chances of being in a wreck, which increases your risk to the company, therefore increasing your premium.
As you are prepare to buy auto insurance, sit down and think about the factors just described and apply each one to your current situation. Remember: The better you look to the insurance company, the better your auto insurance policy will look to you!
The process by which insurance companies consider applications is called underwriting. Each company follows different guidelines for underwriting, and therefore you will get different premium quotes from different companies. The most common factors used are:
Driving Record
This is the most important thing to the insurance company. “Safe drivers” are rewarded with the lowest insurance rates.
Where You Live
The area in which you live can influence your auto insurance premium. Insurance companies analyze categories of data including (but not limited to):
• Population density
• Number of vehicles on roadways at any given time
• Road conditions and maintenance
• Auto accident statistics
• Auto repair and replacement costs
• Medical care costs
Generally speaking, people living in cities pay higher premiums than those in rural areas.
Automobile Type
If you purchase a brand new luxury sedan, or a super-fast sports car, you will pay a higher rate for auto insurance than if you were to buy that dependable used sub-compact car. The evaluation of this factor is usually based on the following:
· Style & type of vehicle (Sedan, SUV, station wagon, sports car, etc)
• Actual Cash Value (ACV)
• Cost of repairs, replacement and maintenance
• Likelihood of theft
Use Of Automobile
The more you drive, the more you pay. If you commute twenty miles to work everyday, your premium will be higher than if you only drive to the grocery store once a week. It makes sense: The daily use of your automobile increases your chances of being in a wreck, which increases your risk to the company, therefore increasing your premium.
As you are prepare to buy auto insurance, sit down and think about the factors just described and apply each one to your current situation. Remember: The better you look to the insurance company, the better your auto insurance policy will look to you!
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