Auto insurance based on mileage, IntelliDrive, can offer greater savings to drivers

Recent data has been suggesting that a growing number of consumers are attempting to save money by reducing the amount of driving that they’re doing. Though the main reason for this is to decrease the amount of gas that is used, and lower the amount of maintenance needed on the vehicle, Travelers is now offering another incentive to customers to keep their mileage down. The new IntelliDrive insurance product rewards low-mileage drivers with discounts of up to 5 percent at the time of enrollment, and an additional discount of up…

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Massachusetts motorists to receive refunds for overly priced motorcycle insurance

Motorcyclists in Massachusetts are about to receive refunds from insurance companies that may have overcharged for coverage this week. State insurance regulators have been investigating the issue for the best part of two years. Last year’s settlements brought motorists nearly $35 million in payouts. This year, three insurance companies have agreed to settle outstanding claims, which will bring an additional $5.7 million to motorcyclists in the state. According to Attorney General Martha Coakley, Travelers, Fireman’s Fund and the Electric Insurance Company have all agreed to issue refunds for overly inflated…

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Seventeen Connecticut homeowners insurers waive Irene damage hurricane deductibles

According to the Malloy administration, almost 70 percent of the homeowners insurance companies in Connecticut have announced that they will be forgiving the more expensive deductibles for damage claims relating to Tropical Storm Irene. According to a statement made by Governor Dannel P. Malloy and Insurance Commissioner Thomas Leonardi, “Failure to do this would result in many homeowners paying tens of thousands of dollars out-of-pocket.” Even though Irene had been downgraded to a tropical storm by the time it reached the state, the clause for hurricane deductibles became effective for…

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Insurance companies jockey for position over State Farm’s abandoned flood policies

The U.S. House of Representatives have passed reform legislation for the National Flood Insurance Program (NFIP) despite distractions from numerous insurers. State Farm Insurance Company dropped out of the government program last year, leaving over 800,000 policies in the government’s hands.  The government’s NFIP covers more than 5.6 million property owners from common natural disasters as well as flooding. State Farm leaving the program marks the largest withdrawal from the program since it began in 1969.  FEMA (Federal Emergency Management Agency) runs the government program. The policies are marketed, sold…

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