WOODBRIDGE, N.J.--(BUSINESS WIRE)-- Auto Injury Solutions Inc, (AIS) a leading provider of medical claim management tools for the auto insurance industry announced today the expansion of its provider transaction portal, Provider Desktop, in compliance with new Minnesota legislation. This latest enhancement of Provider Desktop supports the continued evolution of electronic payment/processing technologies and future adoption of paper claims processing.
The newest release of Provider Desktop features the online capability for medical providers to submit medical bills as required under the Minnesota Health Care Administration Simplification Act. The development of and latest enhancements to Provider Desktop demonstrates AIS' commitment to improve the way that medical providers interact with auto insurance payers. This advanced solution is offered at no cost to providers and payor-clients of AIS.
"AIS welcomes the opportunity to bring paperless claims-filing technology to more providers, in more areas with continued enhancements to our Provider Portal," said Matt Elges, President of Auto Injury Solutions. "We have invested a significant amount of resources to evolve the current paper medical billing process into an online, electronic process that satisfies and simplifies medical claim progression. As a result, we believe that providers will enjoy greater ease in the submission of their bills using our secure portal."
Providers will find the following features of Provider Desktop useful in the compliance with Minnesota regulations:
A secure web portal to ensure patient information privacy is maintained
Acceptance and processing of Minnesota compliant electronic billing records
The capability to upload supporting medical documentation directly from electronic patient files validated with an e-Signature unique to the provider
Patient information is stored for future submissions, reducing the time necessary to complete a request
Source
Sunday, November 15, 2009
Wednesday, October 28, 2009
Auto clubs allow drivers with a taste for luxury to test high-end vehicles
When it comes to expensive cars, Edward Douglas has commitment issues.
Ferraris, Lamborghinis, Aston Martins, Bentleys -- he has the urge to swap them as often as most drivers fill their gas tanks.
"My friends tease me for having a short attention span," said Douglas, 39, who owns a Porsche and Mercedes but finds himself flipping through Automobile Magazine thinking, "What's next?"
That's why Douglas, who heads a wire and cable manufacturing company in Randolph, prefers to rent the ritzy cars instead of owning them.
For a fee of $29,000 a year, he can have access to a dozen exotic cars at the Vulcan Motor Club in Chester -- a fair price, he said, considering his choices include new releases like the $495,000 Mercedes-Benz SLR McLaren and the $100,000-plus electric Tesla Roadster.
While the rest of the auto industry struggles, the high-end car rental industry appears to be gathering speed in New Jersey, where at least a handful of exotic-car clubs and their multimillion-dollar fleets are headquartered. Company owners say a growing number of consumers are renting the sleek, glossy vehicles for joyrides and daylong outings.
"We're in a renter's market," said Vulcan co-founder Tom Mizzone, who estimates business is up 60 percent this year and the number of annual members has grown to nearly 100.
Exotic car clubs charge either by a single-day rate, ranging from several hundred dollars to several thousand dollars, or by membership, a timeshare-like arrangement that costs $10,000 to $50,000 for 20 to 80 driving days a year.
That makes them attractive to a surprisingly wide swath of customers, from casual drivers to car aficionados, who drive the brightly colored exotics to country clubs, Manhattan theatres, Atlantic City casinos and Cape Cod beaches.
Tom McDermott is one such customer. The 46-year-old photographs boats and runs a helicopter training school, where he owns 25 helicopters. But when it comes to exotic cars, he prefers to rent.
The owner of five Ferraris over the years, McDermott quickly learned that while helicopters usually appreciate in value, cars almost always depreciate. Exotics are costly and time-consuming to maintain, with insurance and repairs adding up to several thousand dollars a year -- a scraped bumper alone can cost $400 to repaint.
Source
Ferraris, Lamborghinis, Aston Martins, Bentleys -- he has the urge to swap them as often as most drivers fill their gas tanks.
"My friends tease me for having a short attention span," said Douglas, 39, who owns a Porsche and Mercedes but finds himself flipping through Automobile Magazine thinking, "What's next?"
That's why Douglas, who heads a wire and cable manufacturing company in Randolph, prefers to rent the ritzy cars instead of owning them.
For a fee of $29,000 a year, he can have access to a dozen exotic cars at the Vulcan Motor Club in Chester -- a fair price, he said, considering his choices include new releases like the $495,000 Mercedes-Benz SLR McLaren and the $100,000-plus electric Tesla Roadster.
