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Auto Insurance: Companies
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Auto insurance policies are purchased to minimize the personal financial impact associated with motor vehicle accidents, or other incidents, that may affect automobiles you own and drive. Risks and financical liability associated with automobile ownership include medical expenses for injured persons, property damages associcated with repair of vehicles involved in an accident, as well as non-accident damages that may result from storms, theft, vandalism or natural disaster. Insurance companies provide auto insurance through personal auto policies. A personal auto policy is a contract between you and your insurer, specifying each party's rights and obligations. Essentially, your insurer promises to provide specific coverage to you in exchange for your payment of specified premiums.
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Esurance Inc. is redefining the insurance experience by creating an easy and time efficient way to buy and manage personal auto insurance online. The company's unique Internet-based business model reduces the overhead of traditional insurance operations, while still performing the key functions of an insurance provider, including pricing, underwriting and claims handling. This direct model eliminates paper-based processes and creates cost savings that are passed on to customers in the form of low rates for top-rated insurance policies. Through its online service (www.esurance.com), Esurance offers consumers expert advice, quote comparisons, instant coverage, as well as convenient 24x7 policy management, customer service and superior claims handling. The company was the first Internet-based provider to offer real-time quote capability and fulfillment service online to more than half of the nation's driving population. Esurance is an operating subsidiary of Folksamerica Holding Company, Inc., a subsidiary of White Mountains Insurance Group (NYSE: WTM - news).
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Auto insurance risk selection is the process by which vehicle insurers determine whether or not to insure an individual and what insurance premium to charge. Depending on the jurisdiction, the insurance premium can be either mandated by the government or determined by the insurance company in accordance to a framework of regulations set by the government. Often, the insurer will have more freedom to set the price on physical damage coverages than on mandatory liability coverages.
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Varying claims experience - Auto insurance is priced to cover the costs of accidents that may happen in the future. Of course, companies cannot see into the future, so to do this, they use information about their past claims experience. Since each company has had different claims experiences with the groups of people they insure, the rates charged customers by different companies vary.
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At a recent Insurance Department seminar on no-fault auto fraud, PIANY past President Shelly Kozel proposed a fraud deterrent. ``PIA would like to coordinate a cost-effective program, sponsored by insurance companies, to provide instant cameras to the law enforcement community. Police officers could keep the cameras in their police vehicles to have on hand to take photos at accident scenes.'' Kozel explained the fact that photos have been taken at the accident scene could deter fraudulent activities.
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The Response Insurance Group is a national direct-to-the-consumer auto insurer headquartered in Meriden CT and has a full-service claims office in Bellevue WA that covers 12 states. The Company was formed in 1995 and currently has customers in 42 states and Washington DC.
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