Will your Kids Car be Nuclear Powered?

March 23rd, 2010

If Bill Gates has his way then it just might be!!  Imagine buying a car that never has to be refueled and has a non-existent carbon footprint!

Bill Gates is going atomic. The Microsoft founder’s startup TerraPower is partnering with Toshiba to build a traveling-wave reactor. These reactors run on depleted uranium, rather than the enriched sort found in light-water reactors, only have to be refueled every 60 to 100 years, and are small enough to fit in a hot tub. it is all part of Gates’ quest for zero carbon emissions in the next 40 years.

Toshiba has been working on its own mini nuclear reactors with a 30-year shelf life, making it the perfect partner for the software magnate-turned-philanthropist. Its 4S model (Super-Safe, Small and Simple) is expected to get US approval this year, and Toshiba is hoping to start production by 2014.  The New York Times and the Nikkei are also claiming that Gates might invest several billion dollars of his own fortune in the project.

A nuclear powered car would just be the ultimate in cool!

Posted in Auto Industry News | 2 Comments »

Higher Car Insurance Rates for Ontario Residents

January 5th, 2010

Bad news for residents of Ontario as they should prepare to pay higher automobile-insurance premiums this year, warns a leading online insurance and mortgage broker. In its latest survey released Wednesday, Kanetix found the lowest insurance rates quoted on its Web site rose by an average of 5.3% in the fourth quarter, marking the first increase in five quarters.

“This was an interesting quarter,” says George Small, co-founder of Kanetix Ltd., which provides an online automotive-insurance shopping service for Canadians. “This is the first time we saw a shift for some time.” While automobile-insurance rates had fallen in 2008 and for most of 2009, the fourth quarter appears to have “turned the corner,” he said. “We’re in a different part of the cycle.”

Several factors likely contributed to the decrease in rates over the past several quarters, including the traditional industry cycle. As well, with the economy’s slowdown, many consumers held on to their older vehicles for longer than normal, and generally the older the vehicle, the lower the premium.

Although some insurance providers have already announced rate increases, Small said Kanetix hasn’t seen a jump in the lowest quoted rates until now in part because many Ontario drivers have been taking measures to keep their rates down. Among some of the best measures, he said, drivers can look for discounts and deductibles. “We encourage people, as they’re going through the quote process, to really look at discounts, especially now when times are tough,” Small said.

As an example, some insurance providers offer a discount if drivers use snow tires, he noted. They may also offer group discounts, under which drivers who belong to certain employer groups, trade unions, or alumni and professional associations could qualify for significant savings.

As well, Ontarians should review their optional coverage to determine if it still applies, he said, pointing to such services as coverage on foreign rentals, which may no longer be necessary if travel budgets have been cut.

Drivers of older vehicles could also consider raising their deductible for collision and liability.

Kanetix also noted that it can definitely pay to shop around, noting that rates can “vary wildly” among providers. It also suggests drivers review the rates they pay regularly, as the provider with the lowest quote at the start of a policy may no longer be the provider with the lowest quote.

Ontario is Canada’s largest automobile-insurance market, representing about half of the private insurance market.

-By Monica Gutschi

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Insurance Broker Heads to Jail for Scam

December 5th, 2009

A former Bucks County insurance broker who helped hundreds of New Yorkers pass themselves off as Pennsylvanians to get cheaper car insurance rates was sent to prison Monday for at least eight months.  Michael J. Bozzi, 48, former owner of Bucks County Insurance in Morrisville, was sentenced to serve eight to 23 months in the Bucks County prison by Judge Jeffrey L. Finley. A former employee, Joshua Green, 28, of Morrisville, received three to 23 months; and a third man, Alexander Bien-Aime, 58, of Brooklyn, N.Y., was given 111/2 to 23 months.

All three had pleaded guilty in Bucks County Court to 11 counts including insurance fraud, theft by deception and unlawful use of computers, said Senior Deputy Attorney General Robert LaBar, who prosecuted the case.  Authorities said that in 2005 and 2006, the men used false Pennsylvania addresses or post office box numbers to obtain Pennsylvania insurance cards and vehicle registrations for New York residents, many of them from the Little Haiti section of New York City. The scam cost insurance companies more than $500,000, prosecutors said.

Posted in Auto Industry News, Auto Insurance News, Car - Auto Insurance, Insurance in the US | 2 Comments »

Advice for New Drivers

September 19th, 2009

ccording to the NHTSA, automobile accidents are the leading cause of death for people between the ages of 15-20.

