A recent poll conducted for the insurance industry found that 80 percent of Americans want Congress to take measures to make healthcare more affordable. This according to a story by WNDU 16 out of South Bend, Indiana.

The insurance industry seems to be responding to said poll, and pitched a plan on Monday which would come with a taxpayer price tag of $300 million. It's worth it, said Jay Gellert, a member of the policy committee for America's Health Insurance Plans. And under the proposed plan, the industry says America's uninsured could have coverage within the next decade. How?

The new plan calls for:

• Expanded state programs like Medicaid, to cover more children and low-income families, including those that exceed the poverty level but can't afford health insurance
• Formation of "universal health accounts" with the government kicking in up to 50 cents for every dollar a low-income family saves
• A $500 tax credit for low-income families that buy health insurance for their kids
• $50 billion in state grants to help insure their residents

Sounds pretty good, right?

The clincher: who's going to foot the $300 billion needed to implement such a plan? The insurance industry doesn't have any suggestions on how to pay for it, but WNDU reports that insurers still plan to market the plan "aggressively" to the new Congress. And despite the fact that plan proponents don't yet have all the answers to get the ball rolling, healthcare advocates support the initiative, saying they're glad to see the insurance industry get involved.

"I think what this initiative does is get us off the dime and stop people from saying this is a problem that's not solvable," said Dr. George Benjamin of the American Public Health Association.

Encouraging, indeed.

We'll keep an eye on this story and post updates here as they come. And, if you're looking for more resources on finding affordable medical insurance in your state, check out our state-specific insurance articles in our resource center!

Posted by Megan Mahan at 01:23 PM | Permalink | Comments (1)
 

I posted a little something on the InsureMe Agent Blog today regarding identity theft insurance, and thought it was only fitting to revisit ID theft insurance.

Why?

Well, according to the J.D. Power and Associates 2006 Homeowners Insurance Study (see their press release here), over 40 percent of homeowners would like their home insurers to offer identity theft insurance coverage. Between the increase of large corporations leaking personal info, natural disasters spreading our business in literally all directions, and the government dipping into more of our personal affairs, it's no wonder that many of us are looking for ways to protect ourselves.

But I don't think identity theft insurance is the answer—at least not yet.

As I said in June, most ID theft policies aren't all they're cracked up to be. If your identity is stolen, ID theft insurance won't pay to help you repair any damage to your credit, nor will it help you absolve yourself of any illegal activity carried out under your name. Not great protection if you ask me.

Take a look at our post about ID theft insurance to get the full scoop, and to learn how you can protect yourself without buying superfluous (and frankly, moot) coverage. But do keep a lookout for advances in ID theft insurance. As consumers demand better protections, I'd venture to say that someone, eventually, will listen and give us a better product with which to protect ourselves.

Posted by Megan Mahan at 02:16 PM | Permalink
 

It seems as if everyone's been so caught up in hurricane madness over the last year, that we've sort of forgotten about another serious catastrophe: earthquakes.

That is, until last week when a 6.6 magnitude earthquake rattled Hawaii.

Robert Hartwig, the executive vice president and chief economist for the Insurance Information Institute (I.I.I.) said last week's quake was "a reminder that disaster can strike anywhere at any time."

Not to scare the bajeezus out of you, but it's true. And fortunately there's something you can do to protect yourself from earthquake damages.

Like flood insurance, earthquake insurance can be purchased in addition to your home insurance policy. As the name suggests, it covers damages to the structure of your home—and in most cases your belongings—resulting from an earthquake. And, like flood insurance, many homeowners don't realize that earthquake-related damage is not covered by a standard home insurance policy.

And if you're anything like me (a properly landlocked native of Iowa, living far, far away from seismic activity), you want to learn everything you can about earthquake coverage so that you can adequately protect yourself.

Let's embark on this adventure of earthquake insurance edumacation together, shall we? :)

Continue reading "Earthquake Insurance: Few Have It, Many Need It" »

Posted by Megan Mahan at 01:24 PM | Permalink
 

Shopping for a new car brings many considerations. Aside from a car's fun features, you're probably evaluating things like size, gas mileage and horsepower. What many people forget to check on, however, is how a new car will affect insurance rates.

Yes, in addition to your own personal stats (including things like your driving record, age, sex, credit history and geographic location), your car can play a big role in how much you pay for auto insurance.

