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State Auto Insurance a Columbus, Ohio-based company, has decided to pull out of Rhode Island and also to reduce its offering in the State of Massachusetts. This might actually prove to be beneficial for a Pawtucket insurance company.

Now, State Auto Insurance has stopped writing new home, auto, or business insurance policies in Rhode Island. It will no longer have its offerings at Massachusetts as it is trying to make readjustments after the affiliations with Patrons Mutual Group, Connecticut.

As per this arrangement with State Auto, Narragansett Bay Insurance Co. would be extending its offers to the State Auto Insurance customers in both these states beginning Jan 1. This agreement includes over 10,000 home insurance policies and around $9 million by way of total premiums.

Nick Steffey, CEO, Narragansett Bay has stated that they are extremely excited that they have an opportunity to provide a stable and growing homeowners market in the Northeast sector, ev ... Read more »

Views: 703 | Added by: Car | Date: 07.07.2011

Auto insurance costs seem to be on the decline as it has been observed in the two sets of data that are generally used to track pricing. When you look at the recent trends in America auto insurance costs have actually dropped by about 6.75% between 2004 and 2008. There was a rise of around 3.4% during the same time as well.

There are two reliable sources of information such as Bureau of Labor Statistics (BLS) and the National Association of Insurance Commissioners (NIAC) and both of them have reported that the cost has gone up and down during the same period – how could that be possible?

Cesar Diaz, CEO, auto insurance quote comparison site states that when you look at the numbers given by NAIC and BLS you must also take into consideration the things that are being measured by each one of them.

When you make a proper observation, you will notice that both NAIC and BLS statistics are basically tracking two separate thi ... Read more »

Views: 704 | Added by: Car | Date: 02.07.2011

Young motorists who are below 25 years of age can easily save around $1,000 annually or even more if they compare premiums from various auto insurance providers, before signing up.

All you need to do is to shop around if you are planning to buy a car and if you are below 25 years of age. You can save some mega bucks by spending some time on research.

In general, auto insurance premiums vary from one insurer to another, irrespective of how old you are. But the difference in premium is quite significant especially if you are a young motorist, states Des Toups who is the senior managing editor with a California-based auto insurance website.

However, if you are about 55 years old then you can save around $456 on an average every year by simply shopping around with different insurers, but someone who is below 25 years of age can save a whopping $1,102 each year.

Toups was quoted as saying that the $1,000 per year was the way you measure the differe ... Read more »

Views: 839 | Added by: Car | Date: 02.06.2011

Auto insurance major Allstate has struck a billion-dollar deal with plans to buy Esurance as well as Answer Financial from White Mountains Insurance Group Ltd as it has major expansion plans with regard to its online sales.

Thomas Wilson, CEO is now looking at ways and means to bring in more customers through the rest of the channels like the internet as the younger generation generally avoids insurance agents. Most often, online shoppers opt for insurance coverage from lesser known insurance companies. Allstate seems to have lost a lot of customers due to this since the last 3 years.

Paul Newsome who is the analyst with Sandler O’Neill & Partners LP stated that Allstate had wanted to do this because as their core business had been affected for quite a while. He also feels that these direct channels would act as a growth engine for the insurance industry in the future.

The available cash would be used for the funding by Allstate, according to the prese ... Read more »

Views: 859 | Added by: Car | Date: 02.06.2011

Sometimes the unexpected happens and you need cash. Borrowing from your life insurance policy is one option.

Your cash-value whole, universal or variable universal life policy can appear a tempting source for a bailout, especially if you've been paying into it for years. After all, the quick-cash loan option was one of the features that sold you on permanent life insurance in the first place.

But before you borrow from your policy, consider the dangers ahead should you neglect to pay the interest on your loan -- or worse, trust that the dividends from your variable universal life insurance policy will automatically cover it.

"The biggest thing that people don't understand, including the agents selling it, is the in ... Read more »

Views: 745 | Added by: Car | Date: 31.05.2011

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