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Auto Insurance: Companies
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The Government Employees Insurance Company (GEICO) recently announced a reduction in its auto insurance rates for Colorado policyholders. This will translate into a statewide average rate decrease of 7.1 percent for policyholders. Prnewswire.com reports:
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Norwich Union is currently offering a type of telematic auto insurance in the United Kingdom called Pay as You Drive. This system employs a combination global positioning system (GPS) and cell phone in a car to monitor driving performance and communicate risk factors to the insurance company. Drivers are offered a discount if they exhibit safe driving. Trials conducted by Norwich Union in 2005 have found that young drivers (18 to 23 year olds) signing up for telematic auto insurance have had a 20% lower accident rate than average. [5]
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SAN FRANCISCO, March 29 /PRNewswire/ -- Esurance, the direct-to-consumer auto insurance company, is breaking new ground with its strategic partner, Answer Financial. When customers get a quote from http://www.esurance.com/, they can ... view real-time comparison quotes and buy a competitor's policy. Answer Financial provides the engine that facilitates Esurance's real-time comparisons and purchases.
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CorVel Corporation is an independent, nationwide provider of healthcare management services in the workers' compensation, group health, and auto insurance markets. The Company provides services to employers, government entities, insurance companies and third party administrators. In addition to the Company's networks of preferred providers, its offices deliver case management, utilization management independent medical evaluations, bill review and disability management programs. CorVel serves over 2,000 clients through its 150 offices and 3,100 employees nationwide.
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Alan Snyder, CEO and founder of Answer Financial, noted, "Some auto insurance companies' Web sites provide a view of what their competitors charge. However, Esurance may be the first direct writer to give consumers the ability to buy a competitor's policy through its own site. The future is here."
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The filing comes on the heels of the state's move toward "managed competition" which allows every insurer in the state to propose its own auto insurance rates. According to Arbella's filing, the average rate cut for the company's approximately 350,000 drivers will be about 7.7 percent. However, about a third of Arbella's drivers could see rate cuts of 20 percent or more and more than half could see cuts greater than 10 percent, according to the figures filed today with the state. An estimated eight percent of Arbella customers are eligible to receive a cut of 28 percent.
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