insurance Archives - LEGAL S.O.S

15Mar 2023 by Charles E. Price

Rate Cap Clapback: IBC says Alberta auto insurance rate cap ‘does nothing to improve affordability’

Edmonton, Alberta — If there are two things the insurance industry and the “Real Housewives” series have in common, it is a stupefening propensity for drama and scandal, as has unfolded Thursday when the Alberta government announced an immediate cap on auto insurance rates through to the end of the year. Announced in a joint release from the province's ministry of finance and affordability and utilities, the Alberta government says it will be “taking action on insurance” through this rate cap, as well as a mandate for insurance companies to allow customers to pay premiums through payment plans. "Affordability is a primary challenge facing many Albertans as rising inflation makes it challenging for many to afford necessities, including auto insurance," said minister of affordability and utilities, Matt Jones. "We are…

14Mar 2023 by Charles E. Price

Alberta government’s decision to freeze auto insurance rates

INSURANCE

EDMONTON, AB, Jan. 26, 2023 /CNW/ - Today's announcement of the government's decision to freeze insurance rate filings for private passenger vehicles is disappointing for insurers and, most importantly, for consumers. A rate freeze does nothing to improve the affordability of auto insurance in the near term and only pushes today's challenges down the road.Insurance Bureau of Canada (CNW Group/Insurance Bureau of Canada)Rate caps have resulted in significant negative consequences for consumers when undertaken previously in Alberta and elsewhere. During Alberta's last provincial rate cap from 2017 to 2019, consumers faced challenges securing the coverage they needed, as insurers were forced to take action to remain viable and continue paying customers' claims. Premiums still increased by 12% when the rate cap was in place.in Californian, drivers are also living through…

09Mar 2023 by Charles E. Price

Debt Exchange: NIC to suspend minimum capital requirements, CAR of insurance firms for 2 years

INSURANCE

Dr. Justice OforiAs part of measures to mitigate the impact of the Domestic Debt Exchange Program on insurance companies, the National Insurance Commission will place a moratorium on the Minimum Capital Requirements (MCRs) and Capital Adequacy Ratio (CAR) on the insurers.This means the MCR and CAR will not be enforced but regulated entities will be required to operate in such a way as to be able to pay claims and operate expenses.The current minimum capital requirement of life and non-life Insurance companies is ¢50 million, whilst the CAR is 14.2%.In a letter to the insurance firms on draft regulatory forbearances to mitigate the impact of the Domestic Debt Exchange on insurance and reinsurance firms signed by the Commissioner of Insurance, Dr. Justice Ofori, the NIC said there would be a…

08Mar 2023 by Charles E. Price

Can You Claim Insurance for Damage Due to Waterlogging in Car Parking?

INSURANCE

For many car owners, it might be tough to claim insurance for damage caused by waterlogging in parking areas The heavy rainfall in many parts of the UAE has left many car owners in a rather sticky situation. While insurance would cover water damage to at least some extent, many might find themselves having a tough time to claim insurance for damage due to waterlogging in parking areas. You may also like: Traffic Fines Now Up to Dh50,000 in UAE: 8 Violations That Radars Can Detect Cars submerged in water in parking areas in UAE. You may also like: Cars of Shahrukh Khan in Dubai – VIDEO Many Low-lying Areas Submerged in Water Hence, it's advisable for all car owners to avoid parking their vehicles at spots that are prone…

07Mar 2023 by Charles E. Price

Commercial, private drivers do not see any benefits from vehicle insurance

INSURANCE

The report noted that 82% of Ghanaian drivers often did not have an interest in filing complaints The majority of drivers, both commercial and private, do not see any benefit from insurance companies in Ghana due to perceived unwillingness and refusal of payment of claims.The event, which brought together stakeholders from various sectors took place on Wednesday January 25, 2023 in Accra, to launch the YAFO “Driver MO” report and to find ways of improving the insurance sector.Nathaniel Dwamena, President of YAFO, said that most drivers expressed dissatisfaction with comprehensive insurance as it is expensive compared to income levels.He said the drivers only showed interest in vehicle insurance because it was mandatory and enforced by the police.He said drivers complained about delays in insurance claims and sometimes to the extent…

06Mar 2023 by Charles E. Price

Does insurance cover auto or home damage from broken tree limbs due to ice?