While the rest of the auto industry struggles, the high-end car rental industry appears to be gathering speed in New Jersey, where at least a handful of exotic-car clubs and their multimillion-dollar fleets are headquartered. Company owners say a growing number of consumers are renting the sleek, glossy vehicles for joyrides and daylong outings.
"We're in a renter's market," said Vulcan co-founder Tom Mizzone, who estimates business is up 60 percent this year and the number of annual members has grown to nearly 100.
Exotic car clubs charge either by a single-day rate, ranging from several hundred dollars to several thousand dollars, or by membership, a timeshare-like arrangement that costs $10,000 to $50,000 for 20 to 80 driving days a year.
That makes them attractive to a surprisingly wide swath of customers, from casual drivers to car aficionados, who drive the brightly colored exotics to country clubs, Manhattan theatres, Atlantic City casinos and Cape Cod beaches.
Tom McDermott is one such customer. The 46-year-old photographs boats and runs a helicopter training school, where he owns 25 helicopters. But when it comes to exotic cars, he prefers to rent.
The owner of five Ferraris over the years, McDermott quickly learned that while helicopters usually appreciate in value, cars almost always depreciate. Exotics are costly and time-consuming to maintain, with insurance and repairs adding up to several thousand dollars a year -- a scraped bumper alone can cost $400 to repaint.
Source
Thursday, October 15, 2009
Auto insurance company will relocate two business units
Palisades Safety & Insurance Management Corp. will be moving about 100 employees from its commercial auto underwriting and southern New Jersey claims operations to an office building in Farmingdale, the company announced.
The employees currently are based out of 4 Paragon Way, in Freehold.
The auto insurance provider has leased the entire 26,683-square-foot office building at 5006 Belmar Blvd., in the Monmouth County borough, according to commercial real estate services firm Studley, which represented the company in the lease deal.
“It’s a brand-new building and offers ample room to grow in anticipation of any future growth and any acquisitions we may have,” said Karen Murdock, vice president of marketing and communications of Palisades, which is based in Berkeley Heights. Future growth of the company would involve expanding the firm’s commercial and personal auto businesses, she said.
The new facility, which is owned by Bollerman Development Corp., also allows the two Palisades business units to have their own standalone facility with signage in a highly visible location on Route 34, Murdock said. Those operations share its current building in Freehold with a number of other companies, she said.
Source
The employees currently are based out of 4 Paragon Way, in Freehold.
The auto insurance provider has leased the entire 26,683-square-foot office building at 5006 Belmar Blvd., in the Monmouth County borough, according to commercial real estate services firm Studley, which represented the company in the lease deal.
“It’s a brand-new building and offers ample room to grow in anticipation of any future growth and any acquisitions we may have,” said Karen Murdock, vice president of marketing and communications of Palisades, which is based in Berkeley Heights. Future growth of the company would involve expanding the firm’s commercial and personal auto businesses, she said.
The new facility, which is owned by Bollerman Development Corp., also allows the two Palisades business units to have their own standalone facility with signage in a highly visible location on Route 34, Murdock said. Those operations share its current building in Freehold with a number of other companies, she said.
Source
Monday, September 28, 2009
Study: Auto Insurance Carriers' Subrogation Efforts Lacking
There is a longstanding industry shortcoming: Major insurance carriers often overlook subrogation opportunities as a potential means of offsetting losses, maximizing revenue and positively affecting customer retention. This is among the results of a recent study conducted by Praxis Consulting, a provider of specialized subrogation consultative services, and commissioned third-party research firm The Ward Group. The study of New York & New Jersey automobile PIP/med pay subrogation analyzed state-specific subrogation recovery ratios, expenses, staffing, productivity measures and operating best practices for 2007 and 2008.
"This marks the first time that anyone has undertaken a benchmarking study of New York and New Jersey PIP subrogation results," said Robert Ford, president and founder of Praxis. "The results have worked to solidify our notion that when the proper resources are allocated to subrogation, the practice can become a viable and self-sustaining new revenue stream, as well as the reverse."
The Ward Group, a consulting firm specializing in the insurance industry and provider of industry benchmarking and best practices services, asked a diverse group of 14 companies to provide responses to questions focusing on subrogation statistics, performance and practices for 2007 and 2008. The responses were collected between April and June 2009. The participating companies in this study represented approximately 48% of the total New York and New Jersey auto insurance market.
