Hartford Courant
July 28, 2008
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Insurance Pricing Can Cut Gas Use
JASON BORDOFF AND PASCAL NOEL
July 28, 2008
Faced with record high gas prices and the November elections, not a day goes by without a politician's pitch to provide consumers with some relief — be it to permit offshore drilling, crack down on speculators, curb inventories in the Strategic Petroleum Reserve or grant a gas tax holiday. Yet each of these policies would have a negligible impact on gas prices.
The truth is that there is little lawmakers can do in the short run to reduce prices at the pump. Current high oil prices are primarily a result of rising global demand and tight supply, along with a weak dollar. On the positive side, high gas prices have the benefit of encouraging consumers to reduce oil consumption and miles driven by taking mass transit, carpooling, buying more fuel-efficient cars, or living closer to work. Still, many people are being genuinely hurt by record gas prices and want some relief.
NOTE: GAS PRICES INDEED CREATED NEGATIVE IMPACT ON THE MAJORITY.
What if there were a way to lower the cost of driving for most people while still encouraging people to drive less and use less oil? There is: It's called pay-as-you-drive insurance, whereby insurance is priced per mile driven rather than in a lump-sum amount each year.
Under our current auto insurance system, similar drivers pay nearly the same premiums if they drive 5,000 miles a year as if they drive 50,000 miles. Just as an all-you-can-eat restaurant encourages more eating, all-you-can-drive insurance pricing leads people to drive more. Pricing auto insurance per mile driven provides an extra incentive to reduce driving and thus would reduce our nation's dependence on oil, as well as reduce accidents, congestion, carbon emissions and local pollution. The system would also be more equitable since currently low-mileage drivers, who tend to be low-income people, subsidize insurance costs for high-mileage drivers.
Our new paper from the Hamilton Project at the Brookings Institution estimates that if all motorists paid for accident insurance per mile driven rather than in a lump sum per year, that extra incentive to drive less would lead to an 8 percent reduction in miles driven. To put that in perspective, it would take a $1-a-gallon increase in the gasoline tax to achieve the same reduction in driving, based on 2007 average retail gas prices. That means 5 percent less oil consumed and 2 percent fewer carbon emissions. In total, we estimate net social benefits of between $50 billion and $60 billion per year.
And we could achieve these gains while also saving most drivers money. We estimate that roughly two-thirds of households would end up paying less for auto insurance, with each of those households saving an average of $270 per car. The premiums would still be adjusted for various risk factors — so an urban 25-year old with a sports car and a DWI record would pay a higher per-mile insurance premium than a middle-age rural driver with a spotless driving record.
Most states' regualtions do not permit pay-as-you-drive insurance, so states should take the necessary steps to remove those barriers. The federal government can do its part by funding pilot projects and offering tax credits to offset some of the costs incurred by insurers to monitor miles traveled.
As record-high gas prices squeeze American households, pay-as-you-drive insurance could offset some of that pain by reducing driving costs for the majority of people. Those who cut back on driving to save money on gas would also enjoy reduced insurance premiums.
NOTE: THIS IS DEFINITELY GOOD NEWS TO EVERYONE.
Pay-as-you-drive can reduce our oil consumption, help the environment and reduce other driving-related harms, while also saving most drivers money. Good for drivers, in this case, is also good for society.
Jason Bordoff and Pascal Noel are policy director and research analyst, respectively, at the Brookings Institution's Hamilton Project. This was distributed by McClatchy-Tribune Information Services.
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THREE WAYS TO CUT SPENDING WITHOUT MUCH PAIN
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Three ways to cut spending without much pain
By MARSHALL LOEB
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July 17, 2008 5:27 p.m.
Cutting spending doesn't have to be painful. It doesn't necessarily mean that we have to do without all the things we want. There are plenty of places in our everyday lives where just being smart and careful will yield up some extra dollars.
From the August Consumer Reports magazine, here are three ways to cut spending:
1. Cheaper auto insurance. Most people tend to stay with their car insurer for a long time, but they could be missing out on saving hundreds by shopping around once and a while. To find a better plan, start with the National Association of Insurance Commissioner's, www.naic.org, then click on NAIC States and Jurisdictions to find your state's insurance department. Here you can find comparative premium quotes based on standard customer profiles. Other sites to check where you can compare premiums include www.insweb.com and www.insurance.com.
NOTE: NATIONAL ASSOCIATION OF INSURANCE COMMISION IS COMPOSED OF NUMEROUS COMPETITIVE COMPANIES IN INSURANCE INDUSTRY.
2. Be smart about buying food. According to the Department of Agriculture, the average family of four can cut down its grocery bill by $190 a month by shifting to a lower-cost mix of foods. That's a lot of money to save just by changing food-buying habits. You can adjust your habits by planning menus around sales on fresh poultry, fish, meat, dairy, and produce, and by making use of leftovers. Avoid costly prepared foods. And start shopping in lower-cost stores: Costco, Trader Joe's and Wal-Mart, to name a few.
3. Cut your credit-card balance. If you have a credit-card balance, you're paying annual interest charges all the time. For example, a balance of $2,200 on which you pay 15.2% interest, means you are paying $28 per month. Eliminate that balance, and you'll save $336 a year. Of course, eliminating your balance is not easy. First you need to stop charging, then start paying more than the minimum.
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Three ways to cut spending without much pain
By MARSHALL LOEB
MarketWatch
July 17, 2008 5:27 p.m.
Cutting spending doesn't have to be painful. It doesn't necessarily mean that we have to do without all the things we want. There are plenty of places in our everyday lives where just being smart and careful will yield up some extra dollars.
From the August Consumer Reports magazine, here are three ways to cut spending:
1. Cheaper auto insurance. Most people tend to stay with their car insurer for a long time, but they could be missing out on saving hundreds by shopping around once and a while. To find a better plan, start with the National Association of Insurance Commissioner's, www.naic.org, then click on NAIC States and Jurisdictions to find your state's insurance department. Here you can find comparative premium quotes based on standard customer profiles. Other sites to check where you can compare premiums include www.insweb.com and www.insurance.com.
NOTE: NATIONAL ASSOCIATION OF INSURANCE COMMISION IS COMPOSED OF NUMEROUS COMPETITIVE COMPANIES IN INSURANCE INDUSTRY.
2. Be smart about buying food. According to the Department of Agriculture, the average family of four can cut down its grocery bill by $190 a month by shifting to a lower-cost mix of foods. That's a lot of money to save just by changing food-buying habits. You can adjust your habits by planning menus around sales on fresh poultry, fish, meat, dairy, and produce, and by making use of leftovers. Avoid costly prepared foods. And start shopping in lower-cost stores: Costco, Trader Joe's and Wal-Mart, to name a few.
3. Cut your credit-card balance. If you have a credit-card balance, you're paying annual interest charges all the time. For example, a balance of $2,200 on which you pay 15.2% interest, means you are paying $28 per month. Eliminate that balance, and you'll save $336 a year. Of course, eliminating your balance is not easy. First you need to stop charging, then start paying more than the minimum.
RELATED ARTICLES FROM ACROSS THE WEB
Related Content may require a subscription | Subscribe Now -- Get 2 Weeks FREE
Related Articles from WSJ.com
• Inflation Surges on Energy Prices Jul. 16, 2008
• Rising Food Costs Further Pressure World Hunger Jul. 09, 2008
• The Mossberg Solution Jun. 28, 2008
• State Street Starts $2.5 Billion Offering Jun. 04, 2008
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Monday, July 21, 2008
BIG IAG SHAKE-UP ON CARDS
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Big IAG shake-up on cards
By George Lekakis
July 08, 2008 12:00am
Article from: Herald Sun
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LEADING broking analysts believe that Insurance Australia Group is poised for its biggest restructure since it was spun out of the NRMA eight years ago.
New chief executive Mike Wilkins is expected to unveil a wide-ranging overhaul of group operations tomorrow, including big job cuts in the struggling Australian and British businesses.
NOTE: INSURANCE AUSTRALIA GROUP IS A RESPECTABLE GROUP IN THE INSURANCE INDUSTRY.
Speculation is mounting that up to 400 staff will be cut from the group payroll.
Company spokeswoman Carolyn McCann refused to comment on the rumours.
"We have been reviewing every aspect of our businesses to ensure we are operating as efficiently as possible," she said.
"IAG will announce the outcome of the review on Wednesday. Until this announcement it is inappropriate for us to comment."
The staff cuts are likely to raise the ire of the Finance Sector Union.
FSU spokesman Rod Massen said yesterday the company had not briefed the union on its plans.
"The union is concerned that the company does not embark on a slash-and-burn strategy," he said.
Analysts expect Mr Wilkins to clarify IAG's future in Britain, where its recently-acquired motor insurance businesses have failed to deliver value for shareholders.
Macquarie Equities analyst Tony Jackson told clients in a report issued yesterday that the cost-cutting would be "material".
"Expect Mike Wilkins to go public with Michael Hawker's $100 million cost-cutting exercise rumoured to have been announced internally last September," he said.
NOTE: COST CUTTING HAS BEEN A MUST EVEN WITH BIG COMPANIES.