INSURANCE

Freezing rain and ice accumulation found overnight Tuesday and early Wednesday brought ice damage to the Hill Country and northern reaches of Bexar County.Snapped tree branches, uprooted trees, and downed power lines were found, causing almost 40,000 CPS outages early Wednesday morning.If fallen tree limbs end up causing damage to your house or your vehicle, you might be wondering if insurance will cover repairs.Here's the latest information on what to do next, posted by the texas.gov/blog/fallen-tree-branches-and-insurance.html">Texas Department of Insurance:Take pictures of any damage before making repairsAfter any temporary repairs are completed, contact your insurance agent or companyHomeowner policies should cover materials and labor needed to make those repairsBe sure to save your receipts for reimbursementMany policies do not include tree branch removal, but it wouldn't hurt to ask your agentIf…

04Mar 2023 by Charles E. Price

How to start an insurance claim if a North Texas ice storm damaged your home or car

INSURANCE

the ice storm is bound to cause many problems in North Texas with their vehicles and homes. From accidents to frozen pipes, contacting their insurance provider is most likely one of their first calls.Tarrant, Dallas and 20 other North Texas counties are under an ice storm warning until 9 am Thursday, according to the National Weather Service. Freezing rain Wednesday could cause power outages across the region.The Insurance Council of Texas has offered a few tips for those looking to file a claim on their vehicle or home:What should I do after a vehicle accident?No matter what insurance provider you have, there are a few things every driver should consider:Take photos of the scene. Get photos of the vehicles involved in the accident and areas to help recreate the scene.Obtain…

03Mar 2023 by Charles E. Price

Convicted for no car insurance 20 hours after the policy expired

INSURANCE

A Longford man was convicted and ordered to complete 20 hours of community service for no insurance after it expired 20 hours before he was stopped by Gardai.Michael Ward, 30 Pallas Crescent, Ardnacassa, Longford was convicted and ordered to complete 200 hours of community service in lieu of six months in prison and disqualified from driving for four years for no insurance at Knocklongford, Mohill on June 23, 2021. He was also convicted and fined €150 for no driving license, €150 for no tax and €200 for driving with no L plates.Solicitor Martin Burke said the probation report said he was a moderate risk.He explained that his client was married with four children and worked part-time in gardening and landscaping. It was noted that he had 18 hours outstanding in…

28Feb 2023 by Charles E. Price

Longford man convicted for no car insurance 20 hours after the policy expired

INSURANCE

A Longford man was convicted and ordered to complete 20 hours of community service for no insurance after it expired 20 hours before he was stopped by Gardai. Michael Ward, 30 Pallas Crescent, Ardnacassa, Longford was convicted and ordered to complete 200 hours of community service in lieu of six months in prison and disqualified from driving for four years for no insurance at Knocklongford, Mohill on June 23, 2021.He was also convicted and fined €150 for no driving license, €150 for no tax and €200 for driving with no L plates. Solicitor Martin Burke said the probation report said he was a moderate risk. He explained that his client was married with four children and worked part-time in gardening and landscaping. It was noted that he had 18 hours…

27Feb 2023 by Charles E. Price

The average price paid for motor insurance will increase by 8% in the final months of 2022

INSURANCE

The average price paid for motor insurance has jumped by 8% in the last three months of 2022, according to the Association of British Insurers (ABI).The typical premium paid for private motor insurance was £470, up by 8% in the previous quarter.The average premium was also 7% higher compared to the final quarter of 2021.Rising costs have added to upward pressures on insurance policies.The ABI said delays in finding parts, the increased cost of paint and the jump in energy prices are among the factors adding to vehicle repair costs.Courtesy car costs have increased, as have second hand car prices, the trade body said.The Financial Conduct Authority (FCA) introduced new rules on the pricing of motorbikes and home insurance from January 2022.The rules ensure that the price paid by renewing…

Tag: insurance