Car Insurance Roundup, March 30, 2016


Budget 2016: Service tax proposed to be increased from 14.5% to 15% – The Economic Times

Budget 2016 has proposed to impose a Cess, called the Krishi Kalyan Cess, @ 0.5% on all taxable services. The new effective service tax could henceforth be 15%.

While presenting the Budget 2015, the FM had increased the Service Tax Rate from 12.36% to 14%. This new rate of Service Tax @ 14% was applicable from 1st June 2015. Moreover from 15th Nov 2015, Swachh Bharat Cess @ 0.5% also got applicable. Therefore the effective rate of Service Tax is currently at 14.5% with effect from 15th November 2015. 


Get your insurance sorted for the Easter holidays – Insurance – News – Moneyfacts

The Easter holidays are in full swing, but after all the over-indulgence of the past weekend, it’s time to start thinking about what you’ll do with the rest of your break – and it could be even more important to check that your insurance is in order. 


Jeffrey Bragg misled investors, suit said before insurance chief push | Protecting Your Pocket

One of two candidates for insurance commissioner set to be interviewed by the Florida Cabinet Tuesday was accused in a lawsuit of signing misleading documents in a flood insurance venture that harmed investors to the tune of tens of millions of dollars, records reviewed by The Palm Beach Post show.

Jeffrey S. Bragg, as executive vice president and chief operating officer of Insurance Management Solutions Group Inc., signed a “false and misleading registration statement” in connection with a stock offering, according to a suit filed in U.S. District Court in Tampa in 2000.

“As defendants later admitted, the prospectus failed to disclose that (the company’s) flood mapping and flood zone determination subsidiary, Geotrac, was not compatible with the company’s other line of business and, as a result, could not be operated profitably or be integrated into the company,” the suit said.

The case was settled in 2003, records show. 


Hybrid-Electric Vehicles Get Cheaper Auto Insurance Prices! | news.sys-con.com

Hybrid and electric vehicles are the top choice for environmentally conscious Americans, but finding coverage for them can be difficult. These vehicles may be more expensive than their more polluting counterparts, which means that a customer needs high coverage limits.

However, there are some advantages of owning a hybrid car. Many agencies can offer discounts for environmentally friendly cars. Finding them is more difficult, or was up until a new website appeared, a website that offers free car insurance quotes from top providers in any area.

Instead of visiting agencies or calling brokers, drivers now simply have to visithttp://carinsurancequotesinfo.com/ and they will be able to compare the best offers available in their reas. The website uses a large network of brokers to find quotes for each visitor. Any client can get a list of rates in just two simple steps: 


Will self-driving cars bring safer roads? | PropertyCasualty360

The future that The Jetsons predicted may be far away, but a world with self-driving cars is not. It’s actually predicted that self-driving cars will be on the market by 2020. What will that mean for human drivers? A lot.

Based on data from Metromile, there are predictions that we will see a drop-off in car insurance of around $1,000 annually, and that payments could even fall as low as $250 a year with the use of self-driving cars. That’s because self-driving cars reduce accidents by 90%. No risk, no premium. That’s how insurance companies work. Since self-driving cars are practically accident-free and will be almost 100% safe when they hit the market, auto insurance companies won’t have a choice but to drastically cut premiums. 


Press Release: Hastings & Hastings Speaks on the Benefits of Uninsured Motorist Coverage – MicroCap Magazine

According to recent statistical estimates conducted by the Insurance Research Council, it is believed that 1 out of every 7 drivers in the United States is uninsured. Being involved in an accident with an uninsured motorist can come at significant costs and be accompanied by a wide range of complications. For this reason, Hastings & Hastings speaks on the benefits of uninsured motorist coverage and advises drivers to opt for such coverage.

It is required by law for all motorists in Arizona to carry liability insurance. Liability insurance is the most basic form of car insurance. Should individuals be found at fault for a car accident, liability insurance will cover the cost of damages, to an extent. The specifics of the liability insurance policy will vary from driver to driver. Often, the liability insurance policy will not be large enough to cover all the damages.

Hastings & Hastings notes, this fact illustrates the importance of uninsured/under-insured motorist coverage. Responsible drivers can only control themselves. They cannot control what insurance policies are held by other drivers on the road. Holding uninsured/under-insured motorist coverage protects individuals from the negligence of others. 


The Most and Least Expensive States to Own a Car

When preparing to purchase a new or even a used vehicle, many consumers spend weeks researching the best value.

The decision to buy a car depends on several factors including your driving needs, lifestyle, cash on hand, and credit history. Other key decisions are how you plan on financing the purchase of a car. Then there’s the cost or sticker price. Once you buy the car, there’s also the cost of owning it.

A down payment is only the first of many costs associated with car ownership, in addition to insurance, maintenance, and other expenses.

A new study finds it costs an average of $11,227 to buy and own a car for three years—and this amount varies by thousands of dollar from state to state. Michigan, California, and the District of Columbia are the most expensive places to own a car while New Hampshire, Missouri, and North Carolina are the cheapest. 


How to Turn Your Normal Car into a Connected Car – Quoted

Not everybody needs—or even wants—a completely connected car. As we previously discussed, 20 percent of connected car owners have never used as many as half of the high-tech features available in their vehicles: in-car concierge, mobile routers for wireless Internet connectivity, automatic parking systems, head-up display, and other built-in apps.

These high-tech cars are more expensive than their more traditional counterparts, so carefully weighing how much you need each bell and whistle is important. If you’d like a technological upgrade, but aren’t sure you need a brand new car, you might find adding connected car features to a less-technologically advanced car model is the way to go.

The following devices can make almost any car “smart.” Just plug them into your vehicle’s OBD-II port (also called a diagnostic port)–located under the steering wheel or on the driver’s side foot well in all cars and light trucks built after 1996. Mechanics use these ports to diagnose why your check engine light is on, and insurance companies use them for their voluntary usage-based programs (like Progressive’s Snapshot), but now drivers can plug in a small device for an instantly connected vehicle. Our take on the best of the bunch: 


Car insurance fines for father and daughter – Dromore Leader

A father and daughter appeared last Thursday at Banbridge Magistrates Court on a series of motoring charges.

They were Colm Cunnningham (48) and Kerry-Ann Cunningham (21), both of Spelga Drive, Rathfriland.

The court heard that in the early hours of the morning on January 23 this year police stopped Kerry-Ann Cunningham in Rathfriland and inquiries revealed she was not insured to drive the vehicle.

She was only a provisional licence holder, there were no ‘L’ plates displayed and she was not accompanied by a supervisor.

The defendant’s father arrived at the scene and admitted he had given his daughter permission to drive even though she only had a provisional licence.

A barrister representing both defendants said the father had a motobility car and had purchased this car for his son and daughter.

He explained that there had been insurance in place but this had lapsed because a direct debit payment had been missed. 


Mandatory car insurance premiums, up 53% in Romania

Romania’s Financial Supervisory Authority (ASF) is concerned about the higher mandatory car insurance tariffs (RCA) and has advised the insurers to take the necessary measures to reverse this trend.

The average 12-month RCA premium for vans and trucks was EUR 640 in February this year, up by 53% compared to June 2015, reports local Agerpres.

The number of premiums for vans and trucks concluded in February this year grew by 40.4% over June last year.

According to a European Directive, the Financial Supervisory Authority doesn’t need to approve the RCA tariffs. However, ASF said that it might have to use other methods than dialogue and trust to deal with the tariff hikes as transporters have been complaining about the RCA cost increase and have threatened to start a big protest in April. 


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