Mr Jackson has forecast the dividend for the half-year to June will be slashed to 13 from 16.5.
He foresaw the 2009 full-year dividend being crunched to 22.
The London-based Insurance Times has reported that IAG appointed corporate advisor Lexicon Partners to identify potential buyers of the British auto insurance arms.
The article said senior managers at the Hastings and Advantage subsidiaries would be given the first opportunity to buy the operations.
Analysts are divided on whether Mr Wilkins has settled on an exit strategy from the British businesses, but most believe he will push ahead with planned expansions in Asia.
"We expect a $200 million writedown to the carrying value of IAG's UK assets, with the prospects of a sale or management buyout viewed to be remote at anything other than a very significant discount to book value - which we are not yet sure IAG is willing to swallow," Mr Jackson said.
However, Citi Smith Barney analysts believe the ailing British arms could be offloaded this year.
"To us, the comments (in Insurance Times) regarding Hastings and Advantage appear to contain a significant degree of plausibility," Citi Smith Barney told clients.
IAG scrip fell 7 yesterday to $3.62.
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Big IAG shake-up on cards
By George Lekakis
July 08, 2008 12:00am
Article from: Herald Sun
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LEADING broking analysts believe that Insurance Australia Group is poised for its biggest restructure since it was spun out of the NRMA eight years ago.
New chief executive Mike Wilkins is expected to unveil a wide-ranging overhaul of group operations tomorrow, including big job cuts in the struggling Australian and British businesses.
NOTE: INSURANCE AUSTRALIA GROUP IS A RESPECTABLE GROUP IN THE INSURANCE INDUSTRY.
Speculation is mounting that up to 400 staff will be cut from the group payroll.
Company spokeswoman Carolyn McCann refused to comment on the rumours.
"We have been reviewing every aspect of our businesses to ensure we are operating as efficiently as possible," she said.
"IAG will announce the outcome of the review on Wednesday. Until this announcement it is inappropriate for us to comment."
The staff cuts are likely to raise the ire of the Finance Sector Union.
FSU spokesman Rod Massen said yesterday the company had not briefed the union on its plans.
"The union is concerned that the company does not embark on a slash-and-burn strategy," he said.
Analysts expect Mr Wilkins to clarify IAG's future in Britain, where its recently-acquired motor insurance businesses have failed to deliver value for shareholders.
Macquarie Equities analyst Tony Jackson told clients in a report issued yesterday that the cost-cutting would be "material".
"Expect Mike Wilkins to go public with Michael Hawker's $100 million cost-cutting exercise rumoured to have been announced internally last September," he said.
NOTE: COST CUTTING HAS BEEN A MUST EVEN WITH BIG COMPANIES.
Mr Jackson has forecast the dividend for the half-year to June will be slashed to 13 from 16.5.
He foresaw the 2009 full-year dividend being crunched to 22.
The London-based Insurance Times has reported that IAG appointed corporate advisor Lexicon Partners to identify potential buyers of the British auto insurance arms.
The article said senior managers at the Hastings and Advantage subsidiaries would be given the first opportunity to buy the operations.
Analysts are divided on whether Mr Wilkins has settled on an exit strategy from the British businesses, but most believe he will push ahead with planned expansions in Asia.
"We expect a $200 million writedown to the carrying value of IAG's UK assets, with the prospects of a sale or management buyout viewed to be remote at anything other than a very significant discount to book value - which we are not yet sure IAG is willing to swallow," Mr Jackson said.
However, Citi Smith Barney analysts believe the ailing British arms could be offloaded this year.
"To us, the comments (in Insurance Times) regarding Hastings and Advantage appear to contain a significant degree of plausibility," Citi Smith Barney told clients.
IAG scrip fell 7 yesterday to $3.62.
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Sunday, July 20, 2008
NEW BAY STATE AUTO INSURER FORGES INTO MARKET
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The Boston Globe
New Bay State auto insurer forges into market
Under managed competition, Progressive adds 10,000 clients
Progressive adjuster John-Michael Dillon examines a customer's car. The insurer has hired 65 people in Massachusetts since starting to write policies here. Progressive adjuster John-Michael Dillon examines a customer's car. The insurer has hired 65 people in Massachusetts since starting to write policies here. (Joanne Rathe/Globe Staff)
Email|Print|Single Page| Text size – + By Jeffrey Krasner
Globe Staff / July 17, 2008
Julissa Vera is one of the first 10,000 Massachusetts customers to buy a Progressive Insurance automobile policy.
Vera, a program representative at the Metropolitan Boston Housing Partnership who recently moved to Somerville from Pawtucket, R.I., already insured her 2007 Honda Accord with Progressive, so when the company started selling policies in Massachusetts, she didn't have to change insurers.
"I'm happy with the company," she said.
NOTE: PROGRESSIVE INSURANCE AUTOMIBILE POLCY IS UPTRENDING IN TERMS OF CAR INSURANCE.
Progressive of Mayfield Village, Ohio, is the first new company to start selling auto policies in Massachusetts as a result of a sweeping overhaul that went into effect April 1. Under the new system, insurance companies are free to set their own rates, subject to regulators' oversight, when previously they were told what rates they could charge.
Since it began Internet-only sales on May 1, Progressive has sold "more than 10,000" auto policies in Massachusetts, according to Cathy Wilton-Bransch, Progressive's product manager for Massachusetts. Progressive also has hired 65 people in Massachusetts, most of them claims processors and adjusters, and it plans to hire about 70 more by the end of the year, she said. The company plans to start selling auto policies through agents next year.
"Internally, we are very pleased," said Wilton-Bransch. "We have exceeded expectations."
More important than the volume, she said, have been high rankings from consumers in company surveys. She said in most states, about 65 percent of consumers will give Progressive the highest ranking possible when asked if they would recommend the company to a friend. In Massachusetts, 90 percent of customers are giving Progressive the highest ranking. Since they are new customers, many have not had any claims experience with Progressive.
At its current rate, Progressive would capture about 1 percent of the Massachusetts market by next May.
"It's not bad for a new entrant to the marketplace," said Peter T. Robertson, Massachusetts legal counsel to the Property Casualty Insurers Association. "The fact they're selling only over the Web to start with probably limits their penetra tion, because Massachusetts is a big agency market and so many people are loyal to their agents. The number of people who shop for auto insurance only on the Internet is pretty limited."
In addition to Progressive, three other insurers have taken steps to start selling auto policies in Massachusetts, including American International Group Inc., the world's largest insurer. Others are taking preliminary steps for permission to sell policies in Massachusetts.
"In only its first few months, managed competition is already delivering the results the Patrick administration intended," said Nonnie S. Burnes, the state insurance commissioner, in a statement. "Consumers' rates are going down dramatically, and they have more choices than ever before. We fully expect these benefits and others will continue as our reform transforms the auto market into one that truly works for Massachusetts drivers."Continued...
Some Massachusetts drivers say they have saved substantially when they switched coverage from another company to Progressive. However, neither state regulators nor Progressive have any solid statistics that show how much motorists are saving when they purchase policies from the company. Moreover, such a number might be confusing because it doesn't take into account the lower rates now offered at many insurance companies that already do business in the Commonwealth.
But Wilton-Bransch said Progressive can estimate savings from information entered on its website. Motorists who have used the website to get a rate quote and comparison quotes from three large auto insurers save an average of $270 a year compared with the next-best price, she said. She noted the savings might be exaggerated, because the rates from the other firms don't include group discounts, for which many drivers qualify.
"Clearly, the rate from a competitor will be lower than what we quote you on the website," she said.
Progressive has rankled some existing insurers by quoting rates for six-month policies, when existing insurers write only 12-month policies. Some think that tricks motorists into choosing Progressive.
"If it isn't outright deception, there's certainly a misunderstanding of the quotes consumers are receiving," said Doug Bailey, a spokesman for Arbella Insurance Group of Quincy.
Arbella was in third place in the Massachusetts auto market last year with a 9.4 percent share, and is one of the companies Progressive uses in its rate comparison tool. "We urge consumers, when they get a quote from Progressive, to give it to their agents for an apples-to-apples comparison."
A spokeswoman for Progressive said, "We believe our quotes provide apples-to-apples comparison, and we clearly disclose where policies are priced for six months."
Others have speculated that Progressive has intentionally priced its auto policies low at the start, to "buy" market share with artificially low prices. Wilton-Bransch dismissed those claims.
"We definitely don't price where we give away insurance and lose money," she said. "We're priced where we need to be for the long term."
The state Division of Insurance said it has received three complaints from consumers upset that the glass coverage they purchased from Progressive includes a deductible - something that isn't typical with glass coverage from other companies.
A Progressive spokeswoman said consumers have a choice and can buy policies with or without deductibles for glass coverage.
Jeffrey Krasner can be reached at krasner@globe.com.
© Copyright 2008 Globe Newspaper Company.
