Car insurers ordered to consider gas price before hikes

Full story: Newsday

State regulators said Wednesday they have ordered auto insurance companies to factor in a decline in driving by New Yorkers because of high gasoline prices before requesting rate increases.

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Disgusted in Illegalhaven

Saint Paul, MN

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#1
Aug 7, 2008
 

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NYS, get a grip ... everything has gone up. Therefore, even insurance prices need to go up. If they don't, you will see a lot more insurance companies going belly up. Furhter, since they are not receiving an increase they can't give their employees cost of living increases! So, in turn, you will find that they will be losing employees, because it doesn't pay for them to work anymore!
lee

Elmont, NY

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#2
Aug 7, 2008
 
Disgusted in Illegalhaven wrote:
NYS, get a grip ... everything has gone up. Therefore, even insurance prices need to go up. If they don't, you will see a lot more insurance companies going belly up. Furhter, since they are not receiving an increase they can't give their employees cost of living increases! So, in turn, you will find that they will be losing employees, because it doesn't pay for them to work anymore!
i have a friend that audits the investement arm of a very large insurer in NY. he says these companies have never-ending revenue from our insurance premiums...which they then use to invest and make millions and billions of dollars. this is a racket im going to try and get into as a future MBA grad.

with that said, no major insurer will ever go bankrupt.
Ed Burke

Coram, NY

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Aug 7, 2008
 

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Accidents (stupidies) GO DOWN ? On Long Island ? Seems almost impossible. We have more selfish, clueless, and unskilled motor vehicle operators than any place on the planet. This is Auto Body Repair Shop 'Heaven', and that just accounts for the cars that aren't Totalled !

Nice To dream though !
Mike

Schaumburg, IL

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Aug 7, 2008
 

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lee wrote:
<quoted text>
i have a friend that audits the investement arm of a very large insurer in NY. he says these companies have never-ending revenue from our insurance premiums...which they then use to invest and make millions and billions of dollars. this is a racket im going to try and get into as a future MBA grad.
with that said, no major insurer will ever go bankrupt.
You would want your Insurer to have money in the bank. If they don't have money, they can't pay claims to both 1st and 3rd parties that could be affected. Imagine if businesses and individuals were responsible for all the costs associated with a claim and even a lawsuit. The premiums paid are a bargain when all is said and done. In some cases, depending on what paper (admitted or non-admitted) the insurance is written on, the Insurer AND State have no obligation to pay for any claims if they go belly-up.
LI Guy

Westbury, NY

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#6
Aug 7, 2008
 
We're looking for any evidence we can find that our cots are going to go up or go down,"

What do "cots" have to do with auto insurance? I think they mean "costs". Can Newsday afford a spell checking software. And then hire someone who knows how to use it.

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