Live Insurance News

Auto insurance fraud under attack in California following $1.3 million grant

November 12, 2012November 11, 2012 Julie Campbell

A Contra Costa district attorney has directed the funds toward an aggressive effort. According to the district attorney in Conta Costra, California, officials will now be establishing an investigation into workers’ compensation, disability, health care, and auto insurance fraud, with the assistance of a state grant worth $1.3 million. The announcement explained that these funds will help in both investigations and prosecutions. The Contra Costa County District Attorney’s Office, and the California Department of Insurance made the announcement through District Attorney Mark Peterson, saying that the grand money would be…

Auto insurance Proposition 33 rejected by voters

November 8, 2012April 30, 2013

The ballot measure that was designed to allow insurers to offer new discounts has been defeated. Voters in California have now rejected the Proposition 33 auto insurance measure, which was created to give insurers the ability to offer discounts to customers who maintained continuous coverage, but increase the rates for drivers whose coverage history was inconsistent. The current law in the state already allows for loyalty discounts for drivers who remain with one insurer. However, that law also stops those car insurers from using the discounts as a way to…

Auto insurance industry backs California Proposition 33

October 30, 2012October 28, 2012 S.Vagus

Proposition 33 could have major implications for auto insurance In California, Proposition 33 has won the support of the insurance industry. The legislative measure is designed to allow consumers that have held policies in good standing with the same auto insurance company for five years to switch companies and still receive so called “loyalty benefits.” Though Proposition 33 seems straightforward, it has created some controversy in the world of auto insurance and with some special interest groups. Nonetheless, many in the insurance industry support the measure, claiming that it will…

Insurance fraud causing major problems in California

October 18, 2012April 30, 2013

Ventura County officials begin crack down on insurance fraud California’s Ventura County District Attorney’s Office has been awarded with a $1 million grant from the state’s Insurance Department to combat fraud. Ventura County has been battling workers’ compensation and auto insurance fraud for several years, and the funds received through the Department of Insurance are expected to help District Attorney Greg Totten make new strides in the fight against fraud and eventually drive down insurance rates for honest consumers and businesses. Insurance fraud costs California $15 billion annually According to…

Mercury Insurance invests more money in Prop 33

October 10, 2012October 10, 2012 S.Vagus

Mercury Insurance executive donates more funds to controversial legislative initiative Mercury Insurance executive George Joseph has donated more money to a legislative initiative in California, the fate of which will be determined in November this year. The initiative is known as Proposition 33 and aims to provide more rate increase freedoms to the state’s auto insurance companies. Mercury Insurance has been one of the strongest advocates of the initiative, which has earned the company a fair amount of criticism for wanted to raise rates in an unjustified manner. Prop 33…