Of the participating companies, more than 92% have a dedicated internal subrogation unit, with just one participant relying on the primary staff adjuster to subrogate the claim. However, within these units, technological resources such as predictive analytics and expert systems were not as readily put to use as they are in other areas of the claims organization.
Additionally, 100% of the participating companies reported having their claims' inventory profiled by external vendors to identify missed subrogation opportunities, which is not surprising, notes Praxis, considering 71% of participants claim a lack of established referral guidelines or claims payment deadlines. Such factors further contribute to an increase in missed opportunities to subrogate. Referrals were typically (64% of the time) manually referred by the primary claims adjuster, whose primary responsibilities during the claims cycle are decidedly not subrogation but rather, determining coverage, investigating facts of loss, assessing liability, calculating damages, negotiating settlement, setting reserves and issuing payment.
The study additionally offers insight into subrogation litigation practices, state-specific arbitration, personnel and other expenses, recovery rates and uninsured collections.
Source
"This marks the first time that anyone has undertaken a benchmarking study of New York and New Jersey PIP subrogation results," said Robert Ford, president and founder of Praxis. "The results have worked to solidify our notion that when the proper resources are allocated to subrogation, the practice can become a viable and self-sustaining new revenue stream, as well as the reverse."
The Ward Group, a consulting firm specializing in the insurance industry and provider of industry benchmarking and best practices services, asked a diverse group of 14 companies to provide responses to questions focusing on subrogation statistics, performance and practices for 2007 and 2008. The responses were collected between April and June 2009. The participating companies in this study represented approximately 48% of the total New York and New Jersey auto insurance market.
Of the participating companies, more than 92% have a dedicated internal subrogation unit, with just one participant relying on the primary staff adjuster to subrogate the claim. However, within these units, technological resources such as predictive analytics and expert systems were not as readily put to use as they are in other areas of the claims organization.
Additionally, 100% of the participating companies reported having their claims' inventory profiled by external vendors to identify missed subrogation opportunities, which is not surprising, notes Praxis, considering 71% of participants claim a lack of established referral guidelines or claims payment deadlines. Such factors further contribute to an increase in missed opportunities to subrogate. Referrals were typically (64% of the time) manually referred by the primary claims adjuster, whose primary responsibilities during the claims cycle are decidedly not subrogation but rather, determining coverage, investigating facts of loss, assessing liability, calculating damages, negotiating settlement, setting reserves and issuing payment.
The study additionally offers insight into subrogation litigation practices, state-specific arbitration, personnel and other expenses, recovery rates and uninsured collections.
Source
Tuesday, September 15, 2009
New N.J. Auto PIP Fee Schedule to Moderate Medical Costs
Two years after it was adopted, the New Jersey personal injury protection medical fee schedule has gone into effect due to a recent decision by the state Superior Court's Appellate Division. Now, automobile insurers say reimbursement for medical costs can be controlled and expensive litigation over the payments can end. Simply, the schedule can keep insurance costs down.
"The implementation of this schedule is a victory for all New Jersey drivers," said Bernie Flynn, president and chief executive officer of New Jersey Manufacturers. "Medical costs had been spiraling out of control for some time. This will help moderate costs in the system."
Flynn said doctors and ambulatory surgical centers will still receive "reasonable and appropriate" reimbursement for their services. Not so, said the New Jersey Medical Society, who appealed the new fee schedule as soon as it was adopted in late August 2007. However, the battle between insurers and medical professionals over the fees for people injured in car accidents has been a fixture in New Jersey since the early 1990's, when the Fair Automobile Insurance Reform Act was passed to address rising auto insurance costs and included the establishment of a fee schedule.
State Department of Banking and Insurance spokesman Marshall McKnight said the schedule was implemented the same day the appellate ruling was returned on Aug. 10. Commissioner Neil N. Jasey said the PIP costs have "been a major factor pushing auto insurers to seek rate increases recently." Allstate New Jersey Insurance Co. received approval from the state to raise auto rates nearly 9% for about 300,000 customers, in part, because of an rise in hospital and medical costs under the state's PIP coverage (BestWire, May 7, 2009).