What gives?

Comprehensive and collisions costs are mostly to blame, according to this article, featured by MSN Money. Because, unfortunately, when repairs need to be made, insurance rates increase. This is especially true for higher-end cars. Generally speaking, the more your car is worth, the more it's going to cost to repair. Insurers realize this and will take it into account when determining your premium.

In addition to repair costs, insurers look at a variety of other factors when it comes to putting a premium price tag on your vehicle.

Here are a few other rules of thumb:

Continue reading "Buying A New Car? Don't Forget The Insurance" »

Posted by Megan Mahan at 04:04 PM | Permalink | Comments (2)
 

The Denver Post, my city's major daily, recently ran a feature on the rise of "scooter nation." Aside from using one too many puns in the headline, the article was an interesting exploration of an urban phenomenon that's spurred by environmental awareness and old fashioned thriftiness.

While the environmental benefits of scooters, also called mopeds, can be debated--"I would never discourage anyone from buying a scooter, but you have to be realistic about the environment impact, which really is not much," a Denver Department of Health official tells the Post--the argument for their thriftiness is airtight.

According to the article, scooters get 85 miles per gallon, making even Toyota Prius drivers burn with envy. Additionally, the Post notes that some scooterists [my term] suspend their car insurance during the warmer, scooter-friendly months. Insurance for scooters costs much less, about $100, according to the article. (Some states don't require insurance, but I recommend coverage for any activity that involves high speeds, metal and pavement.)

If $3 gas prices have you considering a Vespa or other diminutive motorcycle, make sure to check with your state's DMV to learn about motor scooter regulation before you put the For Sale sign on your car or suspend your car insurance. Also ...

• Don't drink and scoot. This includes lattes.
• Wear a helmet. Buy a cool, expensive helmet if it'll mean you're more likely to wear it.
• Drive defensively. You're almost as low on the highway food chain as the guy on the ten speed.
• Again, check with your state's DMV to see what its scooter restrictions are regarding licensing, registration and insurance.

If you're looking for an automotive alternative that's a little less Euro and a little more techno, there is always the Segway, which enables one to steer clear of the gas pump entirely. And Progressive offers specialized Segway insurance.

[Links]:
http://www.vespanomics.com
http://www.segway.com/

Posted by Jeb Foster at 04:07 PM | Permalink | Comments (2)
 

Things aren't looking good in Idaho, according to a recent report by the state's department of insurance (DOI).

During the first six months of 2006, the Idaho DOI handled almost 500 written consumer complaints related to insurance companies, and assisted policyholders in recovering more than $767,000 in insurance premiums, claim payments and other fees owed to them. In 2005, the DOI handled 1,045 written complaints and assisted in recovering over $3.3 million.

Admittedly, there's no full-proof way to protect everyone from unruly insurance companies or the claim complaints and squabbles that sometimes arise. But the report does, in my mind, reinforce the importance of dealing with reputable insurance companies and the agents who represent them.

In addition to shopping for the lowest insurance premium, you should also do some homework on any company or agent you're looking to do business with. Consumer sites like AM Best and the Better Business Bureau (BBB) can give you information about a company's financial strength, past complaints and customer service ratings. Best of all, it's quick, easy and costs you nothing.

When it comes to finding a good agent, it's always a good idea to contact your state DOI to verify that the agent is licensed to sell insurance in your state. The DOI may also have information regarding any past policyholder complaints concerning your agent—complaints that may point you in the direction of another agent.

The latter is something I wish I would have done the last time I shopped for auto insurance. While the insurance company rated well in financial solidity and customer service, the agent clearly had a reputation for being less than stellar. To make a long story short, I ended up unknowingly driving without car insurance for more than two weeks, the agent was terminated and I was refunded some money. Although I was assigned a new agent, I still have problems with my policy from time to time, the residual effect of dealing with a less-than-qualified agent.

In sum, cheap insurance is something we all strive to find. But trust me, poor service can end up costing you more in the end. For more information on finding the right insurance, be sure to visit the InsureMe Insurance Resource Center.

[Source]: Insurance Journal

Posted by Megan Mahan at 03:47 PM | Permalink
 

The Street's Terry Savage has written a creepy column about speculator-initiated life insurance, a scheme in which insurance "investors" convince seniors to take out additional life insurance policies.

