Auto Insurance Rates

The state of California has saved its residents $62 billion over the past 20 years or so do to theitr unique auto insurance rules.

New Jersey, Hawaii, New Hampshire and Pennsylvania also have served their drivers well by keeping auto insurance rates relatively low, but drivers in other states have watched their costs skyrocket.

California ramped up its automobile insurance regulatory system in the late 1980s, making it tougher for companies to raise their insurance rates.

Nationwide, the average cost of auto insurance jumped by 50% between 1989 and 2005. Other states where price hikes were held down, relatively speaking, included New Jersey with a 20% increase in that time period; Hawaii, 25%; New Hampshire, 30%; and Pennsylvania, 31%.

With the exception of New Hampshire, those states have systems in which insurers cannot put auto insurance rate changes into effect without state approval.

States with the steepest rate changes were Nebraska, where average per-car costs surged 118% and South Dakota, where costs jumped 107%.

Other high-increase states include: Montana, 104%; Wyoming, 101%; and Kentucky, 100%.

Compare auto insurance rates in all 50 states and save money with insurance.com

Oklahoma Health Insurance Rates

Family health insurance rates in Oklahoma rose 50% between 2001 and 2005 while the income of Oklahoma policyholders remained flat. Oklahoma led the nation in increased health insurance rates paid by employees of companies which offer health insurance coverage to their employees. The national average increase was 30% over that same period.

The average cost of family health insurance coverage jumped almost $2,500 across the nation, (from $8,281 in 2001 to $10,728). In Oklahoma, the cost of health insurance soared $3,664 (from $7,322 to $10,985)

Comparatively, the increase in health insurance premiums in surrounding states ranged from 8% in Kansas, 14.4% in Arkansas and 40% in Texas.

Massachusetts Auto Insurance

Although consumer advocacy groups say many good drivers will receive auto insurance rate increases and may bad drivers will receive large rate decreases some say the new Massachusetts Auto Insurance policy will be beneficial to all.

Massachusetts' Division of Insurance renewal auto insurance system, called managed competition, will be profitable for most of the drivers.

For the first time in 30 years, auto insurance companies can now set their own rates to good drivers, offer more product choices and better services. The new measure, which went into effect on April 1, will save at least 10% for good drivers on their 2008 auto insurance premiums and rates.

Consumers may be able to take advantage of this new policy even before their current auto insurance policy expires. All consumers are allowed to cancel or change insurance companies any time during the term of their policies.

Before making a change, however, the state is instructing Massachusetts drivers to contact their insurance agent or insurance company because insurance companies sometimes charge a fee, known as a "short rate value," for early cancellation.

Health Insurance in MIchigan

Sen. Tom George, chair of the committee examining proposed changes to the Michigan individual health insurance market, attempted to reach compromises by asking that only policies that have the greatest support and provide the most benefit to Michigan residents be. adopted

The fight is driven by health insurance plans held by over 300 thousand Michigan residents who are forced to buy their own health insurance coverage as they lose jobs or as employers drop coverage for their employees.

The question is...whether the individual health insurance market in Michigan is growing as fast as Blue Cross Blue Shield of Michigan (BCBSM) has predicted, or is there time to more carefully sign effective policies for health insurance consumers.

Pointing to large profits of private health insurance companies in Michigan, Cook said that the companies "are fighting changes in Michigan that will make them take a larger share" of the responsibility for providing health insurance to Michigan residents.

Florida Auto Insurance Rates

Auto insurance rates in Florida have risen ~50% faster than the national average.
Auto insurance coverage in Florida jumped almost 75% from 1989 to 2005, compared with a nationwide increase of about 50%.

Florida drivers paid the nation's 6th-highest average auto insurance premium of $1,063, up from $610 in 1989.

Auto insurance rates rose an average 68% in the 23 states that employ a "file and use" regulatory system. The increase averaged 54% in the 15 states that require department of insurance approval before they can raise auto insurance or other insurance rates.

tTe Competitive Enterprise Institute gave Florida an "F" grade for its regulatory burden on property & casualty insurance in its latest study.

North Carolina Health Insurance

A new report by Families USA, says 3 North Carolinians die each day because they don't have health insurance.

The Families USA report for Health Insurance in North Carolina makes three specific points about uninsured adults:

* Nearly three working-age North Carolinians die each day due to lack of health insurance

* Between 2000 and 2006, the estimated number of adult age North Carolina residents who died because they did not have health insurance was nearly 5,600.

* Across the country (in 2006) twice as many people died from a lack of health insurance covergae as died from homicide.