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The Boston Globe
New Bay State auto insurer forges into market
Under managed competition, Progressive adds 10,000 clients
Progressive adjuster John-Michael Dillon examines a customer's car. The insurer has hired 65 people in Massachusetts since starting to write policies here. Progressive adjuster John-Michael Dillon examines a customer's car. The insurer has hired 65 people in Massachusetts since starting to write policies here. (Joanne Rathe/Globe Staff)
Email|Print|Single Page| Text size – + By Jeffrey Krasner
Globe Staff / July 17, 2008
Julissa Vera is one of the first 10,000 Massachusetts customers to buy a Progressive Insurance automobile policy.
Vera, a program representative at the Metropolitan Boston Housing Partnership who recently moved to Somerville from Pawtucket, R.I., already insured her 2007 Honda Accord with Progressive, so when the company started selling policies in Massachusetts, she didn't have to change insurers.
"I'm happy with the company," she said.
NOTE: PROGRESSIVE INSURANCE AUTOMIBILE POLCY IS UPTRENDING IN TERMS OF CAR INSURANCE.
Progressive of Mayfield Village, Ohio, is the first new company to start selling auto policies in Massachusetts as a result of a sweeping overhaul that went into effect April 1. Under the new system, insurance companies are free to set their own rates, subject to regulators' oversight, when previously they were told what rates they could charge.
Since it began Internet-only sales on May 1, Progressive has sold "more than 10,000" auto policies in Massachusetts, according to Cathy Wilton-Bransch, Progressive's product manager for Massachusetts. Progressive also has hired 65 people in Massachusetts, most of them claims processors and adjusters, and it plans to hire about 70 more by the end of the year, she said. The company plans to start selling auto policies through agents next year.
"Internally, we are very pleased," said Wilton-Bransch. "We have exceeded expectations."
More important than the volume, she said, have been high rankings from consumers in company surveys. She said in most states, about 65 percent of consumers will give Progressive the highest ranking possible when asked if they would recommend the company to a friend. In Massachusetts, 90 percent of customers are giving Progressive the highest ranking. Since they are new customers, many have not had any claims experience with Progressive.
At its current rate, Progressive would capture about 1 percent of the Massachusetts market by next May.
"It's not bad for a new entrant to the marketplace," said Peter T. Robertson, Massachusetts legal counsel to the Property Casualty Insurers Association. "The fact they're selling only over the Web to start with probably limits their penetra tion, because Massachusetts is a big agency market and so many people are loyal to their agents. The number of people who shop for auto insurance only on the Internet is pretty limited."
In addition to Progressive, three other insurers have taken steps to start selling auto policies in Massachusetts, including American International Group Inc., the world's largest insurer. Others are taking preliminary steps for permission to sell policies in Massachusetts.
"In only its first few months, managed competition is already delivering the results the Patrick administration intended," said Nonnie S. Burnes, the state insurance commissioner, in a statement. "Consumers' rates are going down dramatically, and they have more choices than ever before. We fully expect these benefits and others will continue as our reform transforms the auto market into one that truly works for Massachusetts drivers."Continued...
Some Massachusetts drivers say they have saved substantially when they switched coverage from another company to Progressive. However, neither state regulators nor Progressive have any solid statistics that show how much motorists are saving when they purchase policies from the company. Moreover, such a number might be confusing because it doesn't take into account the lower rates now offered at many insurance companies that already do business in the Commonwealth.
But Wilton-Bransch said Progressive can estimate savings from information entered on its website. Motorists who have used the website to get a rate quote and comparison quotes from three large auto insurers save an average of $270 a year compared with the next-best price, she said. She noted the savings might be exaggerated, because the rates from the other firms don't include group discounts, for which many drivers qualify.
"Clearly, the rate from a competitor will be lower than what we quote you on the website," she said.
Progressive has rankled some existing insurers by quoting rates for six-month policies, when existing insurers write only 12-month policies. Some think that tricks motorists into choosing Progressive.
"If it isn't outright deception, there's certainly a misunderstanding of the quotes consumers are receiving," said Doug Bailey, a spokesman for Arbella Insurance Group of Quincy.
Arbella was in third place in the Massachusetts auto market last year with a 9.4 percent share, and is one of the companies Progressive uses in its rate comparison tool. "We urge consumers, when they get a quote from Progressive, to give it to their agents for an apples-to-apples comparison."
A spokeswoman for Progressive said, "We believe our quotes provide apples-to-apples comparison, and we clearly disclose where policies are priced for six months."
Others have speculated that Progressive has intentionally priced its auto policies low at the start, to "buy" market share with artificially low prices. Wilton-Bransch dismissed those claims.
"We definitely don't price where we give away insurance and lose money," she said. "We're priced where we need to be for the long term."
The state Division of Insurance said it has received three complaints from consumers upset that the glass coverage they purchased from Progressive includes a deductible - something that isn't typical with glass coverage from other companies.
A Progressive spokeswoman said consumers have a choice and can buy policies with or without deductibles for glass coverage.
Jeffrey Krasner can be reached at krasner@globe.com.
© Copyright 2008 Globe Newspaper Company.
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By Jacqueline Mitchell
updated 8:28 a.m. ET July 16, 2008
What are the three most important things when buying a home or setting up a business? Location, location, location. Turns out those are the three most important things to car thieves too.
The National Insurance Crime Bureau, which has been tracking stolen vehicle rates by state since 1985, released its annual report identifying the most stolen cars in 2007 earlier this week. Ahead of that report's release, in the spring the group announced which American cities have the highest rates of car theft. Like everyone else, car thieves just love sunny California.
NOTE: NICB records issues on car theft.
The NICB tracks metropolitan statistical areas for vehicle theft rates, determining them by the number of vehicle theft offenses per 100,000 habitants using the 2007 U.S. Census population estimates. Four of the top 10 cities for auto theft in 2007 are in California — and all four are in the top five, in fact.
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Modesto, Calif., ranks at No. 1, with San Diego/Carlsbad/San Marcos in the third spot, Stockton in fourth and San Francisco/Oakland/Fremont in fifth place. The city in second place, the only one in the top five not in California, is Las Vegas/Paradise.
"One huge factor is that there are more vehicles in California than any other state, making it a target-rich environment to begin with," says Frank Scafidi, NICB spokesman. "The proximity to international borders and seaports is also a factor. Both are widely used in the illegal exportation of stolen vehicles."
More from Forbes.com
America's most stolen vehicles
America's 10 most fuel-efficient neighborhoods
Most popular mid-priced vehicles
Ten improvements in auto interiors
Best small cars for the buck
But the main attractions are the car theft hot spots conveniently located near the Mexican border. A quick trip across and crooks can quickly unload stolen cars — or their parts — without hassle or question. That's why Texas, New Mexico and Arizona are "all high-theft states" as well, Scafidi notes.
"There is a secondary market that is operating outside of the mainstream that buys and sells parts from stolen vehicles," says Rod Davis, vice president of programs and services for the Council of the Better Business Bureau. "We don't know how big this market is, but they are doing a lot of business in the border area. Chop shops in Mexico are more prevalent."
More on this story
Forbes.com: America's car-theft hot spots
Interactive: A brand-by-brand look at General Motors
Cars that drive themselves aren't that far off
That's not to say car thieves don't do the same sort of thing without crossing the border, but they have to know which auto service centers and garages will take stolen parts and vehicles without proof of ownership. If you take your car to a service center, keep in mind that all replacement parts should come with a warranty, and if they don't, there is a chance you're getting a stolen part, says Davis. Also, ask your service technician where the part was purchased.
"Legitimate garages have systems in place for getting parts from proper streams of commerce," says Davis. "If it is not legitimate business and you are doing business there, then you are more likely to encourage stolen vehicle activity."
There is a bright side to all this, however. Despite the prevalence of car theft in certain areas, there are early indications that motor vehicle thefts overall were down nearly 9 percent in 2007, compared with 2006, the NICB says. The final data will be released later this year.
Also in msnbc.com business
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America's car theft hot spots
Proximity to Mexico, number of vehicles make California dream for thieves
San Diego's border with Mexico makes it a prime car theft location.
View related photos
Luis Acosta / AFP/Getty Images
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By Jacqueline Mitchell
updated 8:28 a.m. ET July 16, 2008
What are the three most important things when buying a home or setting up a business? Location, location, location. Turns out those are the three most important things to car thieves too.
The National Insurance Crime Bureau, which has been tracking stolen vehicle rates by state since 1985, released its annual report identifying the most stolen cars in 2007 earlier this week. Ahead of that report's release, in the spring the group announced which American cities have the highest rates of car theft. Like everyone else, car thieves just love sunny California.
NOTE: NICB records issues on car theft.
The NICB tracks metropolitan statistical areas for vehicle theft rates, determining them by the number of vehicle theft offenses per 100,000 habitants using the 2007 U.S. Census population estimates. Four of the top 10 cities for auto theft in 2007 are in California — and all four are in the top five, in fact.
Story continues below ↓advertisement
Click Here!
Modesto, Calif., ranks at No. 1, with San Diego/Carlsbad/San Marcos in the third spot, Stockton in fourth and San Francisco/Oakland/Fremont in fifth place. The city in second place, the only one in the top five not in California, is Las Vegas/Paradise.