Since auto reforms were passed in 2003, "Allstate New Jersey's average PIP payout increased 67%," said Allstate spokesman Walter Tomasheski. "We feel this is an important decision with a cost control benefit to New Jersey drivers, who ultimately pay these costs through premiums."
The schedule "helps contain rapidly rising health care costs by setting reasonable limits on insurer payments for medical services. It also reduces costly and time consuming payment disputes by discouraging court and arbitration proceedings," Jasey added.
"The implementation of this schedule is a victory for all New Jersey drivers," said Bernie Flynn, president and chief executive officer of New Jersey Manufacturers. "Medical costs had been spiraling out of control for some time. This will help moderate costs in the system."
Flynn said doctors and ambulatory surgical centers will still receive "reasonable and appropriate" reimbursement for their services. Not so, said the New Jersey Medical Society, who appealed the new fee schedule as soon as it was adopted in late August 2007. However, the battle between insurers and medical professionals over the fees for people injured in car accidents has been a fixture in New Jersey since the early 1990's, when the Fair Automobile Insurance Reform Act was passed to address rising auto insurance costs and included the establishment of a fee schedule.
State Department of Banking and Insurance spokesman Marshall McKnight said the schedule was implemented the same day the appellate ruling was returned on Aug. 10. Commissioner Neil N. Jasey said the PIP costs have "been a major factor pushing auto insurers to seek rate increases recently." Allstate New Jersey Insurance Co. received approval from the state to raise auto rates nearly 9% for about 300,000 customers, in part, because of an rise in hospital and medical costs under the state's PIP coverage (BestWire, May 7, 2009).
Since auto reforms were passed in 2003, "Allstate New Jersey's average PIP payout increased 67%," said Allstate spokesman Walter Tomasheski. "We feel this is an important decision with a cost control benefit to New Jersey drivers, who ultimately pay these costs through premiums."
The schedule "helps contain rapidly rising health care costs by setting reasonable limits on insurer payments for medical services. It also reduces costly and time consuming payment disputes by discouraging court and arbitration proceedings," Jasey added.
Friday, August 28, 2009
Auto insurer expands in western New York
Executives from GEICO Corp. and Gov. David A. Paterson on Wednesday said the giant auto insurer will bring at least 300 new jobs to western New York and invest $2.4 million over three years as it expands its service center in Amherst, near Buffalo.
The Washington, D.C.-based insurer, the third-largest auto carrier in the country and largest in the state, is opening a second location for its fast-growing GEICO Insurance Agency subsidiary, which sells, services and underwrites other lines of personal insurance for consumers on behalf of other insurers.
The agency, run by John Zinno, former head of the Amherst service center, is currently based in Fredericksburg, Va., where it employs more than 850. But it has outgrown that location, and will use the extra space at Geico's facility in CrossPoint Business Park to accommodate future growth.
The new jobs represent a 20 percent increase from the 1,500 currently employed there.
"We are pleased that is happening and that one of the most identifiable brands in the nation is investing in western New York," Paterson said during a news conference, with GEICO's well-known gecko mascot in the room.
In exchange, the site has been designated as a "regionally significant" project under the Empire Zone program, and GEICO will receive $1.5 million in tax credits over the next five years through the towns of Tonawanda and Amherst.
It will also get a sales tax exemption from the Amherst Industrial Development Agency for equipment purchases and 1.6 megawatts of low-cost hydropower from the New York PowerAuthority, valued at $1.75 million in savings. The Workforce Investment Boards in Erie and Niagara counties also will provide workforce training assistance.
Paterson and GEICO officials said the company would begin taking job applications immediately for the agency, which sells and services homeowners, renters, boat and other types of personal insurance except auto. "The first hiring is at high noon. We're not wasting any time," the governor said.
The 300 jobs to be created during the next three years may grow. Officials said the agency operation could employ as many as 1,000 over 10 years, bringing total employment for GEICO locally to about 2,500.
That was the ultimate goal cited by GEICO for Amherst when it first announced plans in December 2003 to set up shop in western New York. And it has been stated as the capacity of the existing building, although GEICO's CEO, Tony Nicely, said some people have suggested it could even hold more.
The facility now handles sales, service, underwriting and claims for GEICO auto insurance customers in New Jersey and New England.
Currently, the second floor, while finished, is largely vacant. "Look at all the empty space. We look (forward) to seeing it full," Nicely said.