In its 2002 report, the Institute of Medicine estimated that 18,000 adults nationwide died in 2000 because they did not have health insurance. That estimate was later updated by the Urban Institute, which reported that at least 22,000 adults died in 2006 due to a lack of health insurance.

Liberty Mutual to buy Safeco

Liberty Mutual has agreed to acquire Safeco Corp. for $68.25 per share in cash in a deal that will make Liberty Mutual the fifth largest U.S. property/casualty insurer and second largest surety writer.

The proposed transaction has been approved by the boards of directors of both companies. It is subject to approval by Safeco's shareholders as well as the customary regulatory approvals and conditions. The transaction is expected to close by the end of the third quarter of 2008.

Currently, Liberty Mutual is the sixth largest property and casualty insurer in the United States based on the company's 2007 direct written premium of $20.2 billion, while Safeco had 2007 direct written premium of $5.9 billion.

Safeco sells personal auto insurance and homeowners' insurance, and also small-case commercial insurance and surety products.

The Safeco deal is the second big acquisition in the past year for Liberty Mutual. The insurance company acquired Ohio Casualty Corp. last August.

Top 10 states for Auto Theft

For 2007, the ten MSAs with the highest vehicle theft rates are:

                                             2006 Ranking
 1.   Modesto, CA                                5
 2.   Las Vegas/Paradise, NV                     1
 3.   San Diego/Carlsbad/San Marcos, CA         11
 4.   Stockton, CA                               2
 5.   San Francisco/Oakland/Fremont, CA         12
 6.   Laredo, TX                                22
 7.   Albuquerque, NM                           13
 8.   Phoenix/Mesa/Scottsdale, AZ                4
 9.   Yakima, WA                                 9
 10.  Tucson, AZ                                10

Many sites provide state specific auto insurance information
and auto insurance rates specific to you circumstances.  To
compare personalized auto insurance rates for your neck of
the woods visit smartautoinsurance.com, insurance.com, or
car-insurance-sort.com

Health Insurance for 20-somethings

About 20% of adults 19 to 29 don't have health insurance coverage. If you fall in that category, you might think you don't need the extra expenditure -- after all, you're invincible right?

Going without medical coverage is risky -- not only for your health but also for your personal finances. One visit to the ER could cost you hundreds or thousands of dollars.

So if you are currently covered on student health insurance, or on your parents health plan, your free ride may be coming to an end. After you apply for a new health insurance policy, it can take a month or two for it to kick in, so act now to avoid leaving yourself vulnerable to accident or injury.

Health Insurance Bill

Thursday, a hearing about a health insurance bill sponsored by Rep. Morgan Carroll drew a packed chamber with standing room only.

Right now in Colorado, home, car insurance and health insurance companies decide their own insurance rates with some oversight, by the state.

Rep. Carroll's bill would take the power for setting rates from the insurance companies and give most of it to the state insurance commissioner.

Michigan Auto Insurance

The Democrat-led state House has passed bills supporters say could make Michigan auto insurance more affordable.

The bills approved Tuesday would give state regulators power to order refunds if it's determined that customers have been overcharged. Customers also would have more leeway to sue insurance companies for code violations.

The package did not get much support from Republicans in the state House, so it could face a tougher time in the Senate, where Republicans hold the majority. Opponents say the proposals could backfire and lead to higher insurance rates.

The House did not vote on a measure that would ban the use of credit scoring in setting auto insurance rates.

Health Insurance

Families USA recently released a report from all 50 states on the number of uninsured and the estimated number of deaths directly related to lack of health insurance.

The report found that uninsured adults are 25% more likely to die prematurely than adults with health insurance coverage.

Another study found that lack of health insurance is the third leading cause of death, following heart disease and cancer, for uninsured adults between the ages of 55 and 64.

While the percentage of uninsured, working age (25-64) people in the South reported by Families USA in 2006 (20.5%) is similar to overall U.S. percentage of uninsured in the same age group (19.9%), several Southern states have a significantly higher percentage of uninsured.

For example, the Families USA report found that Louisiana had the highest rate of uninsured among working people at 26.2%. Florida (25.3%), Arkansas (23.2%), and Mississippi (22.1%) also exceeded the regional and national rates. Virginia (15.1%) and West Virginia (16.5%) are well below the regional and national rates.

Other state reports from around the South on the percentage of uninsured working age people include Alabama (20.1%), Georgia (19.7%), Kentucky (19.0%), North Carolina (21.1%), South Carolina (19.7%), and Tennessee (18.3%).

The U.S. Census report shows that the South has the highest percentage of uninsured overall, 19.0%, as compared to 11.4% in the Midwest, 12.3% in the Northeast, and 17.9% in the West.