(ARA) – The number of tasks that distract us while driving is growing. Who hasn’t spent their commute talking on the cell phone, switching songs on an mp3 player, texting or plugging an address into the GPS? While it may not seem like a big deal, distracted driving is dangerous and can even be deadly.

As much as 80 percent of car crashes involve a driver who was distracted 3 seconds before the accident, according to the California Department of Motor Vehicles. Worse, studies have shown that a driver holding a cell phone can be as dangerous as a drunk driver. Read more…

New York State insurance Fund (NYSIF) Executive Director David P. Wehner said the NYSIF’s 2008 fraud prevention program accounted for more than $20 million in total savings – a record amount exceeding all prior yearly totals since the program began.

“We are determined to continue an aggressive attack against workers’ compensation fraud in New York State,” Wehner said. “NYSIF has emerged as an industry leader in fighting fraud based on a methodical approach to building solid cases through the efforts of our policyholder, claims and investigative teams in cooperation with a number of other New York State agencies and law enforcement authorities.”
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(Reuters) – Fund managers who buy U.S. life insurance policies to cash in the death benefits have predicted a bumper year in 2009 as investors seek uncorrelated alternatives to mainstream markets.

Supply is also is expected to increase as more individuals, stung by tumbling investment portfolios, could sell their policies at discounted prices.
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(BUSINESS WIRE) – Car insurance consumers now have a new source for information on road trips and the latest in car technology. A new podcast feature has been added to progressive.com’s “Articles & Blogs” section. The first podcast in Auto Tech, the section with articles on the latest car gadgets, is about how green cars were front and center at the North American International Auto Show in Detroit. The Driving Destinations section has information drivers need to plan the perfect road trip; its first podcast, “Top Tips for Traveling with your Pet,” is all about road trips with dogs. Read more…

Eastern Carolina residents get ready. Your homeowners insurance rate is about to hit the roof. Everyone statewide will pay four percent more, unless you live in the coastal areas.

The cost there? A 30 percent increase in homeowner premiums. If you live in a 150 thousand dollar home in New Hanover, Brunswick, Pender and Onslow Counties you would pay more than 16 hundred dollars. Those on the coast would pay more than 23 hundred dollars. Read more…

In terms of personal pleasures, buying life insurance doesn’t usually fall in the same category as buying a new car or a new wardrobe. However, despite its lack of glamour and prestige, the decision to buy life insurance can be infinitely more important to a family and its future financial security.

Before you begin your search for a life insurance policy, it is important to give some thoughtful consideration to your financial goals. For most individuals, it’s hard to imagine how life would be without them in it. But this is the first step in determining what financial resources you need to leave your family so they can maintain the lifestyle you would want for them in case you die. Read more…

American International Group is in advanced talks to sell its U.S. auto insurance unit to Swiss insurer Zurich Financial Services AG, a source familiar with the matter said Tuesday.

The auto insurance business is expected to fetch around $2 billion, the source said. Read more…

(Arkansas Insurance Department) – Arkansas Insurance Commissioner Jay Bradford announced two convictions in separate instances of auto insurance fraud in his state.

rlandis Moore pleaded guilty in Pulaski County Circuit Court to committing a fraudulent insurance act, a Class D felony. As the passenger in a vehicle involved in a car accident, Moore presented a lost wage claim to Progressive Insurance for $12,500, stating he had been out of work for eight weeks due to the accident. Read more…

Effective March 9, State Farm Mutual Automobile Insurance Company, the largest insurer of autos in South Carolina and in the nation, is lowering its overall auto insurance rate level in South Carolina by an average of 2.1 percent. This represents an annual savings of $10.9 million for South Carolina customers. After this change is implemented, State Farm’s overall auto insurance rate level in South Carolina will be 12.0 percent lower than it was six years ago.

Using claim experience over the past several years, State Farm projects what the number and cost of future claims will be. Rates are set in accordance with that information in an effort to meet the promises made to policyholders. According to State Farm Vice President Reggie Gallant “As a mutual company owned by our policyholders, less than expected claims experience enabled State Farm to reduce rates. Given the current economic situation, we believe this announcement is especially welcome news for our policyholders.”

Premiums for liability and collision coverages are decreasing for most customers. The price of comprehensive and medical payments coverages is not impacted by this rate change. Comprehensive coverage pays for losses from such perils as theft, storm damage, fire, vandalism and glass breakage.

Overall premium changes for individual motorists will vary depending on factors such as the coverages they carry, the discounts for which they qualify, where they live, the kind of car insured, who drives it and how much it is driven.

Effective March 9, State Farm Mutual Automobile Insurance Company, the largest insurer of autos in Georgia and in the nation, is lowering its overall auto insurance rate level in Georgia by an average of 1.5 percent. This represents an annual savings of $16.2 million for Georgia customers. After this change is implemented, State Farm’s overall auto insurance rate level in Georgia will be 12.2 percent lower than it was five years ago.
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