"One huge factor is that there are more vehicles in California than any other state, making it a target-rich environment to begin with," says Frank Scafidi, NICB spokesman. "The proximity to international borders and seaports is also a factor. Both are widely used in the illegal exportation of stolen vehicles."
More from Forbes.com
America's most stolen vehicles
America's 10 most fuel-efficient neighborhoods
Most popular mid-priced vehicles
Ten improvements in auto interiors
Best small cars for the buck
But the main attractions are the car theft hot spots conveniently located near the Mexican border. A quick trip across and crooks can quickly unload stolen cars — or their parts — without hassle or question. That's why Texas, New Mexico and Arizona are "all high-theft states" as well, Scafidi notes.
"There is a secondary market that is operating outside of the mainstream that buys and sells parts from stolen vehicles," says Rod Davis, vice president of programs and services for the Council of the Better Business Bureau. "We don't know how big this market is, but they are doing a lot of business in the border area. Chop shops in Mexico are more prevalent."
Forbes.com: America's car-theft hot spots
Interactive: A brand-by-brand look at General Motors
Cars that drive themselves aren't that far off
That's not to say car thieves don't do the same sort of thing without crossing the border, but they have to know which auto service centers and garages will take stolen parts and vehicles without proof of ownership. If you take your car to a service center, keep in mind that all replacement parts should come with a warranty, and if they don't, there is a chance you're getting a stolen part, says Davis. Also, ask your service technician where the part was purchased.
"Legitimate garages have systems in place for getting parts from proper streams of commerce," says Davis. "If it is not legitimate business and you are doing business there, then you are more likely to encourage stolen vehicle activity."
There is a bright side to all this, however. Despite the prevalence of car theft in certain areas, there are early indications that motor vehicle thefts overall were down nearly 9 percent in 2007, compared with 2006, the NICB says. The final data will be released later this year.
Also in msnbc.com business
10 Tips: Watch out for TV pitchmen
SportsBiz Spotlight: Small-market Rays a big hit
ConsumerMan: Organic food on a budget
Live in Colo. or Minn.? Tell us your story
Ads of the Weird: Old, naked guys for Honda
© 2008 Forbes.com
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Billionaire status is Tiger Woods' next trophy
Ugly economic times can lead to ugly divorces
Nike vs. Adidas — let the games begin
Calif. cities top list of car-theft hot spots
Billionaire status is Tiger Woods' next trophy
Older cars make up most of most-stolen list
Jobs that earn a surprising six-figures
Stay healthy to avoid burning out at work
The highest-quality small cars
The world's most powerful celebrities
Hanks among stars cast away from Forbes list
Forbes Section Front
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Al-Qaida's new recruits in Afghanistan
Failure deepens Alzheimer's mystery
California condors pass trial by fire
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Record-breaking 'Dark Knight' debut?
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Video: New hope for Alzheimer's?
What it's like to witness evictions
One family, 3 Olympic gold chances
Slide show: Olympic portraits
Beatrix Potter drawing nets $578,700
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Friday, July 18, 2008
LOCALS OPPOSE CAR INSURANCE PREMIUM DIFFERENTIATION PLAN
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Friday, July 18, 2008 | 1:23 p.m. ET
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07-17-2008 17:16
Locals Oppose Car Insurance Premium Differentiation Plan
By Yoon Ja-young
Staff Reporter
The same driver driving the same car may be paying higher car insurance premiums once he moves to South Jeolla Province. The government set up a plan to differentiate auto insurance premiums from region to region, only to meet fierce opposition from provincial governments.
The Ministry of Public Administration and Security recently invited officials from provincial governments to a discussion. The ministry has been considering differentiating insurance premiums for each region as part of a plan to cut car accident numbers to half by 2012.
According to the Organization for Economic Cooperation and Development (OECD), the death toll per 10,000 cars averaged 3.4 in Korea as of 2005, the highest level among OECD member countries. It doesn't mean, however, that all Korean drivers are equally exposed to the danger.
NOTE: OECD IS A RESPECTED ORGANIZATION IN KOREA.
The ratio of people who died in car accidents averaged 29.6 per 100,000 people in South Jeolla Province last year, the highest level in the country. North Gyeongsang Province followed with 28 deaths per 100,000, and South Chungcheong Province with 27.9.
Insurance companies, consequently, were paying out more insurance money in these regions. The auto insurance loss ratio, or the ratio of the insurance money payout to the insurance premium, stood at 82.9 percent for South Jeolla Province, followed by South Chungcheong Province at 77.9 percent.
NOTE: MINISTRY OF PUBLIC ADMINISTRATION AND SECURITY HANDLES ISSUES ON INSURANCES.
The ministry predicts that allowing insurers to levy different insurance premiums for each region could help decrease the number of car accidents, as local governments will be motivated to improve road conditions and make other efforts as well. If executed, owners of cars registered in South Jeolla Province and South Chungcheong Province, for example, would be paying higher insurance premiums than those of cars registered in Seoul.
According to the ministry, a number of countries, including the United States, Japan, the United Kingdom, Germany, France, and Italy, are already levying different insurance premiums according to region.
However, regional governments as well as their residents are opposing the idea. They say that the ministry should consider poor road conditions in these provinces, which also are poorer than others in terms of budget. In South Jeolla Province, for example, only 69.3 percent of roads are paved. Moreover, the measure would be of no use if drivers registered their cars with other regional governments to avoid higher insurance premiums.
Faced with the opposition, the ministry announced that it has no concrete plan on differentiation yet. The Financial Supervisory Service also considered the differentiation measure in 2003, but gave up due to opposition.
chizpizza@koreatimes.co.kr
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Friday, July 18, 2008 | 1:23 p.m. ET
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07-17-2008 17:16
Locals Oppose Car Insurance Premium Differentiation Plan
By Yoon Ja-young
Staff Reporter
The same driver driving the same car may be paying higher car insurance premiums once he moves to South Jeolla Province. The government set up a plan to differentiate auto insurance premiums from region to region, only to meet fierce opposition from provincial governments.
The Ministry of Public Administration and Security recently invited officials from provincial governments to a discussion. The ministry has been considering differentiating insurance premiums for each region as part of a plan to cut car accident numbers to half by 2012.
According to the Organization for Economic Cooperation and Development (OECD), the death toll per 10,000 cars averaged 3.4 in Korea as of 2005, the highest level among OECD member countries. It doesn't mean, however, that all Korean drivers are equally exposed to the danger.
NOTE: OECD IS A RESPECTED ORGANIZATION IN KOREA.
The ratio of people who died in car accidents averaged 29.6 per 100,000 people in South Jeolla Province last year, the highest level in the country. North Gyeongsang Province followed with 28 deaths per 100,000, and South Chungcheong Province with 27.9.
Insurance companies, consequently, were paying out more insurance money in these regions. The auto insurance loss ratio, or the ratio of the insurance money payout to the insurance premium, stood at 82.9 percent for South Jeolla Province, followed by South Chungcheong Province at 77.9 percent.
NOTE: MINISTRY OF PUBLIC ADMINISTRATION AND SECURITY HANDLES ISSUES ON INSURANCES.
The ministry predicts that allowing insurers to levy different insurance premiums for each region could help decrease the number of car accidents, as local governments will be motivated to improve road conditions and make other efforts as well. If executed, owners of cars registered in South Jeolla Province and South Chungcheong Province, for example, would be paying higher insurance premiums than those of cars registered in Seoul.
According to the ministry, a number of countries, including the United States, Japan, the United Kingdom, Germany, France, and Italy, are already levying different insurance premiums according to region.
However, regional governments as well as their residents are opposing the idea. They say that the ministry should consider poor road conditions in these provinces, which also are poorer than others in terms of budget. In South Jeolla Province, for example, only 69.3 percent of roads are paved. Moreover, the measure would be of no use if drivers registered their cars with other regional governments to avoid higher insurance premiums.
Faced with the opposition, the ministry announced that it has no concrete plan on differentiation yet. The Financial Supervisory Service also considered the differentiation measure in 2003, but gave up due to opposition.
chizpizza@koreatimes.co.kr
Reader's Comments ▶ Other View
Notice From KT Website Manager
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▶ Back ▲ Top
• Seoul Turns Down Tokyo's Proposal for Bilateral Talks
• Dispute Over Dog Meat Heats Up
• Korean Team Out of Olympics
• Sizzling Summer Trends
• Polarization Roils Real Estate Market in Seoul
• Korean-Americans Slam Japan's Claim to Dokdo
• President Set Against Broadcasters
• Will Korea Head Off Deflation?
• Korea, Japan Clash On Next Displays
• New Start
US President George W. Bush and country cusic star...
David Beckham poses in the press room at the ESPYs...
Khmer Rouge Khieu Samphan
Thursday, July 17, 2008
AVERAGE CAR INSURANCE RATES RISE 3.4 PERCENT IN 2Q
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The Associated Press July 17, 2008, 11:14AM ET
Average car insurance rates rise 3.4 percent in 2Q
BY SARA LEPRO
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Auto insurance rates rose for the second straight quarter, with the sharpest jumps occurring in Indiana, Arkansas and Rhode Island, according to a report released Thursday by Insurance.com.