People between the ages of 16-19 have the highest crash rate, and their crash involvement per mile driven is four times that of older drivers.

With all these mind-blowing
statistics, it’s no surprise that car insurance for new drivers is expensive.

New drivers that need auto insurance and parents of teen drivers need to understand that auto insurance for new drivers is expensive. Here are 10 ways to minimize the cost of car insurance for new drivers.

Auto Insurance Tips for New Drivers #1

Auto insurance for new drivers can be reduced in cost by taking drivers’ education course. New drivers can get car insurance discounts for successfully completing various drivers’ education courses.

Auto Insurance Tips for New Drivers #2

Car insurance rates are higher on sportier cars and trucks. If you are a new driver that is concerned with your auto insurance premiums, choose a four door sedan that is a couple of years older.

Auto Insurance Tips for New Drivers #3

If a new driver gets a ticket that can be erased from their record by attending traffic school: ATTEND TRAFFIC SCHOOL. Nothing will increase a new driver’s auto insurance rates more than a ticket.

Auto Insurance Tips for New Drivers #4

Teen drivers can qualify for good student discounts through various insurance companies. Check with your insurance agent to see if a new driver in your household qualifies for this discount. If new driver discounts include student discounts, make sure that the student keeps their grades up to keep the discount active.

Auto Insurance Tips for New Drivers #5

Choose a car that has airbags and an anti-theft system. Safety features offer discounts, and auto insurance discounts are much needed to lower the cost of new driver insurance.

Auto Insurance Tips for New Drivers #6

Approximately 27% of teen driving deaths occurred between the hours of 9 p.m. and 2 a.m. New drivers need to drive at night only when absolutely necessary. This auto insurance tip for new drivers could save some money of car insurance premiums because it could decrease the risk of getting into an accident.

Auto Insurance Tips for New Drivers #7

Turn the cell phone off while driving. New drivers need to pay attention to driving. Not paying attention is how accidents occur. Once a new driver causes an accident, their insurance premiums could become unaffordable.

Auto Insurance Tips for New Drivers #8

New drivers should only allow one person to ride with them. This could lower insurance premiums by making the driver concentrate on driving. Once a driver has a couple of years experience, allowing more people to ride in the car with them won’t be as risky.

Auto Insurance Tips for New Drivers #9

Do not speed. No matter how late you are to an appointment or how tempting it is do not speed. Getting a speeding ticket will wreak havoc on new driver car insurance rates. In addition, speed played a factor in 1/3 of the fatal new driver car accidents. Stay alive and keep your insurance premiums down by obeying posted speed limits.

Auto Insurance Tips for New Drivers #10

Don’t drink and drive. New drivers who get a DUI or DWI will most likely lose their car insurance. Those that don’t lose their car insurance will have to pay new driver auto insurance premiums that are through the roof. In addition, drinking and driving leads to the loss of innocent lives. New drivers need to take their responsibility seriously and not drink and drive.

New drivers are understandably excited about their first set of wheels. New driver car insurance rates are among the highest auto insurance premiums charged. New drivers can practice safe driving and make wise decisions in order to reduce their new driver car insurance premiums.

Posted in Auto Industry News, Auto Insurance News, Car - Auto Insurance, Insurance in Canada, Insurance in the US | 1 Comment »

Tips on Getting Cut-Rate Insurance for your Car

August 29th, 2009

With money tight these days, the good news is that annual auto insurance rates are currently the lowest they’ve been in more than a year, averaging $1,871 according to the Web site Insurance.com. Even better news is that many motorists can cut their premiums further by picking the right vehicle, shopping around for the best rates and taking advantage of every possible discount program the industry has to offer.  If you are like me you are tired of getting gouged at every turn.

For starters, it pays to choose a make and model that costs inherently less to insure in the first place. The quickest and costliest sports cars generally command the highest premiums, with minivans, SUVs and passenger sedans generally being the cheapest to insure. Still, there can be significant differences within given classes of cars, depending on their claims histories and other factors.

Usually, the biggest differences in insurance costs between models will come with collision and comprehensive coverage (for physical damage to the vehicle and theft) and medical payments premiums (for injuries to the driver and passengers). Typically, liability coverage isn’t affected by a policyholder’s car choice, although owners of high-performance sports cars could be charged higher rates in this regard on the assumption that they intend to drive them in the aggressive manner for which they were designed. What’s more, drivers of the largest SUVs, like the massive Hummer H2, might pay somewhat higher liability rates because their vehicles inflict more damage to others in collisions.

