AutoOne Insurance, a division of OneBeacon Insurance Group, has written its 100,000th so-called “take-out” policy, helping to reduce the number of drivers in the New York Assigned Risk Automobile Insurance Plan.
“We are thrilled to have reached this milestone,” said Carey Benson, AutoOne president and chief executive officer. “It means that another 100,000 New York drivers have insurance coverage at lower premium rates and in the voluntary market.”
The 100,000th policy was written by W.H. Roth & Co. Inc., located on Staten Island, in New York City. “Our customers are thrilled! They save money, we retain clients … it is a ‘win-win’ situation,” said Warren Roth, owner of W.H. Roth. “Take-out policies provide options, are affordable and help to depopulate the assigned risk market.”
Although New York’s Assigned Risk Plan was intended as a last resort for drivers who were unable to find insurance coverage anywhere else, it was approaching half a million drivers in 2003. As a result, the New York State Insurance Department and the New York Automobile Insurance Plan modified the rules governing take-out programs to encourage insurance companies to accept more of these operators. AutoOne began issuing take-out products in March 2003 and has become the leading writer of such policies. The company continues to write over half of New York’s take-out policies month after month.
AutoOne Insurance is based in Melville, N.Y. and is an approved provider of assigned risk services for automobile insurance companies in New York, New Jersey, Texas, California, Pennsylvania, Connecticut, Delaware, Vermont, Maine and Washington D.C. AutoOne also offers voluntary automobile products such as private passenger, physical damage and take-out programs to qualified New York drivers.
OneBeacon Insurance Group is wholly owned by White Mountains Insurance Group, Ltd. of Hamilton, Bermuda.
Topics New York
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