Auto Insurance online - How it protects you and your vehicle

[ Join discussion ]

Message Author
PostPosted: Fri Jan 08, 2010 7:31 am   Post subject:   

Yes, the carriers would look at it as an important factor towards determining your insurance cost. The ISO symbol forms an important part of the carrier's rating system. A higher ISO symbol depicts your carrier's higher exposure following a claim.

JeremyHolter
Senior member
Jeremy Holter
Joined: 06 Jun 2007
Posts: 1185


210.40 Dollars($)

PostPosted: Sat Jan 09, 2010 6:14 am   Post subject:   

Quote:
A higher ISO symbol depicts your carrier's higher exposure following a claim.


There are certain carriers whose rating systems may seem more complex. Actually, these carriers would consult their claims history to arrive at the right symbol or factor on the basis of which they'd charge you.
steven
Senior member
steven
Joined: 02 Feb 2006
Posts: 1546


215.90 Dollars($)

PostPosted: Sun Jan 10, 2010 3:24 am   Post subject:   

Quote:
Also....I've heard some say that, to determine what your premiums would be, they check your Credit,




Several states permit underwriting to base its "yes/no" decision on a person's credit report. California prohibits the use of a person's credit report as the "sole" reason for denying coverage, but it can be taken into consideration as an "adverse selection" factor.



Several years ago, the CDI Fraud Bureau published a report on Auto Insurance Fraud in California -- the #1 type of fraud committed year in and year out. According to the report, at the time (2004 or 2005), auto insurance fraud factored into as many as 48 out of every 100 claims in Orange County.



Joey Buttafuoco -- yes, that Joey B -- was arrested about 5 or 6 years ago here in California for "showing how to 'enhance' the damage to a vehicle" in order to inflate the claim to what turned out to be Auto Fraud Task Force investigators.



Another pair of fraudsters in 2001 or 2002 used the same two vehicles to defraud insurers out of several hundred thousand dollars in bogus auto collision claims. The would purchase policies from companies known to be lax in their underwriting, then submit photographs of the "damage" along with the claim form. Problem was, they did this so many times, they forgot which insurers they told what story to.



They were alternating their representation of "ownership" of the vehicles to the different companies, and they chose the same company twice, by mistake. Fortunately, the claim landed on the desk of a claims examiner who thought he remembered the vehicle and the damage. Sure enough, not only was it the same car as the earlier claim, but the damage was "identical". They were caught as a result.



California's Insurance Commissioners are quick to point out, appropriately, that insurance fraud creates the equivalent of a $500 annual tax on California residents, in the form of higher premiums and lower benefits.


_________________

CA-licensed Life & Disability Analyst. CA Insurance Lic #0596197. Also investigating insurance company abuses, and providing litigation support/expert witness services. Send me your questions, and I'll send you my answers.
MaxHerr
Forum Expert
Forum Expert
MaxHerr
Joined: 29 Nov 2009
Posts: 7888

Location: Pomona CA
107.50 Dollars($)

PostPosted: Fri Jan 15, 2010 6:39 am   Post subject:   

Quote:
They were caught as a result.


Well, it's really interesting how these fraudsters got caught. Now, I'd be curious to know if such con artists are still serving their jail term or is it that they're back to business. Are the Cali authorities really trying hard to curb such incidents?
RupertWBradson
Senior member
Rupert W Bradson
Joined: 05 Jul 2007
Posts: 692


131.46 Dollars($)

PostPosted: Fri Jan 15, 2010 11:09 pm   Post subject:   

Funny you should ask if CA authorities are doing anything to curb auto insurance fraud. Here's the latest press release from the CDI on the subject:



For Release: January 13, 2010



NEWS RELEASE

Insurance Commissioner Poizner Announces Arrest of San Jose Man for Allegedly Ditching Car in Mexico, Reporting it Stolen, Filing False Insurance Claim




California Insurance Commissioner Steve Poizner today announced that Severiano Becerra, 48, of San Jose was arrested Jan. 12 in San Jose on suspicion of felony auto insurance fraud. If convicted, Becerra could face five years in prison. He is being held on $20,000 bail.