This is the latest major coup in western New York for Paterson and state economic development officials, coming on the heels of Internet search engine Yahoo's announcement in June that it would build a major data center in Lockport.
Source
The Washington, D.C.-based insurer, the third-largest auto carrier in the country and largest in the state, is opening a second location for its fast-growing GEICO Insurance Agency subsidiary, which sells, services and underwrites other lines of personal insurance for consumers on behalf of other insurers.
The agency, run by John Zinno, former head of the Amherst service center, is currently based in Fredericksburg, Va., where it employs more than 850. But it has outgrown that location, and will use the extra space at Geico's facility in CrossPoint Business Park to accommodate future growth.
The new jobs represent a 20 percent increase from the 1,500 currently employed there.
"We are pleased that is happening and that one of the most identifiable brands in the nation is investing in western New York," Paterson said during a news conference, with GEICO's well-known gecko mascot in the room.
In exchange, the site has been designated as a "regionally significant" project under the Empire Zone program, and GEICO will receive $1.5 million in tax credits over the next five years through the towns of Tonawanda and Amherst.
It will also get a sales tax exemption from the Amherst Industrial Development Agency for equipment purchases and 1.6 megawatts of low-cost hydropower from the New York PowerAuthority, valued at $1.75 million in savings. The Workforce Investment Boards in Erie and Niagara counties also will provide workforce training assistance.
Paterson and GEICO officials said the company would begin taking job applications immediately for the agency, which sells and services homeowners, renters, boat and other types of personal insurance except auto. "The first hiring is at high noon. We're not wasting any time," the governor said.
The 300 jobs to be created during the next three years may grow. Officials said the agency operation could employ as many as 1,000 over 10 years, bringing total employment for GEICO locally to about 2,500.
That was the ultimate goal cited by GEICO for Amherst when it first announced plans in December 2003 to set up shop in western New York. And it has been stated as the capacity of the existing building, although GEICO's CEO, Tony Nicely, said some people have suggested it could even hold more.
The facility now handles sales, service, underwriting and claims for GEICO auto insurance customers in New Jersey and New England.
Currently, the second floor, while finished, is largely vacant. "Look at all the empty space. We look (forward) to seeing it full," Nicely said.
This is the latest major coup in western New York for Paterson and state economic development officials, coming on the heels of Internet search engine Yahoo's announcement in June that it would build a major data center in Lockport.
Source
Monday, July 20, 2009
Avoiding Car Insurance Fraud
The National Association of Insurance Commissioners has some tips to help consumers avoid becoming victims of fraud when they shop for car insurance.
Current economy encourages fraud
Here at Auto Credit Express, we see that, according to recent information from the NAIC, the current soft economy is leading consumers to try and cut down on expenses wherever they can. And with most drivers wishing for a way to cut back on the cost of auto insurance and insurance fraud on the rise, “taking a shortcut when it comes to your insurance could prove catastrophic and costly.”
Too good to be true
It turns out that there have been a number of recent scams in states ranging from New Jersey to California and also in between (Florida). But according to NAIC, doing your research, along with a little common sense, goes a long way in avoiding being taken for a ride (if you’ll excuse the pun).
“What seems too good to be true often is,” said NAIC CEO Dr. Therese (Terri) Vaughan. “Consumers need to be extremely careful not to take a shortcut with their insurance, which, in the long-term, can affect the safety and security of themselves and their loved ones.”
Double trouble
Unfortunately, being taken in by a fraudulent insurance agent or company is doubly bad – not only are you out the money you paid for the policy, the same transaction could unknowingly leave you without lawful insurance coverage on your vehicle.
There are ways that you can protect yourself. The first step is to rely on your state insurance commissioner. “State insurance regulators are always on the lookout for these individuals and companies,” continued Vaughan. “Consumers can always protect themselves through proper research and vigilance.”
Steps to take
According to the NAIC, you should take the following steps before purchasing a new policy:
• Stop before signing any paperwork or writing a check.
• Call your state insurance department, which is easily reached by phone.• Confirm that the company or agent offering insurance is legitimate and licensed in the state.
Source
Monday, July 13, 2009
Car insurance rates for teens costly in New Jersey
New Jersey is the second most expensive state's in the nation to insure teen drivers, according toInsurance.com's Ratewatch report, released earlier this month.