The online auto insurance agency said that the lowest car insurance quotes, on average, increased 3.4 percent over the first quarter to $1,893 per year from $1,831 per year.
The rate report is based on insurance quotes given to consumers during the second quarter from 15 insurance companies, including Progressive Corp., Safeco Corp., Hartford Financial Services Group Inc. and Travelers Cos.
The most expensive auto insurance quotes were in Louisiana, New Jersey and Washington, D.C., while the least expensive states for auto insurance quotes included Ohio, Wisconsin and Maine.
Rates jumped the highest in Indiana, rising 6.7 percent to $1,501, followed by a 6.1 percent increase in Arkansas and a 5 percent spike in Rhode Island.
Following a 1 percent increase in the first quarter, this marks the second straight quarter for rate increases, the report said, reversing a trend of steady or declining rates for the past few years.
"Car insurance companies are continuing to raise prices due to rising medical costs and the rising cost of repairing vehicles," said Dave Roush, chief executive of Insurance.com, in a statement.
NOTE: ROUSH IS A RESPECTED PERSONALITY IN THE INSURANCE INDUSTRY
Roush expects rates to continue to increase through 2009.
Sam Belden, director of consumer experience at Insurance.com, said there are several ways consumers can seek out lower car insurance rates.
For example, consumers who may have cut back on driving or who are carpooling as a way to offset escalating gas prices can ask their carriers about reduced coverage, he said. Many companies offer a "low mileage" discount to those who drive less than 10,000 miles each year.
Carriers may also offer breaks to consumers who own older models of cars or hybrid cars, Belden said.
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The Associated Press July 17, 2008, 11:14AM ET
Average car insurance rates rise 3.4 percent in 2Q
BY SARA LEPRO
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Auto insurance rates rose for the second straight quarter, with the sharpest jumps occurring in Indiana, Arkansas and Rhode Island, according to a report released Thursday by Insurance.com.
The online auto insurance agency said that the lowest car insurance quotes, on average, increased 3.4 percent over the first quarter to $1,893 per year from $1,831 per year.
The rate report is based on insurance quotes given to consumers during the second quarter from 15 insurance companies, including Progressive Corp., Safeco Corp., Hartford Financial Services Group Inc. and Travelers Cos.
The most expensive auto insurance quotes were in Louisiana, New Jersey and Washington, D.C., while the least expensive states for auto insurance quotes included Ohio, Wisconsin and Maine.
Rates jumped the highest in Indiana, rising 6.7 percent to $1,501, followed by a 6.1 percent increase in Arkansas and a 5 percent spike in Rhode Island.
Following a 1 percent increase in the first quarter, this marks the second straight quarter for rate increases, the report said, reversing a trend of steady or declining rates for the past few years.
"Car insurance companies are continuing to raise prices due to rising medical costs and the rising cost of repairing vehicles," said Dave Roush, chief executive of Insurance.com, in a statement.
NOTE: ROUSH IS A RESPECTED PERSONALITY IN THE INSURANCE INDUSTRY
Roush expects rates to continue to increase through 2009.
Sam Belden, director of consumer experience at Insurance.com, said there are several ways consumers can seek out lower car insurance rates.
For example, consumers who may have cut back on driving or who are carpooling as a way to offset escalating gas prices can ask their carriers about reduced coverage, he said. Many companies offer a "low mileage" discount to those who drive less than 10,000 miles each year.
Carriers may also offer breaks to consumers who own older models of cars or hybrid cars, Belden said.
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Wednesday, July 16, 2008
AUTO INSURANCE RATES TO RISE BY 2010
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Auto insurance rates to rise by 2010
07:04 AM CDT on Wednesday, July 16, 2008
Associated Press
BATON ROUGE, La. -- A new law will raise auto insurance rates for more than one million Louisiana motorists in 2010 by increasing the minimum liability coverage required for drivers.
NOTE: LOUISIANA IS MADE AWARE OF THE CHANGES ON AUTO INSURANCE.
Governor Bobby Jindal didn't sign the bill, but he let it take effect without his signature.
Louisiana law currently requires car and truck owners to have at least "10-20-10" liability coverage. That's $10,000 coverage for damage of other people's property, $20,000 for injury or death to more than one person in an accident and $10,000 for injury or death to one person.
The new law will change the levels to "15-30-25" on January 1, 2010.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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Auto insurance rates to rise by 2010
07:04 AM CDT on Wednesday, July 16, 2008
Associated Press
BATON ROUGE, La. -- A new law will raise auto insurance rates for more than one million Louisiana motorists in 2010 by increasing the minimum liability coverage required for drivers.
NOTE: LOUISIANA IS MADE AWARE OF THE CHANGES ON AUTO INSURANCE.
Governor Bobby Jindal didn't sign the bill, but he let it take effect without his signature.
Louisiana law currently requires car and truck owners to have at least "10-20-10" liability coverage. That's $10,000 coverage for damage of other people's property, $20,000 for injury or death to more than one person in an accident and $10,000 for injury or death to one person.
The new law will change the levels to "15-30-25" on January 1, 2010.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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Friday, July 11, 2008
RULING FINDS JAPANESE MAN DIED FROM OVERWORK
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July 9, 2008 -- Updated 0241 GMT (1041 HKT)
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Ruling finds Japanese man died from overwork
* Story Highlights
* Japanese labor bureau rules Toyota car engineer died from working too many hours
* Man, aged 45, was lead engineer in developing a hybrid version of Camry line
* In the two months up to his death, he averaged over 80 hours of overtime per month
* Daughter found his body at home; he died of ischemic heart disease in January 2006
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TOKYO, Japan (AP) -- A Japanese labor bureau has ruled that one of Toyota's top car engineers died from working too many hours, the latest in a string of such findings in a nation where extraordinarily long hours for some employees has long been the norm.
NOTE: JAPANESE ARE KNOWN FOR BEING HARDWORKING.
The man who died was aged 45 and had been under severe pressure as the lead engineer in developing a hybrid version of Toyota's blockbuster Camry line, said Mikio Mizuno, the lawyer representing his wife. The man's identity is being withheld at the request of his family, who continue to live in Toyota City where the company is based.
In the two months up to his death, the man averaged more than 80 hours of overtime per month, according to Mizuno.
He regularly worked nights and weekends, was frequently sent abroad and was grappling with shipping a model for the pivotal North American International Auto Show in Detroit when he died of ischemic heart disease in January 2006. The man's daughter found his body at their home the day before he was to leave for the United States.
The ruling was handed down June 30 and will allow his family to collect benefits from his work insurance, Mizuno said Wednesday.
An officer at the Aichi Labor Bureau on Wednesday confirmed the ruling, but declined to comment on the record.
In a statement, Toyota Motor Corp. offered its condolences and said it would work to improve monitoring of the health of its workers.
NOTE: TOYOTA IS A WELL KNOWN BRAND IN AUTOMOBILES.
There is an effort in Japan to cut down on deaths from overwork, known as "karoshi." Such deaths have steadily increased since the Health Ministry first recognized the phenomenon in 1987.
Last year, a court in central Japan ordered the government to pay compensation to Hiroko Uchino, the wife of a Toyota employee who collapsed at work and died at age 30 in 2002. She took the case to court after her application to the local labor bureau for compensation was rejected.
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July 9, 2008 -- Updated 0241 GMT (1041 HKT)
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Ruling finds Japanese man died from overwork
* Story Highlights
* Japanese labor bureau rules Toyota car engineer died from working too many hours
* Man, aged 45, was lead engineer in developing a hybrid version of Camry line
* In the two months up to his death, he averaged over 80 hours of overtime per month
* Daughter found his body at home; he died of ischemic heart disease in January 2006
* Next Article in World »
Decrease font Decrease font
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TOKYO, Japan (AP) -- A Japanese labor bureau has ruled that one of Toyota's top car engineers died from working too many hours, the latest in a string of such findings in a nation where extraordinarily long hours for some employees has long been the norm.
NOTE: JAPANESE ARE KNOWN FOR BEING HARDWORKING.
The man who died was aged 45 and had been under severe pressure as the lead engineer in developing a hybrid version of Toyota's blockbuster Camry line, said Mikio Mizuno, the lawyer representing his wife. The man's identity is being withheld at the request of his family, who continue to live in Toyota City where the company is based.
In the two months up to his death, the man averaged more than 80 hours of overtime per month, according to Mizuno.
He regularly worked nights and weekends, was frequently sent abroad and was grappling with shipping a model for the pivotal North American International Auto Show in Detroit when he died of ischemic heart disease in January 2006. The man's daughter found his body at their home the day before he was to leave for the United States.
The ruling was handed down June 30 and will allow his family to collect benefits from his work insurance, Mizuno said Wednesday.
An officer at the Aichi Labor Bureau on Wednesday confirmed the ruling, but declined to comment on the record.
In a statement, Toyota Motor Corp. offered its condolences and said it would work to improve monitoring of the health of its workers.