"Auto insurance fraud continues to cost residents of this state millions of dollars and rates continue to go up for drivers as we battle this crime," Commissioner Poizner said. "But it's a battle we will never back down from and those who commit these crimes will face justice."



A California Department of Insurance (CDI) Urban Auto Fraud Task Force investigation alleges that on Nov. 27, 2008, Becerra drove his Dodge Dakota pickup truck into Mexico and purposefully left the vehicle in that country and returned to San Jose. On Dec. 17, 2008, Becerra reported the vehicle as stolen to the San Jose Police Department. Becerra claimed the truck was stolen the same day from a shopping center parking lot in San Jose. Becerra then filed a claim with Infinity Insurance Co. after filing the police report.



Becerra signed and dated a stolen vehicle report taken by San Jose Police. Becerra also signed and dated an affidavit of vehicle theft that was notarized by Infinity Insurance. Both forms were signed under penalty of perjury. In both reports, Becerra allegedly lied about the circumstances of how his vehicle disappeared.



Infinity Insurance Co. became suspicious of the claim and asked CDI to start its own investigation. Becerra confessed when confronted with evidence that refuted his version of events and admitted he intentionally drove his Dodge Dakota into Mexico and left it there. Becerra also provided a written confession.



The Urban Organized Automobile Fraud Insurance Task Force is made up of investigators from CDI, the California Highway Patrol and the Santa Clara County District Attorney's Office.



Commissioner Poizner oversees 16 CDI Enforcement Branch regional offices throughout the state. Approximately 2,000 insurance fraud-related arrests have been made by the Department of Insurance's enforcement division since Commissioner Poizner took office in 2007 - more arrests than have been made during any other two year period, under any previous insurance commissioner.



_________________

CA-licensed Life & Disability Analyst. CA Insurance Lic #0596197. Also investigating insurance company abuses, and providing litigation support/expert witness services. Send me your questions, and I'll send you my answers.
MaxHerr
Forum Expert
Forum Expert
MaxHerr
Joined: 29 Nov 2009
Posts: 7888

Location: Pomona CA
107.50 Dollars($)

PostPosted: Fri Jan 15, 2010 11:12 pm   Post subject:   

The other pair I mentioned in the prior post are most likely out of prison by now. They were sentenced to 5 years, but that was back in 2002 or 2003. I'm sure they'll get caught if they try it again.



_________________

CA-licensed Life & Disability Analyst. CA Insurance Lic #0596197. Also investigating insurance company abuses, and providing litigation support/expert witness services. Send me your questions, and I'll send you my answers.
MaxHerr
Forum Expert
Forum Expert
MaxHerr
Joined: 29 Nov 2009
Posts: 7888

Location: Pomona CA
107.50 Dollars($)

PostPosted: Sat Jan 23, 2010 11:42 pm   Post subject:   

Looks like the poster of this article has never come back to respond to any of the posts..



I've GOT to clear up a couple of things...



Quote:
Collision coverage: This compensates for damage to your (policy holder) vehicle as a result of collision with another automobile or any other object. There is generally a deductible. Even if you are at fault in an accident, this policy will cover the repairing cost of your vehicle minus the deductible. If you are not at fault, then your insurer will try to recover the cost from the faulty driver's insurer.




Collision 'coverage' (NOT POLICY), does NOT cover the collision between the insured vehicle and ANY other object...ie...collision with an animal covered under Comp coverage..



Quote:
Uninsured/Underinsured Motorist Coverage (UM/UIM): Individuals who buy cheap motor insurance are often underinsured and cannot get enough money to pay for losses when involved in an accident. If an uninsured or underinsured or a hit-and-run driver hits you or your family member, this policy will reimburse the cost of damage. .


NO NO NO AND NO AGAIN!!!! First off, these are two completely different COVERAGES..they are not sold together! UM is Uninsured motorist coverage and required by most states...the UM that is required is UMBI, (uninsured motorist bodily injury), and will NOT reimburse you or your family member for ANY damages...it covers INJURIES (only) caused by an uninsured driver...if you purchase (separately) UMPD, (uninsured motorist property damage)...then and only then will you get the damages caused by an uninsured motorist covered, (other than the obvious collision coverage)..