In the plot, which is shady but legal, granny doesn't pay for the first two years of policy premiums, and for her trouble she gets a yearly percentage of the overall policy value--often several thousand dollars.

After two years, the premiums--which are incredibly expensive--become the senior's responsibility, prompting grandma or grandpa to sell the policy to the speculator, who becomes the beneficiary.

The speculator then waits for the insured to croak and collects on the million-dollar policy, recouping the expenses incurred from paying for the premiums (and grandpa's spending money.)

"[The scheme] could put you in the position of being a target," says Savage. "At the very least, it gives someone a tremendous incentive to see you dead sooner rather than later!"

She advises seniors tempted by the plan to consider how creepy it would be to have someone out there, who may be a complete stranger, betting against your life.

Savage: "It sounds like a script from "The Sopranos.'"

Posted by Jeb Foster at 09:16 AM | Permalink
 

Summer is officially here in Denver, and it's bringing with it all kinds of visitors. As I send my best friend back to the Midwest tonight, I'll be preparing to greet my parents in less than a week. In light of all the summer travel, I thought I'd pass along an article from our Insurance Resource Center to help you save money and prepare your car for summer travel.

Check out Summer Vacation Behind the Wheel and learn all you need to know about car care, rental car insurance and tips to improve your fuel economy on the road!

[related post]: Traveler's Insurance: Wise Safeguard or Waste of Cash?

Posted by Megan Mahan at 10:34 AM | Permalink
 

If you're a recent college grad, you're either without proper insurance or about to be. That's because most insurance companies won't insure dependents on a parent's insurance policy past age 22—or younger.

The National Association of Insurance Commissioners (NAIC) has created the Insure U program to help folks of all ages plan for and meet their insurance needs—which is especially helpful for college grads who aren't exactly sure what they need or where to turn.

The Insure U page has four different "life stage courses"; the "young singles" course includes tips and information on relevant topics like identify theft, saving tips, and shopping guides for health, life, homeowner's/renter's and auto insurance (to name a few).

I should probably be embarrassed by how cool I think Insure U is, but I can't help myself—it makes me crazy. Check it out here to get started.

Not a college grad? Don't sweat it. Insure U has "life stage courses" for young families, established families and empty nesters, too. And don't forget—you can find more insurance information and get free insurance quotes from InsureMe.com.

Alright, kids. You've got the links. Go crazy.

Posted by Megan Mahan at 12:43 PM | Permalink | Comments (1)
 

Unfortunate news out of Georgia today: two insurance agents in Gainesville, Ga. have been charged with fraud after they kept roughly $56,000 from clients rather than turning the premium dollars over to their contracted insurance companies.

One of the agents, who kept approximately $20,000 in premium dollars, was also allegedly selling insurance policies without a valid insurance license.

The story, courtesy of the Insurance Journal, points to one of the most avoidable forms of insurance fraud. And, lucky for us consumers, there are plenty of resources available to help us avoid being scammed by shady agents.

Your state Department of Insurance (DOI) is a great resource that tends to be overlooked by consumers. The DOI keeps track of insurance companies and agents in your state, particularly when it comes to correct licensure. You can call the DOI or visit them online to make sure your agent is licensed to sell insurance policies.

Other consumer resources include insurance rating companies like AM Best and Weiss Ratings, which allow you go online and check the customer service rating and financial solidity of most insurers. The customer service rating will reflect things such as consumer complaints and larger legal issues like fraud—which may dissuade you from buying a policy from the insurer.

Remember, both of these resources are available online, so be sure to take advantage of these easy-to-use sites. Making sure you're dealing with a reputable insurance company and licensed agent may seem like a hassle but it can save you heartache and financial stress down the line.

[Additional resources]:

• State DOI's listed by phone number and website


• The National Insurance Crime Bureau (NICB)


• The Insurance Information Institute

Posted by Megan Mahan at 02:02 PM | Permalink
 

If you're like me, you go through a lot of gas just driving to work and back every day. But did you know that the number of miles you drive not only affects your gas consumption—it also affects what your auto insurance costs?

We're all looking for alternatives to spending big bucks at the gas pumps these days. But short of buying a hybrid vehicle or driving at a snail's pace, the best way to lower your insurance rates is to reduce the number of miles you drive by taking a city bus, subway or other transit system to work daily, or even carpooling with coworkers.