The average rate to insure Jersey teens -- $6,200 -- is second only to Louisiana, where it costs $7,900. According to Insurance.com, adding a teen driver to an existing policy can increase the annual rate an average of $2,171 a year.
The average rate to insure Jersey teens -- $6,200 -- is second only to Louisiana, where it costs $7,900. According to Insurance.com, adding a teen driver to an existing policy can increase the annual rate an average of $2,171 a year.
Here are some tips to cut costs:
**Take advantage of the "good student" discount, if you can. That can take as much as 10 percent to 15 percent off the price of your car insurance policy.
**Help your child learn how to drive. Don't just rely on driving school. No matter what your state legally requires, the more time you spend in the car teaching your teenager to drive, the better.
**Set a curfew. Statistics show that teenage driving deaths rise dramatically from 9 p.m. to 6 a.m.
**Don't let your teenager drive a small, old car. Older, compact cars are a risky proposition. If it's not a safe car, you won't qualify for safety discounts.
**Shop around. Compare insurance company rates before you make a decision. The difference between the highest quote for adding a teen and the lowest quote can be more than $2,000 a year.
**Help your child learn how to drive. Don't just rely on driving school. No matter what your state legally requires, the more time you spend in the car teaching your teenager to drive, the better.
**Set a curfew. Statistics show that teenage driving deaths rise dramatically from 9 p.m. to 6 a.m.
**Don't let your teenager drive a small, old car. Older, compact cars are a risky proposition. If it's not a safe car, you won't qualify for safety discounts.
**Shop around. Compare insurance company rates before you make a decision. The difference between the highest quote for adding a teen and the lowest quote can be more than $2,000 a year.
Monday, July 6, 2009
Rutherford's auto insurance rates soar above neighbors'( Part 2 )
Philip Bogle, president of Bogle Agency Insurance in Lyndhurst, said that although the state's rating territory update was an admirable move, it's not nearly the only factor that determines an insurance rate. More needs to be done about the criteria that insurance companies use to determine an individual's rate, he said.
"It's a tiger by the tail, we really don't know where this thing's going," said Bogle. "The state had good intentions when they redid the map based on updated populations, but what the insurance companies are doing now is they are just adding a list of other factors. Progressive for instance, I want a quote; there are 141 different factors to put in."
Bogle said shopping around is the best bet for a consumer if he or she sees his or her rates go up unexpectedly, whether it be because of territorial factors or individual factors.
"You can have someone in Rutherford paying $1,000 more than someone in Hudson County," said Bogle. "My mom's insurance, the company that she was with raised her to $1,600 from $1,000 because she went over 65. I found a new company and she's back down to $1,000."
As an example of a company that does not use the state's territory map, but instead uses its own, an estimated quote given on the Allstate Web site for the same individual, a male renter with good credit driving a small compact sedan, differed greatly amongst local towns. The quotes showed that in Carlstadt, that individual would pay $1,440 for a basic standard auto policy. In neighboring East Rutherford, however, the policy holder would pay a slightly higher annual fee of $1,540. In Rutherford, the individual would pay nearly $800 more than Carlstadt, having to fork over $2,210 a year for a basic standard policy. However, in Lyndhurst and North Arlington, the two other most populous South Bergenite coverage area towns, the basic coverage would be the same as the smallest town, Carlstadt.
Allstate was able to prove to the state earlier this month, after seeking a 15.4-percent increase on all New Jersey territories, that its financial status was dire enough to get granted an 8.9-percent increase, the largest any insurer doing business in the state has been granted in six years.
GMAC Insurance said it should not be a baffling notion to think many insurance companies are in need of raising rates because safety doesn't seem to be a top priority in the state. It attributed an annual study it conducts to see if drivers could pass a standardized written driving test. Overall findings from the study, conducted in 2008, showed that over 16 percent or 33 million licensed U.S. drivers would fail a written driver's exam if it were given today. GMAC ranked New Jersey drivers as the worst, even though results were better than previous years.
"It's encouraging to see that the scores are beginning to get better, but there is still a lot of room for improvement," said Wade Bontrager, vice president of marketing for GMAC.
For some residents, they chalk it up to just being a resident of New Jersey and know along with high property taxes, high home values and the high cost of living that seems to never stop escalating, high insurance is just something they have to live with.