NOTE: TOYOTA IS A WELL KNOWN BRAND IN AUTOMOBILES.
There is an effort in Japan to cut down on deaths from overwork, known as "karoshi." Such deaths have steadily increased since the Health Ministry first recognized the phenomenon in 1987.
Last year, a court in central Japan ordered the government to pay compensation to Hiroko Uchino, the wife of a Toyota employee who collapsed at work and died at age 30 in 2002. She took the case to court after her application to the local labor bureau for compensation was rejected.
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Thursday, July 10, 2008
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[ACE] Ace Ltd. late-traded shares down 5.4% to $49.99
Erie Insurance Earns Top J.D. Power Customer Satisfaction Award
Last update: 10:47 a.m. EDT July 10, 2008
ERIE, Pa., July 10, 2008 /PRNewswire via COMTEX/ -- Erie Insurance has earned J.D. Power and Associates' award for "Highest in Customer Satisfaction with the Auto Insurance Purchase Experience." This award recognizes the top score in J.D. Power's 2008 Insurance New Buyer Study, which assesses customers' experience in purchasing a new auto insurance policy.
The J.D. Power study examines the purchase behaviors and overall satisfaction of buyers who shop for a new auto insurance company. Three key factors are measured to determine overall satisfaction. In order of importance, they are: distribution channel (50 percent), price (29 percent) and policy offerings (21 percent). Erie Insurance achieved the highest ranking with strong performance across all factors.
NOTE: ERIE INSURANCE IS ONE OF THE BEST COMPANY IN THE AUTO INSURANCE INDUSTRY.
"This award reflects the commitment of Erie Insurance employees and agents to being above all in service," said John J. Brinling, Jr., president and CEO. "That commitment is deeply rooted in our 83-year history and our culture."
The Insurance New Buyer Study is in its second year. J.D. Power first conducted the study in 2007, but no award was presented. J.D. Power typically conducts its studies first without an award and uses the initial findings to establish a benchmark for future studies and awards.
"We are thrilled to receive this prestigious recognition," added Brinling. "It reflects our efforts to make an exceptional first impression and continue to delight our policyholders and exceed their expectations in every experience they have with Erie Insurance. That's good business and it's why our policyholders stay with us."
For more on the Insurance New Buyer Study and Erie Insurance's award, see the J.D. Power and Associates' Web site.
About Erie Insurance: According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 16th largest automobile insurer in the United States based on direct premiums written and the 21st largest property/casualty insurer in the United States based on total lines net premium written. The Group, rated A+ (Superior) by A.M. Best Company, has over 3.9 million policies in force and operates in 11 states and the District of Columbia. Erie Insurance Group ranked 488 on the FORTUNE 500. To learn more, visit www.erieinsurance.com.
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[ACE] Ace Ltd. late-traded shares down 5.4% to $49.99
Erie Insurance Earns Top J.D. Power Customer Satisfaction Award
Last update: 10:47 a.m. EDT July 10, 2008
ERIE, Pa., July 10, 2008 /PRNewswire via COMTEX/ -- Erie Insurance has earned J.D. Power and Associates' award for "Highest in Customer Satisfaction with the Auto Insurance Purchase Experience." This award recognizes the top score in J.D. Power's 2008 Insurance New Buyer Study, which assesses customers' experience in purchasing a new auto insurance policy.
The J.D. Power study examines the purchase behaviors and overall satisfaction of buyers who shop for a new auto insurance company. Three key factors are measured to determine overall satisfaction. In order of importance, they are: distribution channel (50 percent), price (29 percent) and policy offerings (21 percent). Erie Insurance achieved the highest ranking with strong performance across all factors.
NOTE: ERIE INSURANCE IS ONE OF THE BEST COMPANY IN THE AUTO INSURANCE INDUSTRY.
"This award reflects the commitment of Erie Insurance employees and agents to being above all in service," said John J. Brinling, Jr., president and CEO. "That commitment is deeply rooted in our 83-year history and our culture."
The Insurance New Buyer Study is in its second year. J.D. Power first conducted the study in 2007, but no award was presented. J.D. Power typically conducts its studies first without an award and uses the initial findings to establish a benchmark for future studies and awards.
"We are thrilled to receive this prestigious recognition," added Brinling. "It reflects our efforts to make an exceptional first impression and continue to delight our policyholders and exceed their expectations in every experience they have with Erie Insurance. That's good business and it's why our policyholders stay with us."
For more on the Insurance New Buyer Study and Erie Insurance's award, see the J.D. Power and Associates' Web site.
About Erie Insurance: According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 16th largest automobile insurer in the United States based on direct premiums written and the 21st largest property/casualty insurer in the United States based on total lines net premium written. The Group, rated A+ (Superior) by A.M. Best Company, has over 3.9 million policies in force and operates in 11 states and the District of Columbia. Erie Insurance Group ranked 488 on the FORTUNE 500. To learn more, visit www.erieinsurance.com.
About J.D. Power and Associates: Headquartered in Westlake Village, Calif., J.D. Power and Associates is a global marketing information services company operating in key business sectors including market research, forecasting, performance improvement, training and customer satisfaction. The company's quality and satisfaction measurements are based on responses from millions of consumers annually. For more information on car reviews and ratings, car insurance, health insurance, cell phone ratings, and more, please visit JDPower.com. J.D. Power and Associates is a business unit of The McGraw-Hill Companies.
SOURCE Erie Insurance
http://www.erieinsurance.com
Copyright (C) 2008 PR Newswire. All rights reserved End of Story
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Sunday, July 6, 2008
CREDIT REPAIR: CREDIT CARDS
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Loading...
Credit Repair: Credit Cards
By: Project Stocks Wednesday, June 25, 2008 2:14 AM
Sectors: Personal Finance
Send Email Email View Comments Comments (0) Post Comments Post Comment
Bookmark It
by William Blake
Does your less than perfect credit history concern you? Then you should allow bad credit cards to help you make your credit rating better. For both individuals looking to make purchases and business establishments trying to keep sales strong, using bad credit cards is the most preferred option since it helps both groups keep their credit scores high. Those identified as high-risk credit card users are also aided by bad credit cards, since they work just like normal cards. Anyone who uses credit cards and whose current credit score is 550 or below should consider using bad credit cards.
Taking a Step
NOTE: NON AVAILABILITY OF NORMAL CREDIT CARD, THERE IS A PRE PAID DEBIT CARD.
The non-availability of normal credit cards for bad credit owners leads them to the options like prepaid debit card, First Premiere Bank Cards and other secured credit cards. One can avail the bad credit cards in the same manner as a normal credit card. The fact that the bad credit cards have comparatively higher rate of interest and lower limits of credit, should not avert you from buying them. It is advisable to use these cards effectively, or you could land up in a worst situation.
Analyzing the Myths
One of several false beliefs regarding bad credit cards is that they are not a good financial backup. This has changed more recently, however, since bad credit cards do not always appear exclusively with extremely high interest rates. For this reason, they should not be considered bad financial tools. Owing to the appearance of more and more companies offering bad credit cards, individuals looking to apply for a line of credit can select the card that best matches their needs. In order to do this, the customer must first do their homework and analyze such essentials as yearly fees, financing fees, credit necessities, opening offers, accessibility of online banking, and other applicable information about the credit card offer.
Enjoying the Benefits
Taking all factors into consideration, it can be said with certainty that any disadvantages presented by bad credit cards do not eclipse the financial benefits. An individual with a low or no credit score has much to gain using bad credit cards, like:
-First and foremost, you will be aided in your efforts to raise your credit score.
-Besides that, by putting yourself into a situation where monthly payments are easier to make on time, you will eventually be able to call yourself a low risk candidate for lenders to consider.
- This will secure your future chances of obtaining a loan. For this, all you have to do is to use the bad credit cards for every small purchase for one or two years. By doing so, you can rebuild the credit rating and impress the creditors with a good credit score.
The conclusion of above discussion is that the bad credit cards are the best friends for the people with a bad credit history. Thus, you can see that even a person with bad credit is capable of rebuilding the credit and improve the future prospective for getting a loan.
About the Author:
Are you struggling to cover the payments on your credit cards and other debt every month? If so, debt consolidation may be a good option. Visit the Inside Debt Consolidation website to sign up for your free debt consolidation e-course.
