Electric Insurance Company information

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Electric Insurance Company, a national provider of auto insurance, homeowners, condominium, and renters insurance, announced that the Massachusetts Division of Insurance has approved Electric Insurance’s new rate structure, discounts and base rates for use beginning April 1, 2008.

Under the rate filing, Massachusetts customers of Electric Insurance will experience an average rate decrease of 9%, while some could experience up to a 30% rate decrease, and none will experience a rate increase greater than 10%.

Discounts and Product Enhancements

Electric Insurance Company will provide Massachusetts consumers the following new discounts and product enhancements, including:

  • Increased multi-car discount of 15% for insuring more than one car with Electric Insurance Company.
  • Multi-car discount to households with company cars, in addition to a personal auto.
  • Expanded low mileage discount to vehicles driven up to 16,000 miles per year.
  • New 5% multi-policy discount for policyholders who also write their homeowners, renters, or condo insurance with Electric Insurance.
  • “Automatic Vehicle Replacement Coverage” available at no additional cost to policyholders in the event of a covered total loss or a covered theft loss, for any vehicle with an odometer reading at the time of loss of 7,500 original miles or less, and purchased within the past six months.
  • Continued offering of the GE exclusive discount for Massachusetts employees of General Electric.

 

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Michigan Auto Insurance inforamtion

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In 2004, the average annual out of pocket premiums for auto insurance in michigan was $980.32 per vehicle, making Michigan the 10th most expensive of all states for auto-insurance costs. (Iowa Auto Insurance was cheapest at $579.95.)

Nationwide, the average annual expenditure for auto insurance was $838 per vehicle in 2004. For 2007 it's expected to to an average of $847.

Of the 100 cities surveyed in 2006, Detroit was the most expensive for average annual auto premiums, at $5,894 per vehicle. (Roanoke, Va., was least expensive at $912.) Auto insurance tends to be more expensive in larger cities because of traffic density, likelihood of theft and vandalism, and fraud.

Michigan is one of only nine states that use no-fault insurance, meaning claimants need not prove that others were at fault before recovering damages for an accident.
  • 77 percent of insured drivers were covered by both comprehensive coverage and liability coverage and 72 percent had collision coverage.
  • $68 of every $100 in premiums for private-passenger-auto insurance was paid out for claims.
  • In 2005, claims covered by collision insurance and involving passenger vehicles amounted to an average of $3,937 per claim.
  • Between 1996 and 2005, claim frequency fell 17.8 percent for bodily-injury claims and 11.5 percent for property-damage claims. But claim severity rose 16.9 percent and 27.4 percent, respectively.

 

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Home insurance

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The system is simple. The company gives a driver a small device that plugs into the data port built into all cars made since 1996.

That device tracks all the parameters of travel, including speed, time, mileage and distance, as well as how frequently the brakes are used and how quickly the car stops.

The device then wirelessly transmits the data back to the company, which adjusts your auto insurance based on how you drive.

While the company said some drivers could see auto insurance rates increase by 9%, Progressive said most drivers would expect to see 10 - 15% savings. There is no penalty for not participating in the program

State Farm, Florida's second-biggest property insurance company, said that it will need to raise homeowner insurance rates for Florida residents by almost 70% in some parts of Palm Beach County, and an overall average increase of 47% across the entire state of Florida. State Farm did not mention plans to raise their home insurance.

 

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Insurance you don't need

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Insurance policies provide us peace of mind in the face of the unknown. But that doesn't mean that you should get suckered into every type of insurance out there. In some cases, you're already winning. Here are the policies you do not need.


Extended warranties. They're usually not worth it, especially if you're buying a small electronics item such as a DVD player.

Rental-car insurance. Before you pay the extra cash to insure a car you're renting, check your own auto insurance policy first. According to the Insurance Information Institute, in most cases, the coverage on your personal car policy will apply to a rental car (if it's for pleasure and not business).

Flight insurance. The chance you will be involved in a plane crash is extremely rare. According to the PBS show Nova, the average American's chance of being killed in a plane crash is 1 in 11 million. Besides, your life insurance policy should already cover you in these cases

Life insurance for kids. Life insurance is to make sure that your dependents are secure in the event of your death.

Credit-card insurance. This coverage will pay your credit-card bill if you can't make your payments due to job loss or disability.

Disease insurance. If you're pitched specific insurance policies that cover cancer, heart disease or other serious illnesses, don't buy them. There's a better way to protect yourself -- it's called health insurance.

 

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Utah Low Income Health Insurance Program

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According to the Daily Herald, a nonprofit health care advocacy group is protesting proposed changes to Utah's public health insurance programs that could limit health insurance coverage choices for low-income families.

The first change would allow people eligible for Utah's Premium Partnership for Health Insurance, a program that offers subsidies to low-income workers to help them purchase their employer's private insurance, to apply new subsidies to individual health plans if their job doesn't offer one.

The second change the Health Department is seeking would exclude children from the Utah Children's Health Insurance Plan -- a state-sponsored insurance program for kids in low-income families -- if their parents qualify for UPP.

The objective of the proposed change is to force families into private utah health insurance plans if they can afford it.

The final change would extend the waiting period between when a person drops their private health insurance plan and when they are eligible for UPP help (from 90 days to six months).

 

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