"I have New Jersey Manufacturers, which luckily hasn't raised our rate, but it's probably a moment in time," said Lyndhurst resident Jean Simmon about her and her husband's two vehicles. "As long as we are as packed into this state like sardines, we will always have to pay more to drive."
Monday, June 29, 2009
Rutherford's auto insurance rates soar above neighbors'( Part 1 )
Residents may soon see an increase in their automobile insurance due to changes in rate territory maps used to determine the cost of an individual's policy.
The factors that give a certain town a rate change are determined on the loss potential to the company and must be approved by the state. Factors include everything from crime and population to the number of filed claims, accidents and litigation. Some local drivers are finding that companies are starting to see the area as more of a liability for loss and the company needs more compensation when insuring area drivers.
One Rutherford resident said she actually had her AAA Mid-Atlantic insurance premium rise by $220 on a recent renewal on two people and two cars. She didn't move, however, from a different part of the state in that time. Instead, she was told Rutherford moved to another territory bracket that assessed a higher rate when she questioned the increase to AAA Mid-Atlantic. The company gave her little explanation.
"The best thing for her to do is she ought to shop around if she doesn't like her current rate; if she shopped around, she would almost certainly find a better rate," said Marshall McKnight, a spokesman for the New Jersey Division of Banking and Insurance, who highlighted the discontinuity in how insurance companies use territories to value how they assess drivers that live in them.
More than 60 insurance companies statewide use insurance territory rate maps, which they can either formulate themselves and the state then approves them or abide by a state-mandated one. If the company does use its own, it must be approved initially and changes must be approved by the New Jersey Division of Banking and Insurance, who a little over a year ago updated its own map for the first time in over 50 years, which clusters together all of the South Bergenite coverage area towns into one of its 27 geographic territories. A prior map, developed in 1947, had the South Bergenite towns grouped with less dense middle-Bergen County towns such as Saddle Brook and Rochelle Park, but the new map, which was part of an extensive auto insurance reform act in 1998, has separated those towns and grouped the southern portion of the county with towns like Nutley and Secaucus in bordering Essex and Hudson counties.
"Maps hadn't caught up to those demographic changes, but each case is different and each company may justify their loss figures for approval," said McKnight.
The problem however, according to McKnight, is the map. Although it was relied on heavily years ago, the map has merely become one of several factors, and sometimes for some insurance companies, it is not the most important factor in gauging an individual's car insurance rates. So, if one company deems the South Bergen territory needs a rate hike due to loss or demographic and crime shifts, it doesn't mean another will follow suit. The state's map gives formulas on numbers to use on writing insurance for each territory; the more urbanized the territory, usually, the higher the numbers, but even of those companies that use the state map, only 11 out of the state's 64 can ask for a rate increase in a specific territory if they can prove a loss.
Source
Monday, June 22, 2009
Teachers' Insurance Plan of NJ Recognized as Winner of the Business Category for Clean Ocean Action's 'Flip Your Lid' Contest
"We are pleased to have been recognized by Clean Ocean Action as the winner of the business category for this important contest," stated
"Through the 'Flip Your Lids' contest not only have we raised awareness regarding pollution and the harmful effects of plastics in our ocean, we have seen the next generation of ocean advocates begin to work toward protecting their planet. The caps in the contest are just the tip of the iceberg, millions more caps have been recycled and will continue to be recycled in the program," stated
During the recycling process, if a cap does not pop off a bottle during the compression stage, the entire bottle is discarded as trash. The magnitude of this pollution problem can be devastating. The Flip Your Lid campaign was designed to draw attention to this phenomenon and help inform the public about a more effective way to recycle plastic bottles.
According to Clean Ocean Action, the grand prize in the "Flip Your Lids" contest was awarded to
"The fact that two of the winning schools -- including the grand prize winner -- are from school districts currently partnering with Teachers' Insurance on a Quotes for Cash campaign is a great feeling," said Buro. "This shows us that our Quotes for Cash participating districts share a commitment to community service and environmental awareness that extends well beyond their classrooms," concluded Buro.
Source
Thursday, March 26, 2009
“U.S. Congress Learns of New Jersey's Auto Insurance Crisis”
Federal lawmakers today learned that New Jersey’s auto insurance crisis has impacted more than a quarter million people within the past three years alone, forcing drivers to search for auto insurance in a market bereft of auto insurers.
