On Agents and Brokers
“Let me be clear about how I feel about agents and brokers. The agents and brokers are in the trenches every day, fighting for consumers. They’re the ones that have to deal with the insurance company as well as the consumer, and I really value that role. I get a substantial amount of fantastic advice from agents and brokers.”
—California Insurance Commissioner Steve Poizner, speaking in an exclusive interview with Insurance Journal about the value he places on agents and brokers. Poizner met with Insurance Journal’s Editor-in-Chief at the recent National Association of Insurance Commissioners’ meeting held in Washington, D.C.
After the Uninsured
“Approximately 25 percent of California drivers are not meeting their financial responsibility to acquire and maintain auto insurance as required by law. That costs law-abiding motorists more than $1 billion annually, taking into account that accidents are unnecessarily time consuming and aggravating for properly insured drivers.”
—The California Department of Insurance in a draft ballot initiative filed with the state Attorney General’s office on why it’s pursuing the Uninsured Motorists Law Enforcement Act of 2008. The act, if it garners the required number of signatures to appear on the 2008 election ballot, is designed to reduce the number of uninsured motorists on state roads and highways by imposing fines.
High-tech Talk
“With so many people giving and receiving electronics this holiday season, it is important for consumers to understand how to protect these gifts. In fact, any time people acquire an expensive or unusual item, we advise they consult with their … independent insurance agent. This new research shows us not enough consumers are doing that.”
—Big “I” President & CEO Robert A. Rusbuldt, commenting on a survey that indicates many consumers don’t understand how their insurance coverages apply to high-tech electronic purchases. The association’s survey noted that about 42 million American households plan to give or receive high-tech electronic products this year, but only about one-fifth of survey respondents reported ever contacting their insurance agent with questions on coverage for high-tech electronic products when they purchased them in the past.
Still Reason to Buckle Up
“Once again, we find strong statistical evidence that seat belts remain the most important protection for the driver. We found that when a driver used a seat belt, the odds of a fatality dropped nearly 70 percent compared to a driver who did not.”
—Kevin Mabe, economist at Farmers, who completed a study to determine the most influential factors in drivers’ mortality rate in multi-vehicle accidents. Other factors showed significance in decreasing the odds of a driver’s death: rear-end collisions proved less deadly than head-on or T-bone collisions. Larger vehicles, such as trucks, SUVs, and vans, appeared to protect the driver better than a typical automobile. Dry roads versus slick, wet roads decreased the odds of a fatality by more than 10 percent.
Topics California Agencies
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