Auto insurance consumers feel the pain of whiplash in their wallets

auto insurance whiplash cost

The largest insurer in the United Kingdom has revealed the cost of the condition on monthly premiums. Aviva, the U.K.’s largest auto insurance company, has just revealed the impact that whiplash claims have on the monthly premiums paid by policyholders, showing that they pay an average of £118 more per year as a result of that issue, alone. The insurer has also stated that it believes that handling claims directly could reduce costs by £1.5 billion. According to the auto insurance company, since October 2008, premiums have increased by 80…

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Carnival announces Costa Concordia insurance will recover $851 million

According to a U.S. Securities and Exchange Commission (SEC) filing, Carnival Corp. has posted $851 million in recovered funds from its insurance policies as being among its first quarter assets for 2012. Carnival has announced that “substantially all” of the amount recovered through insurance are connected to the Costa Concordia disaster, which occurred on January 13, when the cruise ship ran aground and then capsized off of the Italian island of Giglio. In early March, the cruise liner company had announced that its first quarter net losses for 2011 were…

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Florida takes aim at insurance fraud and staged accidents

State leaders, such as those in Florida, are working with insurers to make a move to form legislation that will combat auto insurance fraud so that it will be ready for the January start of the next session of lawmaking. Proposed bills in 2011 to fight fraudulent claims on personal injury protection insurance did not receive their approval from the state Legislature this year due to worries over the struggles it may create for policyholders that are making legitimate claims, as well as their doctors and attorneys. That said, two…

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Michigan Senate bill aims to restrict auto insurance injury benefits

According to the results of a study that were recently released, there would be “potentially disastrous economic impacts” if there were to be a cap to the personal injury benefits under the state’s no-fault insurance law. The research, which was performed by the Anderson Economic Group for the Coalition Protecting Auto No-Fault, looks into the possible outcome of a bill before the Michigan Senate that had bipartisan support. This bill was sponsored by senators Virgil Smith (D-Detroit) and Joe Hune (R-Whitmore Lake) and would permit a cap as low as…

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Auto insurance fraud on the rise – a call for serious change in Florida insurance system

Florida continues to combat auto insurance fraud despite new measures introduced to combat the problem. While the number of accidents in the state is on the decline, the occurrence of fraud continues to grow. Insurance Commissioner Kevin McCarty claims that widespread fraud has led to premiums for auto insurance to soar by $900 million since 2008. The mounting problem has lit a fire beneath Governor Rick Scott, who is now petitioning the state Legislature to make changes to both the insurance industry and its regulations to put an end to…

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NJ regulators to revamp rules for PIP car insurance

Insurance regulators in New Jersey are preparing to give the rules for auto insurance as the struggle continues with expenses relating to the personal injury protection (PIP) system within that state. Governor Chris Christie released a proposal on August 1, 2011, which suggested changes that are intended to decrease internal system use and claim settlement arbitration legal fees, and lower the overall costs for alternative providers. There will be approximately three thousand new treatment codes to be included into the system. For every dollar collected in premiums relating to PIP,…

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Northern Ireland auto insurance is more than meets that eye, bad news for motorists

Insurance companies in Northern Ireland have come under fire recently for the rising cost of auto insurance. The insurance companies behind the rising rates are staunch in their claims that higher premiums are the result of the increased number of personal injury claims coming in throughout Northern Ireland. While it is true that the number of personal injuries claims coming from the region is increasing, it is not because of people’s driving habits. According to the British Insurance Brokers Association (BIBA), the real reason insurance rates are rising is because…

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