Testifying before the House Financial Services Capital Markets Subcommittee, Coalition for Auto Insurance Competition Vice Chairman John J. Marchioni explained that excessive regulation of the industry has lead to a shortage of insurance for consumers seeking coverage.
The Coalition for Auto Insurance Competition’s statewide public education campaign has informed citizens and lawmakers that years of politicizing and over regulating auto insurance has caused the exodus of auto insurers from New Jersey, leaving consumers with too few companies from which to purchase auto insurance. Five of the six largest auto insurers in the nation do not sell auto coverage in the state and more than twenty auto insurers fled New Jersey in the past decade. Nearly 40 auto insurers have withdrawn from New Jersey since 1976 and several more have announced plans to stop doing business in the state.
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Testifying before the House Financial Services Capital Markets Subcommittee, Coalition for Auto Insurance Competition Vice Chairman John J. Marchioni explained that excessive regulation of the industry has lead to a shortage of insurance for consumers seeking coverage.
The Coalition for Auto Insurance Competition’s statewide public education campaign has informed citizens and lawmakers that years of politicizing and over regulating auto insurance has caused the exodus of auto insurers from New Jersey, leaving consumers with too few companies from which to purchase auto insurance. Five of the six largest auto insurers in the nation do not sell auto coverage in the state and more than twenty auto insurers fled New Jersey in the past decade. Nearly 40 auto insurers have withdrawn from New Jersey since 1976 and several more have announced plans to stop doing business in the state.
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Thursday, March 19, 2009
New Jersey Car Insurance For Young Drivers
It is no secret that New Jersey has some of the highest insurance rates in the country. Even more troubling is the fact that insurance carriers are leaving the state and not renewing policies leaving automobile drivers in the dust. Though this may cost the average driver a fair sum, a new driver may soon need to take out a mortgage to pay new driver auto insurance premiums in New Jersey. If you are a first time driver or the parent of a first time driver read below. It may be the difference between driving and walking…
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Thursday, March 12, 2009
New jersey Car Insurance Defined
Automobile or Car insurance, is probably the most common form of insurance and may cover both legal liability claims against the driver and loss of or damage to the insured's vehicle itself. Throughout most of the United States an auto insurance policy is required to legally operate a motor vehicle on public roads. In some jurisdictions, bodily injury compensation for automobile accident victims has been changed to a no fault system, which reduces or eliminates the ability to sue for compensation but provides automatic eligibility for benefits.
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Thursday, March 5, 2009
New Jersey Coverage Regulations
With basic New Jersey auto insurance, drivers are required to carry bodily injury protection of $10,000. Also required for basic coverage are $10,000 worth of property damage coverage and $5,000 in personal injury protection (PIP).
The New Jersey standard auto insurance option requires more extensive coverage. With this option, drivers must have minimum liability limits of 15/30/5. That is, when involved in an accident, this coverage would pay $15,000 per person injured, $30,000 for all people injured, and $5,000 for any property damage. With the standard policy, New Jersey also requires a minimum personal injury protection in the amount of $5,000.
Optional coverage under standard auto insurance policies includes collision, comprehensive, uninsured motorist bodily injury protection, and uninsured motorist property damage coverage.
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The New Jersey standard auto insurance option requires more extensive coverage. With this option, drivers must have minimum liability limits of 15/30/5. That is, when involved in an accident, this coverage would pay $15,000 per person injured, $30,000 for all people injured, and $5,000 for any property damage. With the standard policy, New Jersey also requires a minimum personal injury protection in the amount of $5,000.
Optional coverage under standard auto insurance policies includes collision, comprehensive, uninsured motorist bodily injury protection, and uninsured motorist property damage coverage.
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Thursday, February 26, 2009
New Jersey Car Insurance Rates - Auto Insurance Quotes in NJ
Finding low cost auto insurance rates in New Jersey has never been easier. CarInsurance.com offers the best Online Insurance Marketplace™ to help you comparison shop for the lowest rates available. We offer one convenient place to get a quote and buy a policy in 20 minutes or less. In addition, we have all the resources you need to make informed decisions about your car insurance. You get great service from the most reliable and affordable insurance companies in New Jersey, so the only thing you do is shop to save money. The best rate in New Jersey last year, is not the best rate in New Jersey this year!
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