Swapping VIN’s (Vehicle Identification Numbers), which is done by criminal entities, have long been causing problems with law enforcement. Possession of which is considered a crime for they are to remain attached to the vehicle they belong to from production to the end of its useful life when the unique number is retired and filed as discontinued. Problems with the credit market have increased incidents of so-called “owner give-up’s”, where auto owners report their vehicles stolen (with a little help from police and other people who have to process reports and other insurance requirements), subsequently filing for reimbursement or replacement by their respective auto insurance companies.
Auto Theft, Crimes, VIN, VIN Swapping
Governor Mitt Romney has started to make good on his promise to get a move to overhaul the Auto Insurance industry in his home state. His move gets the vote of confidence by his constituents who hail it as a well timed helping hand for the messy auto insurance industry. The changes aim to get insurance firms an equal spread of the good the bad and ugly of drivers, getting all to share the burden of the various risk-levels drivers are categorized into. This has been a sour lemon for many auto insurance firms have the right to deny people who have poor standing with respect to their driving records. The Insurance companies also use their own evaluation standards which can have a moderate-risk driver classified as a high-risk one in another firm. The standardization is aimed to level the playing field and getting everybody an equal share of the market. The move is sure to rock more carriers who have been struck heavy by the financial crisis due to ties in the sub-prime credit problems that now has effects circling the globe.
Insurance Industry Revamp, Re-structuring, Review
People have long been filing claims for bodily injury even though there aren’t any that have actually resulted from an auto accident. The cases just keep multiplying that investigators are spending more and more time going out and finding out if an accident is legit or staged which can result in Insurance Fraud. Hospitals have also taken the brunt of such incidents for they are the ones who take in alleged injuries from auto accidents, which without proper investigation would go unchecked leaving them with un-reimbursed costs (Costs insurance firms contest or do not pay due to non-coverage or lack of evidence to support such claims).
Auto Insurance, Fraud, Medical Insurance, Staged Accidents
As with the many cases of Medical Insurance fraud, Auto Insurance fraud claims have also risen prompting many offices of the Department of Motor Vehicles to set up special Fraud investigative units to handle such cases. These have been happening as long as vehicles received insurance as protection from accidents and the damages that have resulted from them. Recent problems with ever increasing prices of the various types of insurance have resulted in many opting to resort to illegal claims and other health related claims with bearing to automobile accidents. These claims can cover the automobile with their owners causing fake scenarios to claim insurance for uncovered incidents.
Insurance Fraud
More and more people are going faster on the roads which is leading to more and more crashes and deaths, according to a 2007 speed study
by the Insurance Institute for Highway Safety. Their report shows that measures such as speed traps and cameras are doing their job at keeping drivers in line with regulation speeds and traffic rules, in France that is. the study also shows that drivers are more adept to go faster with the advent of better more efficient engines. Even older cars are being pushed to their limits as people get more and more frustrated with congestion, burning the asphalt when they get out of them to vent their frustrations. This leads to more deaths and accidents and with more cars hitting the roads everyday, the statistics are not getting any better.
The statistics included in their report also shows that younger drivers are getting more and more into accidents due to the faster cars they get their hands on. As auto makers strive to produce more powerful vehicles with better technology, drivers are maxing out their car’s capabilities. As technology and law enforcement work hand in hand together, we will surely see better and safer roads. But as long as the need for speed is in the blood of Americans, there might be no stopping such incidents of accidents due to excessive speeds.
2007 Speed Study, Speed Limits, Speed Regulation, Speed Traps
The move is to encourage more motorists who are underinsured or don’t even have insurance to get one for the mutual protection of all motorists. The high costs of auto insurance has low income families unable to get auto insurance which results in high costs for the state in case of accidents. The cost of health care has gone to unreachable limits that not many people can afford proper insurance and care without the help of the state. There are certain conditions that apply such as an evaluation against criteria that one is a good driver and that one satisfies the Applicant Income Eligibility Requirement. The low cost auto insurance can be availed of through outreach programs by the California Department of Insurance through which more information can be obtained from.
Auto Insurance, California State, Low-Cost Auto Insurance
Many people were charged with insurance fraud when an automobile repair shop which took in vehicles with less than perfect circumstances (Reported stolen, Smuggled and other such crimes) getting them torn down and stripped of parts and sold to unsuspecting auto parts buyers. The shop turns out to be a police sting operation which lasted for more than a year. The cases of insurance fraud (where the owner sold their cars to the shop filing it for Auto Insurance claims as stolen) were so many that they were stunned of the success of the sting operation but rather surprised at the huge numbers of Americans who are willing to break the law just for that easy buck.
Auto Insurance Fraud, Chop Shops, Sting Operation, Stolen Vehicles
The previous post tackled cars of the vintage type but today’s economic crisis is taxing heavy on the auto industry, much so that even old cars are getting hiked in terms of rates when you get auto insurance. The insurance industry has been forced to do so due to the huge rise in the amount of uninsured drivers that are plying the streets everywhere. Problems with underinsured drivers used to be an annoyance but the issue of drivers hitting the roads without any form of coverage has cost them big.
All accidents that involve uninsured/underinsured drivers have the insurance firms covering for the costs. Though there are caps on how much they must shoulder, they still stand to lose due to increasing cases of such. Many fail to get the required insurance due to the millions of lost jobs in the US (currently at 2 Million or more jobs lost) with many still forecast. With no end in sight to the current crisis, the insurance industry being part of the financial market are feeling the pinch as most businesses are so expect the worst in the coming months.
Yeah, that might be expected but with today’s economic conditions the higher it would be. With discounts being offered for more energy efficient and cleaner cars, you may be on the losing side of economics. Plain and simple economics of today says that the more expensive the car, the more gas it consumes, and thus the higher the insurance premiums. Crazy isn’t it, but that doesn’t stop people from owning and buying gas guzzlers as they roll off the production lines.
With hybrids being fast-tracked into production to hit the market in a few years, bigger isn’t better anymore and more are opting for more compact vehicles that are making their way onto the streets fast. Out are the SUV’s of days past and in with the European and Japanese Compacts which are not only smaller but perform better and are more practical with the fluctuating fuel prices.
Gas Guzzlers, Higher Premiums, SUV's
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Learn what the insurance co. look for before they give a price for insurance. Factors that affect your cheap car insurance rates.
Car insurance is actually determined by many factors although, of course, there are basic things and information that an insurance company asks for when it comes to determining the price and rate of car insurance.
Most insurance companies that offer car or auto insurance would ask interested parties about their driving record. The more reckless a person is when driving, the higher the rates. This is primarily because a reckless person is more likely to get into crashes and accidents compared to those who are careful drivers. Other factors
that can
have an effect the make of the auto or truck, motor cycle and the value for replacement. The part of the country you live in and if there is a lot insurance clams there. All over this country it is a law that you have auto insurance so if you know what you are looking for in insurance you’ll have a better chance of getting the cheapest car insurance out there.
