Car Insurance Articles
The past weekend was a big one for sports. After closing out their rivals in the NBA and NHL finals, the San Antonio Spurs and Los Angeles Kings returned home as champions.
So what’s home look like when it comes to auto insurance costs?
Here’s a look how both cities — and their rival cities — stack up when it comes to car insurance costs.
Using the latest reports on “America’s Best Drivers” (from Allstate) and the most expensive and cheapest cities for auto insurance (from Runzheimer International), we’ve found some similarities (and differences, too) between car coverage prices and how the finals unfolded for those cities.
It wasn’t just wind and rain that Sandy sent New York’s way. The disaster dumped hundreds of thousands of claims on the state’s insurers.
Cassandra Anderson, associate vice president for the New York Insurance Association, said the 442,000 claims New York insurers were asked to respond to was “an unprecedented” number.
There were other staggering figures: 35,000 adjusters were deployed by the state’s insurance companies, which ultimately paid $10 billion in claims to New Yorkers.
But in addition to the huge numbers quantifying the extent of the damages, Anderson said other stats are a bit more encouraging: nearly 100% of the claims filed after Sandy have now been resolved, and the ratio of policyholder complaints to claims now stands at less than 1 percent.
But the road to that point wasn’t easy.
Its first name was Tropical Depression 18, and it was born last year in the morning hours of Oct. 22 in the Caribbean.
By the end of the day, it was renamed Tropical Storm Sandy, and what would come to be known as a superstorm was heading for landfall on the eastern seaboard of the U.S.
It would take more than a week after that for Sandy to dissolve, leaving in her wake a mess of damaged cars that had sloshed around in floodwater alongside boats, homes and debris.
According to Property Claim Services (PCS), damaged vehicles accounted for 16 percent (or 250,500) of the total 1.52 million claims submitted after Superstorm Sandy. Of the $18.75 billion in total insured losses from those claims, auto claims accounted for 15 percent, or $2.7 billion, according to a report from the Insurance Information Institute.
Labor Day’s past, so that means summer’s just about done.
And it’s been a hot summer for Michigan’s Help Eliminate Auto Thefts (H.E.A.T.).
The auto insurer-funded public safety agency and tipster line issued its first advisory of the year in June, warning drivers about a jump in “unconventional” auto thefts ranging from car cloning to fake sales in forums online.
According to H.E.A.T.’s latest advisory issued this week, it looks like Detroit-area car thieves choose to stay simple this summer—they’re stealing car parts.
‘A Huge Problem’
H.E.A.T. noted theft reports of the following car parts in the Metro Detroit area:
Tropical Storm Andrea is speeding up the Eastern Seaboard, forecast to bear down on New Jersey and New York today and stay into the weekend.
But Andrea’s heavy rains will strike a very different New England region than the one that, just over seven months ago, was devastated by what would become the second-costliest hurricane in U.S. history: Superstorm Sandy.
Unprepared, Then in the Dark
“We weren’t prepared for this, you know. Nobody was prepared for it,” Tom Carbone, who runs a Staten Island-based agency, told A.M. Best TV, which released a five-minute retrospective this week on the disaster, what it was like for insurers in its aftermath and its lasting impact on the insurance industry.