Insurance giant State Farm provides ratings for damage and theft indexes, vehicle safety discounts and liability rating indexes on its Web site (Statefarm.com), which can be used to help pick a car that costs less to cover.

Besides identifying a lower overall rate, many motorists can reduce their insurance premiums even further by tweaking a policy’s coverage and/or deductibles. The larger a deductible is, the smaller the premium for specific coverage will be. Most drivers can afford to have a $200 deductible on comprehensive and collision damage, but taking a $500 deductible could save from 15% to 30% on this coverage. Those driving an older model that would cost more to repair than replace could extend their savings by as much as 40% by canceling their comprehensive and collision coverage altogether.

Dropping medical payments coverage (it’s redundant for families with conventional health insurance) rental reimbursement (especially for those owning multiple cars that can be called into service if one gets into an accident) and towing coverage (unnecessary for those having a new-car roadside assistance plan or who belong to an auto club) can likewise save money.

Also, insure more than one vehicle on the same policy. This is the insurance industry’s version of a “volume” discount. Rate reductions among most companies range from 10% to 25%. Likewise, consolidate insurance policies – larger companies will cut auto premiums by around 15% if they also carry a family’s homeowner’s policy.

Savvy insurance shoppers can qualify for additional rate reductions by driving fewer miles per year, keeping a vehicle in a garage, car-pooling, attending driver training school, installing aftermarket anti-theft devices and so on. Senior citizens usually get a break on policy costs, as do students who boast a “B” average or better.

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Cost of Auto Insurance Drops in MA

July 5th, 2009

Good news for local resident of our lovely state, I for one am tired of seeing rates rise in this horrible economy.  The cost of auto insurance in Massachusetts has fallen since the state stopped setting rates a little more than a year ago, the Division of Insurance has said.  According to a state study, auto insurance rates dropped 8.2 percent from April 2008 to April 2009, compared with a 5.2 percent decline from 2006 to 2007. The state allowed insurance companies to start setting their own rates on April 1, 2008, under what officials called a “managed competition’’ plan. Previous to that, auto insurance had been highly regulated.

Since the regulations were relaxed, nine auto insurers have entered the Massachusetts market, including two of the nation’s largest – Geico and Progressive Insurance. Jason Lefferts, a spokesman for the insurance division, said the agency also found that during the last year the number of uninsured vehicles in Massachusetts fell and that fewer people were pushed into the state pool for high-risk drivers.

“What we found counters much of the criticism of management competition,’’ Lefferts said.

But some questioned why the Division of Insurance decided to release the findings late yesterday afternoon, just before the start of the Independence Day weekend for many people. They also wondered why the agency only posted online a one-page summary, rather than the full report. The summary did not indicate how much the average driver pays for insurance or how many drivers switched to new companies to save money.

“This is crazy,’’ said Deirdre Cummings, legislative director for Massachusetts Public Interest Research Group, a consumer advocacy group. “To put out a significant report at 4:30 p.m. on the eve of a holiday weekend is suspect. And to omit the supporting information leaves supporters and critics unable to review the findings.’’ Cummings said she is skeptical of the findings, because the Division of Insurance has a history of issuing skewed data to support the managed competition plan it created.

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Cash for Clunkers

June 30th, 2009

It is finally here, the long-awaited Cash for Clunkers legislation has passed, and is awaiting President Obama’s signature. Here’s what you need to know about the auto trade-in program.

1. What’s the official definition of a clunker? A driveable car made within the last 25 years, with a fuel economy rating of no more than 18 mpg. To learn more about the combined city/highway fuel-economy of your car, check out the Car Allowance Rebate System site.

2. Here’s how the program works: you trade in your old car for cash towards the purchase of a new, more efficient one. The better the mileage of the new car, the more money you’ll get towards its purchase – either $3,500 or $4,500. Check out Jalponik’s handy chart to figure out how much you might be able to claim. The minimum combined fuel economy of a new car purchased under the program must be at least 22 mpg, while new small trucks and SUVs have to get at least 18 mpg, and large trucks have to get 15 mpg. The old cars will be salvaged once they’re turned in.

3. Consumers should act fast. The bill provides vouchers for one million purchases, and the window of time is only fron July 1 to November 1. The bill will be revisited in the fall , and some changes may be made at that time.

4. The program will cost $4 billion. Funds will come from TARP.

5. Sorry, would-be entrepreneurs: it’s off-limits to buy an old car and “flip” it for the program – the car must have been insured by the same owner for at least one year before the trade.