Your Rating: Current Rating:
More Articles by: Project Stocks
More Articles on: Personal Finance
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copryright 2008 all rights reserved
Fundamental data is provided by Zacks Investment Research, market data is provided by AlphaTrade. , and Commentary and Press Releases provided by Quotemedia
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Related Stories
* Weather clouds future of biofuels
Jul 01, 2008 11:38 PM
* Physicist: Use nukes against asteroids
Jul 01, 2008 11:00 PM
* Security company plays with spam
Jul 01, 2008 10:28 PM
* ABC establishes 'Lost' book club
Jul 01, 2008 09:55 PM
* Got Gold Report Comments on Proposed SEC Short Sale Rule S7-08-08
Jul 01, 2008 09:36 PM
Related Press Releases
* Mötley Crüe's "Saints of Los Angeles" This Week's Highest Debut on the Billboard Chart in Top Five
Jul 01, 2008 11:48 PM
* Sixx:A.M.: Superband Embarks on Inaugural Tour With Crüe Fest
Jul 01, 2008 11:23 PM
* Vero Beach Shell Gas Station Goes on Sale
Jul 01, 2008 11:18 PM
* Strike Averted; Alderwoods Funeral Employees Approve Contract
Jul 01, 2008 11:08 PM
* MiddleBrook Pharmaceuticals Announces $100 Million Investment to Support Launch of MOXATAG(TM)
Jul 01, 2008 11:04 PM
Popular Stories
* Bed Bath
* Chesapeake Announces 8 New Shales Plays
* Atwood Oceanics - a Beautiful Breakout
* Natural Gas 75% Gain Speeds Horizontal Drilling at Devon Energy , Range Resources (RRC)
* Best Performing Stocks the past Month
Releated SEC Filings
* Form 4 ALMON WILLIAM J For: Jun 30 (10K)
Jul 01, 2008 10:01 PM
* Form 4/A ALMON WILLIAM J For: Jun 02 (10K)
Jul 01, 2008 10:01 PM
* Form 4 Trahanas Philip Peter For: Jun 27 (10K)
Jul 01, 2008 09:54 PM
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Jul 01, 2008 09:52 PM
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Loading...
Credit Repair: Credit Cards
By: Project Stocks Wednesday, June 25, 2008 2:14 AM
Sectors: Personal Finance
Send Email Email View Comments Comments (0) Post Comments Post Comment
Bookmark It
by William Blake
Does your less than perfect credit history concern you? Then you should allow bad credit cards to help you make your credit rating better. For both individuals looking to make purchases and business establishments trying to keep sales strong, using bad credit cards is the most preferred option since it helps both groups keep their credit scores high. Those identified as high-risk credit card users are also aided by bad credit cards, since they work just like normal cards. Anyone who uses credit cards and whose current credit score is 550 or below should consider using bad credit cards.
Taking a Step
NOTE: NON AVAILABILITY OF NORMAL CREDIT CARD, THERE IS A PRE PAID DEBIT CARD.
The non-availability of normal credit cards for bad credit owners leads them to the options like prepaid debit card, First Premiere Bank Cards and other secured credit cards. One can avail the bad credit cards in the same manner as a normal credit card. The fact that the bad credit cards have comparatively higher rate of interest and lower limits of credit, should not avert you from buying them. It is advisable to use these cards effectively, or you could land up in a worst situation.
Analyzing the Myths
One of several false beliefs regarding bad credit cards is that they are not a good financial backup. This has changed more recently, however, since bad credit cards do not always appear exclusively with extremely high interest rates. For this reason, they should not be considered bad financial tools. Owing to the appearance of more and more companies offering bad credit cards, individuals looking to apply for a line of credit can select the card that best matches their needs. In order to do this, the customer must first do their homework and analyze such essentials as yearly fees, financing fees, credit necessities, opening offers, accessibility of online banking, and other applicable information about the credit card offer.
Enjoying the Benefits
Taking all factors into consideration, it can be said with certainty that any disadvantages presented by bad credit cards do not eclipse the financial benefits. An individual with a low or no credit score has much to gain using bad credit cards, like:
-First and foremost, you will be aided in your efforts to raise your credit score.
-Besides that, by putting yourself into a situation where monthly payments are easier to make on time, you will eventually be able to call yourself a low risk candidate for lenders to consider.
- This will secure your future chances of obtaining a loan. For this, all you have to do is to use the bad credit cards for every small purchase for one or two years. By doing so, you can rebuild the credit rating and impress the creditors with a good credit score.
The conclusion of above discussion is that the bad credit cards are the best friends for the people with a bad credit history. Thus, you can see that even a person with bad credit is capable of rebuilding the credit and improve the future prospective for getting a loan.
About the Author:
Are you struggling to cover the payments on your credit cards and other debt every month? If so, debt consolidation may be a good option. Visit the Inside Debt Consolidation website to sign up for your free debt consolidation e-course.
Your Rating: Current Rating:
More Articles by: Project Stocks
More Articles on: Personal Finance
Home | Login |Research | Earnings | Scans | Chat Rooms | Charts | Submit Article | Join Blog Network | Contributors | Subscribe to RSS
copryright 2008 all rights reserved
Fundamental data is provided by Zacks Investment Research, market data is provided by AlphaTrade. , and Commentary and Press Releases provided by Quotemedia
Saturday, July 5, 2008
7 SIMPLE STRATEGIES FOR GETTING MORTGAGE QUALIFIED IN A TOUGH ECONOMY
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7 Simple Strategies for Getting Mortgage Qualified in a Tough Economy
Thanks to the mortgage crisis lenders have made it much more difficult to get approved for financing. Here are 7 quick and easy strategies that will help you get approved for a home loan even if you've been declined in the past.
Bohemia, NY (PRWEB) July 1, 2008 -- Whether you're stuck in an adjustable rate mortgage, wanting to buy a home at today's discounted prices, or just wanting to consolidate some debt, you'd be much better off preparing yourself well in advance of applying for a home loan.
Score more Credit Restoration (CreditScoringSecretsExposed.com) makes regular inquiries into the challenges our clients have faced when applying for a home loan to help you avoid the same mistakes they've made.
There are 4 basic variables which determine whether or not you get approved for a home loan and at what rate. They are:
* Income
* Credit history
* Collateral (your home)
* Ratio of loan size to value of your home
The following 7 strategies will increase your odds of approval and significantly lower your qualifying interest rate.
NOTE: 7 IMPORTANT STEPS TO CONSIDER IN CREDIT REPAIR..
1. Maximize Your Income Statements
Most lenders will require that you disclose your income from the previous two years and use this income to qualify you for a mortgage. They will ask for W-2 forms, tax returns, or bank statements to verify your income. The lender will then apply a formula to the income to determine your ability to repay the loan. A common requirement is that the mortgage payment cannot be greater than 28 percent of the borrower's gross monthly income, and the mortgage payment plus all other monthly obligations cannot exceed 36 percent of the gross monthly income (also known as Debt to Income Ratio or DTI). FHA allows higher ratios, and there are always exceptions to the guidelines.
Be sure to have your accountant review your monthly tax withholdings on your monthly pay stub. If you are getting more than $1,000.00 back when you file your taxes you're probably skewing your debt to income ratios which may decrease your chances of qualifying for a loan.
2. Lower Your Debts
Paying down debts lowers your debt to income ratio and can dramatically improve your credit score. Pay down your cards with the highest interest rates and pay down any installment loans so that you have less than 4 payments left whenever possible. Most lenders will ignore installment loans with less than 4 payments left.
3. Investigate Your Insurance Policy
Insurance agencies are quick to undercut one another to earn your business. Send your home owners policy out to at least 3 different agencies to get a quote. This one technique can save you several hundred dollars a year in lower premiums which in turn also helps improve your debt ratio.
4. Call Your Creditors
Most lenders will give you a lower interest rate assuming you've been a good customer who has made your payments on time. A quick call to their customer service department can lower your interest rate and save you hundreds of dollars a year, not to mention improve your monthly debt ratios.
5. Make Sure You Have a Rainy Day Fund
Most lenders require you to have anywhere from 2 - 6 months of reserves to qualify for a loan. Calculate your approximate mortgage payment to include taxes and insurance and that equals the amount required for 1 month's reserve. The minimum most lenders require is 2 months reserves. If you don't have on e already, open a savings account and place or save the equivalent of 2 months reserves at least 30 days before applying for a loan. By the time your loan is approved you'll have the required 60 days "seasoning".
6. Correct Past Credit Problems
Your credit score is the single biggest determining factor of your interest rate when applying for a loan or credit. A small increase in your credit score can save you literally hundreds of thousands of dollars. Your credit score is also much more easily influenced than any other criteria. For example, it's easier to remove negative items from your credit report than it is to get a job that pays you twice what you're making now.
NOTE: RECENT LAW PASSED ON BEHALF OF CREDIT BUREAUS TO PROVIDE ONE FREE CREDIT REPORT A YEAR.
The first thing you need to do is take a look at your credit report and see what the lender is going to see. While there are dozens of sites where you can see your credit report, there are only 2 sites you should seriously consider. Thanks to a recent law passed on your behalf the credit bureaus are required to provide you with one free credit report a year. You can access this credit report through Annualcreditreport.com
Note: I would not recommend purchasing the upgrade to see your scores. The scores provided are not true FICO scores and have no relevance to your lending qualification.
There is only one site you can purchase and see your actual FICO scores for all 3 bureaus. These scores are the same a lender would see when qualifying you for a loan. You can obtain your FICO scores through MyFico.com The best part is that this inquiry will not adversely affect your credit score. The only inquiries that adversely affect your score are when a lender pulls your credit for the purpose of qualifying you for a loan or credit line.
When shopping for a loan you can also use your myfico.com credit report to get qualified if it's no older than 90 days. This will reduce the number of times creditors will pull your score, thus dragging it down.
