Online auto insurance purchases on the increase

According to Insurance.com the number of auto insurances bought in the US over the internet rose by 20%. It is reflecting the growing shift in the direction of people doing their financial transactions on the net.

"During the past five years we have seen a tremendous growth on our site as a result of customers' increased confidence level with the internet," said Insurance.com President Lou Geremia. "We've embraced this new growth by adding over 100 licensed insurance agents to our sales center and have extended our sales center hours to 8 a.m. to 1 p.m. Eastern Standard."

New California auto insurance policy proposal

On February 24th there is to be a formal hearing for a new California auto insurance policy that might result in the auto insurance rates rising in some counties as much as 35 percent.

The idea relates to rising rates in urban areas as well as more in relation to personal driving record.

Insurance Australia readying to acquire almost a quarter of China Pacific

Insurance Australia Group (IAG) is preparing to buy 24.9% stake in China Pacific Property Insurance (CPPI). IAG is Australia’s largest auto and home insurance company.

CPPI has already sold a 24.9% of its shares to Carlyle Group and Prudential Financial, which is rated as the 3rd largest life insurance company in the US.

The investment is related to China’s insurance market having grown 20% over the past 5 years.

AAA will provide auto and home insurance in Hawaii

AAA has been offering auto and travel services to Hawaiians since 1912 but it is the first time that it will make available home and auto insurance to the 120,000 islanders.

It will be done through AAA's affiliate - Interinsurance Exchange of the Automobile Club, rated as A+ by A.M. Best. The later issues yearly over 1 million car insurances in California and also offers such in Maine, New Hampshire, New Mexico, Texas and Vermont.

Hawaiian AAA members, paying their $54 annual membership fee will qualify to apply for the insurance. All others can receive a free auto insurance quote from AAA but will need to become members in order to apply for it.

Average auto insurance costs easing slightly

In 2005 the average annual US auto insurance costs declined by 2% or $60 with Pennsylvania having the largest decline of 9.7%.  Nevertheless the insurance premiums still managed to go up in some states, with North Dakota leading the pack with 15.7% increase.

$250 a month being an average monthly insurance cost in the US leaves many people wishing for the insurance costs to go down much more.  How much more will it decrease – the future will show but so far, with the comparative shopping habits being encouraged by the internet we can look forward for the trend to continue into the future.

Did you know?

In California one out of every four drivers does not have car insurance. That is mainly because of the high costs of insurance. Fortunately there's an expanding auto insurance plan in California, of which I wrote about two weeks ago - that somewhat helps lower income folks with that problem.

Costco continues with Ameriprise Auto & Home Insurance

Ameriprise Auto & Home Insurance and Costco Insurance Agency Inc., a wholly owned subsidiary of Costco Wholesale Corportaion renewed their current cooperation, extending it for next five years.

"We are pleased to continue our successful relationship with Costco,"said Ken Ciak, President of Ameriprise Auto & Home Insurance. "Like Costco, we are committed to providing best-in-class products and services. We offer premium insurance products and solutions at very competitive prices."

The program is available in 38 US states and available to 17 million Costco memeber households.
Members can get a quote by phone through calling 888-404-5365 or online by visiting www.costco.com/services/auto

Ameriprise Auto & Home Insurance offers automobile, home and umbrellea insurance. Headquatered in De Pere, Wisconsin with over 950 employees it currently supplies auto and home insurance to over 450,000 people. Meantime the underwriting of the policies for these services is done by AMEX Assurance Company and IDS Property Casualty Insurance Company. Both IDS Property Casualty and AMEX Assurance are wholly owned subsidiaries of Ameriprise Financial.