Since Colorado moved from a no-fault auto insurance system in 2003, drivers involved in auto accidents have often found they didn’t have the medical payments coverage they needed to pay for treatment of their injuries. A new law for 2009 requires car insurance companies to automatically add $5,000 of medical payment coverage to every Colorado car insurance policy.
Sounds good, right? Here’s the catch. The coverage costs approximately $60 a year and is automatically added to your Colorado car insurance policy. If you don’t need this coverage, you can simply sign the opt-out form and the coverage will be removed from your policy. But how many people actually read their auto insurance policies? Read the rest of this entry
State Farm’s announcement that it will no longer be writing property insurance in Florida will not affect the availability of car insurance for about 2.8 million Florida customers. The pull out only impacts homeowners, renters, condominium owners, boat owners and business property owners.
For existing State Farm policyholders, this will mean a transition into a new insurance company over the next year or so as their policies are non-renewed. The hardest hit will be the State Farm agents in Florida, who will have to focus on car insurance, life and health insurance and other financial services offered by State Farm.
Florida consumers can get information from the Florida Department of Financial Services at 1-877-693-5236.
There was an interesting article posted on Insurance Journal today about a Wisconsin family who had a UIM claim denied. You can read the article here. I’m not going to go into the details of the case, other than to say they had multiple personal auto policies, one of which had lapsed, the other had no UIM coverage. The father’s semi tractor was insured on a commercial auto policy and did have UIM coverage, so a claim was submitted on the commercial auto policy when the son was injured by an underinsured driver while he was riding in the family’s car (remember, that policy lapsed). Read the rest of this entry
