Kansas set to join the growing number of states adopting the “no pay/no play” insurance law in an effort to reduce the number of uninsured drivers. States across the nation are enforcing new laws in an attempt to get drivers to obtain and keep insurance. The latest statistics show around 13 percent of Kansas drivers are uninsured. While not good, it is still lower than several states, including neighboring Oklahoma, whose uninsured drivers rank over 20 percent. The property and casualty insurers’ support the no pay/no play laws and feel…Read More
Tag: uninsured motorist
More and more people driving without insurance
The high unemployment rates and continuing poor economy have affected almost everyone across the United States. When people lose a job they start looking at where they can cut their bills to make ends meet. Unfortunately, sometimes their car insurance is one of the areas that get cut. The rate of uninsured drivers for 2010 hit 16.1 percent. Several states have amended previous insurance requirements, or changed the minimum amounts a driver is required to carry. Some states have changed coverage that was once mandatory, like underinsured motorist, and made…Read More
Wonder why insurance premiums are going up instead of down during recession?
The rising price of oil and gas, the unemployment rates and the uncertainty of the economy; what do these things have in common? They can all affect the insurance industry and the rates you pay for your auto and homeowners coverage. Actuarial science is a field that uses math and statistics to assess risk in the financial and insurance industries. There is a professional group of people called actuaries that use actuarial science and apply it to property and casualty insurance risks. This group of experts has noticed a connection…Read More
Minnesota no fault insurance system may crack under pressure
Minnesota’s no-fault auto insurance law has been under fire recently. Opponents of the law have been trying for some time to repeal the legislation, with their latest attempt again being overruled today. However, the state’s Senate committee approved a number of amendments to the law that may curb legislators drive to repeal it. The committee will also be examining alternatives to the law that will favor insurance companies by limiting payouts. The number of underinsured and uninsured drivers in the state is rising, according to Deputy Senate Majority Leader Geoff…Read More