Your credit score is a major determining factor of your interest rate. It's a score between 300 - 850 which predicts the probability you'll default 90 days or more on your loan. The higher your score is, the less risk to your lender. Less risk means a lower rate for you.
If you note inaccuracies, such as creditors not reporting all the information on your account, or you see excessive inquiries you didn't authorize, or similar items which may be causing your score to drop, try using a reputable credit repair company to dispute the inaccurate items on your credit report. Contrary to what the credit bureaus would like you to believe, credit repair does increase your score and can work for 100% of people in most circumstances. This is, of course, provided you are getting the best advice and have an experienced professional working on your case.
Be realistic about your expectations. A hit-or-miss aspect exists in credit repair, because credit repair relies not only on the strategies of the person attempting to repair the credit, but also on the effectiveness or ineffectiveness of the creditors and credit bureaus in adhering to the laws.
Sometimes you want the credit bureaus and to follow the law, sometimes you don't- it all depends on your particular situation.
Credit repair will not help if you are currently missing payments or do not have the money to settle large unpaid collections or liens.
When researching a potential company to represent you, be sure to ask for testimonials and a written performance based guarantee. You should be paying for results, not the passing of time.
Avoid anyone who promises to delete 100% of your negative items or tries to sell you additional trade lines in the form an authorized user account.
Be sure to get your agreement in writing and always pay by credit card. This way, your merchant can protect you if the credit repair company turns out to be dishonest or ineffective.
7. Landscape and Deep Clean
An appraiser's job is to estimate the value of your home. They do that by comparing your home to other homes similar to yours that have recently sold within a reasonable distance to your own. You can influence the value of your home by making sure it's in the best condition possible before the appraiser comes out to take his pictures. You want the appraiser comparing your house to the nicest homes possible. A dilapidated car in the drive way is going to make that impossible.
Make sure your landscaping is neatly manicured. Make sure the roof is in good condition and there are no visible repairs necessary. Clean your house from top to bottom. It may even be worth spending a hundred bucks on a cleaning service when you consider the difference in your home's perceived value may be several thousand dollars higher. Sometimes the loan to value can be just a few thousand dollars from changing from a higher rate to a lower rate.
While it may be more challenging to get approved for a home loan, it's not impossible, especially if you take the time to prepare.
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7 Simple Strategies for Getting Mortgage Qualified in a Tough Economy
Thanks to the mortgage crisis lenders have made it much more difficult to get approved for financing. Here are 7 quick and easy strategies that will help you get approved for a home loan even if you've been declined in the past.
Bohemia, NY (PRWEB) July 1, 2008 -- Whether you're stuck in an adjustable rate mortgage, wanting to buy a home at today's discounted prices, or just wanting to consolidate some debt, you'd be much better off preparing yourself well in advance of applying for a home loan.
Score more Credit Restoration (CreditScoringSecretsExposed.com) makes regular inquiries into the challenges our clients have faced when applying for a home loan to help you avoid the same mistakes they've made.
There are 4 basic variables which determine whether or not you get approved for a home loan and at what rate. They are:
* Income
* Credit history
* Collateral (your home)
* Ratio of loan size to value of your home
The following 7 strategies will increase your odds of approval and significantly lower your qualifying interest rate.
NOTE: 7 IMPORTANT STEPS TO CONSIDER IN CREDIT REPAIR..
1. Maximize Your Income Statements
Most lenders will require that you disclose your income from the previous two years and use this income to qualify you for a mortgage. They will ask for W-2 forms, tax returns, or bank statements to verify your income. The lender will then apply a formula to the income to determine your ability to repay the loan. A common requirement is that the mortgage payment cannot be greater than 28 percent of the borrower's gross monthly income, and the mortgage payment plus all other monthly obligations cannot exceed 36 percent of the gross monthly income (also known as Debt to Income Ratio or DTI). FHA allows higher ratios, and there are always exceptions to the guidelines.
Be sure to have your accountant review your monthly tax withholdings on your monthly pay stub. If you are getting more than $1,000.00 back when you file your taxes you're probably skewing your debt to income ratios which may decrease your chances of qualifying for a loan.
2. Lower Your Debts
Paying down debts lowers your debt to income ratio and can dramatically improve your credit score. Pay down your cards with the highest interest rates and pay down any installment loans so that you have less than 4 payments left whenever possible. Most lenders will ignore installment loans with less than 4 payments left.
3. Investigate Your Insurance Policy
Insurance agencies are quick to undercut one another to earn your business. Send your home owners policy out to at least 3 different agencies to get a quote. This one technique can save you several hundred dollars a year in lower premiums which in turn also helps improve your debt ratio.
4. Call Your Creditors
Most lenders will give you a lower interest rate assuming you've been a good customer who has made your payments on time. A quick call to their customer service department can lower your interest rate and save you hundreds of dollars a year, not to mention improve your monthly debt ratios.
5. Make Sure You Have a Rainy Day Fund
Most lenders require you to have anywhere from 2 - 6 months of reserves to qualify for a loan. Calculate your approximate mortgage payment to include taxes and insurance and that equals the amount required for 1 month's reserve. The minimum most lenders require is 2 months reserves. If you don't have on e already, open a savings account and place or save the equivalent of 2 months reserves at least 30 days before applying for a loan. By the time your loan is approved you'll have the required 60 days "seasoning".
6. Correct Past Credit Problems
Your credit score is the single biggest determining factor of your interest rate when applying for a loan or credit. A small increase in your credit score can save you literally hundreds of thousands of dollars. Your credit score is also much more easily influenced than any other criteria. For example, it's easier to remove negative items from your credit report than it is to get a job that pays you twice what you're making now.
NOTE: RECENT LAW PASSED ON BEHALF OF CREDIT BUREAUS TO PROVIDE ONE FREE CREDIT REPORT A YEAR.
The first thing you need to do is take a look at your credit report and see what the lender is going to see. While there are dozens of sites where you can see your credit report, there are only 2 sites you should seriously consider. Thanks to a recent law passed on your behalf the credit bureaus are required to provide you with one free credit report a year. You can access this credit report through Annualcreditreport.com
Note: I would not recommend purchasing the upgrade to see your scores. The scores provided are not true FICO scores and have no relevance to your lending qualification.
There is only one site you can purchase and see your actual FICO scores for all 3 bureaus. These scores are the same a lender would see when qualifying you for a loan. You can obtain your FICO scores through MyFico.com The best part is that this inquiry will not adversely affect your credit score. The only inquiries that adversely affect your score are when a lender pulls your credit for the purpose of qualifying you for a loan or credit line.
When shopping for a loan you can also use your myfico.com credit report to get qualified if it's no older than 90 days. This will reduce the number of times creditors will pull your score, thus dragging it down.
Your credit score is a major determining factor of your interest rate. It's a score between 300 - 850 which predicts the probability you'll default 90 days or more on your loan. The higher your score is, the less risk to your lender. Less risk means a lower rate for you.
If you note inaccuracies, such as creditors not reporting all the information on your account, or you see excessive inquiries you didn't authorize, or similar items which may be causing your score to drop, try using a reputable credit repair company to dispute the inaccurate items on your credit report. Contrary to what the credit bureaus would like you to believe, credit repair does increase your score and can work for 100% of people in most circumstances. This is, of course, provided you are getting the best advice and have an experienced professional working on your case.
Be realistic about your expectations. A hit-or-miss aspect exists in credit repair, because credit repair relies not only on the strategies of the person attempting to repair the credit, but also on the effectiveness or ineffectiveness of the creditors and credit bureaus in adhering to the laws.
Sometimes you want the credit bureaus and to follow the law, sometimes you don't- it all depends on your particular situation.
Credit repair will not help if you are currently missing payments or do not have the money to settle large unpaid collections or liens.
When researching a potential company to represent you, be sure to ask for testimonials and a written performance based guarantee. You should be paying for results, not the passing of time.
Avoid anyone who promises to delete 100% of your negative items or tries to sell you additional trade lines in the form an authorized user account.
Be sure to get your agreement in writing and always pay by credit card. This way, your merchant can protect you if the credit repair company turns out to be dishonest or ineffective.
7. Landscape and Deep Clean
An appraiser's job is to estimate the value of your home. They do that by comparing your home to other homes similar to yours that have recently sold within a reasonable distance to your own. You can influence the value of your home by making sure it's in the best condition possible before the appraiser comes out to take his pictures. You want the appraiser comparing your house to the nicest homes possible. A dilapidated car in the drive way is going to make that impossible.
Make sure your landscaping is neatly manicured. Make sure the roof is in good condition and there are no visible repairs necessary. Clean your house from top to bottom. It may even be worth spending a hundred bucks on a cleaning service when you consider the difference in your home's perceived value may be several thousand dollars higher. Sometimes the loan to value can be just a few thousand dollars from changing from a higher rate to a lower rate.
While it may be more challenging to get approved for a home loan, it's not impossible, especially if you take the time to prepare.
###
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Trackback URL: http://www.prweb.com/pingpr.php/U3VtbS1Ib3JyLVNpbmctU3F1YS1FbXB0LVNpbmctWmVybw==
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Score More Credit Restoration
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