6. The environmental idea behind the bill is that it takes old, inefficient vehicles off of the road. But some environmentalists are actually opposed to the bill because it takes functioning cars off of the road before their time is up, and does not permit the vouchers to go towards used vehicles, even if they are more fuel-efficient. Sen. Dianne Feinstein, who sponsored an alternate bill stated that the current version undermines fuel efficiency standards and provides “handouts for Hummers.” On the other hand, some argue that higher fuel standards would disproportionately benefit foreign cars, denying American automakers their much-needed boost.

7. The economic incentive of the bill is to jump-start drowsy auto sales. According to Bloomberg, similar programs worldwide have raised auto sales 25 percent to 40 percent in Germany, 15 percent in China and 8 percent in France.

8. Even if it’s not designed entirely the way environmentalists had hoped, there are still green benefits. Says Treehugger: “One positive effect the bill could have, though, is simply to further advance the presence of ‘fuel efficiency’ as a reward term in the skeptical American consumer market. Yes, hybrids continue to sell, but not to 99 percent of the population. The bill could, albeit in a relatively minor way, serve to advance an attitude that places importance on fuel efficiency in the future.”

9. Cash for Clunkers is expected to have a great impact on the Hispanic community. That’s why the program is getting a celebrity endorsement from Dancing With The Stars’ Cristian de la Fuente and Ugly Betty’s Angelica Vale.

10. As always, buyer beware. It doesn’t make sense to trade in your vehicle unless its value is less than or equal to what you’d get in the program. Edmunds has identified a list of cars that are guaranteed to be worth less than the value of the voucher. You can find it here (PDF). Said ABC News Consumer Correspondent Elisabeth Leamy, “From a strictly consumer standpoint, the Cash for Clunkers program is not a great deal. Yes, if you are bent on buying brand new, you will save money. But the savings are nothing compared with how well you can do by buying a used car.”

It is about time and I hope Obama passes this soon!  And thanks to Maura Judkis for this great article.

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Survey Says “Folks Not Changing Car Insurance Companies”

June 29th, 2009

In an interesting survey of auto insurance policy owners, fewer motorists changed their insurance company for their vehicles as the U.S. recession spurred a “hunker-down mentality,” according to a J.D. Power and Associates survey.

The proportion of customers seeking a new insurer fell to 28 percent in the 12 months ended in March from 36 percent in the year-earlier period, the marketing company said today in a statement. The study showed a slump in shopping in the fourth quarter and January, and some companies reported a rebound in recent months, Jeremy Bowler, J.D. Power’s senior director of insurance, said in an interview.

“Many customers are employing a hunker-down mentality,” Bowler said in a statement. “Most customers would prefer to hold tight to their current provider, which they already know, rather than risk trying a new provider.”

Auto insurers’ premiums have declined as drivers reduced coverage in response to the recession and profits dropped on investment writedowns. Consumers most often cited price as a reason for their shopping, and more than a third said price was the reason for switching carriers. Ninety percent of customers stay with their current provider, J.D. Power said.  I guess this all comes as no surprise as folks seem to have bigger worries on their minds.

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Deregulation Brings in New Players

May 19th, 2009

So Allstate Corp. the largest publicly traded U.S. auto insurer, and Warren Buffett’s Geico Corp. are re-entering the Massachusetts car market after the state deregulated pricing for the coverage.

Allstate set Nov. 2 as its target date to return after an absence of about two decades, pending approval from regulators, the Northbrook, Illinois-based insurer said today in a statement. Geico started offering online quotes to Massachusetts drivers today, the company said in a separate statement.

Massachusetts was the last state to give up the authority to set rates in a plan designed to increase competition among insurers and reduce prices for customers. The state revoked the 31-year-old controls last year. Progressive Corp., based in Mayfield Village, Ohio, re-entered the market in 2008.

“As far as I am concerned the floodgates are wide open in Massachusetts right now,” said Kevin Johnson, an independent agent with Johnson & Rohan Insurance Agency in Lynnfield, Massachusetts, about 14 miles (22 kilometers) north of Boston. “It is good news for the consumer.”

Johnson said the state’s insurance regulation kept many companies from entering the market and he is cheered by how much that has turned around since the rules fell about a year ago.  This is good news for competition and hopefully lower pricing.

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Car Insurance News Blog

April 6th, 2009

Welcome to my newest blog that will provide news, reviews and commentary on the auto insurance industry in Canada and the US.  Besides that I will be partnering up with local insurance providers to offer you the cheapest car insurance around.

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