Says who?

The Insurance Information Institute, a leading consumer insurance source. On its Web site, the I.I.I. says:

"Some companies offer discounts to motorists who drive a lower than average number of miles per year. Low mileage discounts can also apply to drivers who carpool to work."

Continue reading "Cutting Miles Helps Cut Costs" »

Posted by Penny Hagerman at 04:32 PM | Permalink
 

The Chicago Tribune had a great article on Sunday on the topic of college grads and health insurance, which is fitting since graduation season fast approaching.

The realities are many for you college graduates entering the "real world", including finding your own health insurance. That's because the majority of insurance companies won't cover dependents once they turn 23—meaning new grads often have to fend for themselves.

Don't worry, it's not as scary as it seems. Here are a couple tips to make things easy (and affordable):

Continue reading "Health Insurance for College Graduates" »

Posted by Megan Mahan at 01:32 PM | Permalink
 

According to the Insurance Journal, a renowned Colorado State University professor and meteorologist has weighed in on the 2006 hurricane season.

William M. Gray has predicted that 17 storms will make landfall during the 2006 hurricane season. Gray also predicted that a category three, four or five storm would hit the U.S. seaboard in '06.

The findings underscore the importance of home insurance, not just along the coast but in the recently tornado-ravaged Midwest as well. Remember that weather-related perils are not always as dramatic as what we witnessed in 2005 but can still cause massive damage to your property—and your wallet.

Save yourself the heartache of financial loss and review your homeowner's insurance policy this spring.

You should be on the lookout for:

• new purchases or additions made to your home


• valuables that you might have gotten rid of or sold (like Aunt Mae's antique China, for instance)


• valuables like jewelry or art that aren't covered under your basic policy

Taking an hour of your busy day to update your home insurance isn't appealing, I realize. But the "it won't happen to me" paradigm is an unfortunate happenstance amongst homeowners who've lost everything.

So take a look around your house and jot down anything new or different about your possessions and call your agent to let he or she know you need to make some adjustments to your policy. Then sit down and reward yourself with a guilty pleasure—a glossy magazine, a reality show, pick your poison.

Mine happens to be American Idol (but only on Tuesdays). And don't let my boyfriend tell you his is anything different. He's secretly rooting for Ace...but that stays between you and I.

[bonus link]: the Insurance Information Institute (I.I.I.) has some great tips for taking inventory of your home to maximize your protection.

Posted by Megan Mahan at 02:59 PM | Permalink
 

Think your flood insurance coverage is a little wimpy? You might be right—especially when compared to the new Personal Flood Insurance that's been rolled out by the Chubb Group of Insurance Companies.

The new Chubb policy can provide up to $15 million in property coverage—a stark contrast to the National Flood Insurance Program's (NFIP) flood coverage, which offers a maximum of $250,000 for homes and $100,000 for contents. Chubb Personal Flood Insurance also pays the replacement costs to repair or rebuild your home and replace its contents, up to the limits you select. The NFIP typically settles claims on a cash value basis, which means that the NFIP considers the depreciation in value of your house and contents when they pay out your flood insurance claim.

Continue reading "New Flood Insurance Policy Provides up to $15 Million in Coverage" »

Posted by Megan Mahan at 09:46 AM | Permalink
 

The National Association of Insurance Commissioners (NAIC) has issued a warning advising consumers not to purchase health insurance before checking out their insurers.

Why? Because phony insurance companies selling phony coverage are taking some unsuspecting health insurance shoppers to the cleaners—to the tune of more than a quarter of a billion dollars.

Today's story in Yahoo! News reports that Insurance fraud is a growing problem these days, and one that is difficult to track. Because insurance watchdogs like the NAIC are set up to monitor licensed providers, "fake" unlicensed insurance carriers often fly under the radar, imperceptible to those affected most—those consumers who mistakenly buy their products with no clue they're getting ripped off.

The result? Buyers who think they're insured file a health claim, only to discover they really have no coverage. Many end up in debt, bankruptcy and total financial distress because they can't pay their medical bills.

If you're shopping for health insurance, take it from me and do yourself a favor: call or log on to your state insurance department and confirm the legitimacy of any company you're considering doing business with. You'll save yourself a lot of time, expense—and heartache.

Posted by Penny Hagerman at 10:08 AM | Permalink