Quote:
You will also be protected if you are hit as a pedestrian. When you buy car insurance compare quotes for UM/UIM from different companies
"IF" the car that hit you is uninsured...UIM, will cover the person and the vehicle damage if the at fault party's limits were too low to meet the loss..regardless of the loss..


_________________

"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr.
Lori
Forum Expert
Forum Expert
Lori
Joined: 10 Sep 2007
Posts: 8080

Location: Missouri
287.93 Dollars($)

PostPosted: Wed Feb 03, 2010 7:16 am   Post subject: car insurance  

what will happen to my car insurance if i haven`t pass any accident?


_________________
Register Now to have your Insurance queries solved.
bryan
Guest





1.00 Dollars($)

PostPosted: Wed Feb 03, 2010 12:12 pm   Post subject:   

Quote:
what will happen to my car insurance if i haven`t pass any accident?
I guess keep trying and maybe you won't "fail" it next time? Confused



I have no idea what you're asking...I'll hazard a couple guess' are you asking, 'what will happen to my car ins if I haven't had any accident? You won't get an accident related rate increase...."what will happen to my car ins if I have a past accident?" You'll pay higher premiums than someone who didn't have a past accident.. Rolling EyesConfused


_________________

"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr.
Lori
Forum Expert
Forum Expert
Lori
Joined: 10 Sep 2007
Posts: 8080

Location: Missouri
287.93 Dollars($)

PostPosted: Tue Feb 09, 2010 8:44 pm   Post subject: Insurance Fraud?  

My son is married and living in another county. We still have him on our policy because it cost less. Is this insurance fraud. Can we continue to cover him even though the car is regstered in his name and he does not live with us


_________________
Register Now to have your Insurance queries solved.
HB
Guest





1.00 Dollars($)

PostPosted: Tue Feb 09, 2010 9:37 pm   Post subject:   

As long on the insurance company knows the "garage" location of his vehicle, I see nothing wrong with this.

tcope
Forum Expert
Forum Expert
tcope
Joined: 22 Nov 2006
Posts: 6175

Location: Salt Lake City, UT
375.37 Dollars($)

PostPosted: Wed Feb 17, 2010 10:59 pm   Post subject: insuring a box van  

where can I get a personal policy on a box van?


_________________
Register Now to have your Insurance queries solved.
abbot
Guest





1.00 Dollars($)

PostPosted: Wed Feb 17, 2010 11:15 pm   Post subject:   

From any agent.

tcope
Forum Expert
Forum Expert
tcope
Joined: 22 Nov 2006
Posts: 6175

Location: Salt Lake City, UT
375.37 Dollars($)

PostPosted: Mon Mar 22, 2010 6:59 pm   Post subject: massachusetts auto ins law?  

We have three cars: 2000 toyota, 2002 pontiac and 2008 kia. My husband drives the pontiac, I drive the kia and my 20 yr old son drives the toyota. My insuance company is charging us for insurance based on my son driving the kia. They claim the highest risk driver has to be paired with the most expensive car. Is this true?


_________________
Register Now to have your Insurance queries solved.
mrs. r in Taxachusetts
Guest





1.00 Dollars($)

PostPosted: Wed Mar 24, 2010 12:45 pm   Post subject: insurance claims  

was n accident 1 week ago. still have not heard from ins. co. how long till phone call or a check?


_________________
Register Now to have your Insurance queries solved.
josh
Guest





1.00 Dollars($)

All times are GMT
 Previous  1, 2, 3, 4, 5, 6, 7, 8, 9, 10  Next  
Page 2 of 10

 
Delete this topic Move this topic Lock this topic Split this topic 

Get free auto insurance quote
State Auto Insurance Laws in USA

USA Auto Insurance laws
Ask Community Experts

flash plugin

Quick Links

Must See

Community

Hot topics in forums

Latest in blogs

AmPmInsure on Facebook



Page loaded in 0.269 seconds.