GMAC Insurance is just a name ACAC acquired when they took over GMAC Insurance. It has nothing to do with GM with the exception of the right ACAC has to use the GMAC name for some years. GM is no longer a major stockholder in GMAC Finance, either. Cerberus bought a 51% interest in it a while back and recently both GM and Cerberus (think Chrysler/FIAT) have reduced their holdings in GMAC Finance.
Your GM Product’s OnStar readings are unknown to GMAC Insurance AFAIK…unless you send them your monthly reports.
…why not just add $1 / gallon to the gas price to cover the cost of insurance? That’s the easiest way to administer a pay as you drive system – to control it at the pump. And no costly commissions to pay! The oil companies can hire adjusters and we’ll file our claims at the convenient corner gas station.
back in the 60’s my brother got exactly twice the mileage to town or he got in trouble — he figured out that if he backed up the speedometer would as well!
There would be no UM/UIM drivers so responsible people would save money. A well-desingned AND ENFORECED no fault system would eliminate the run of the milll “soft tissue” injuries and lawsuits so the court system wouldn’t have to waste time with them. It would get rid of many personal injury attorneys since they’d have no clients. Independent firms could handle the claims. This has great potential. (unless you’re an agent or broker)
the best system requires payment of premium only after you’re satisfied by your claim handling…not satisfied, then don’t pay…you’ll find service levels for claims going up all over the place!!!!!!! And best yet, to cheat, you don’t have to mess around with your odometer, you just simply has to say you’re not satisfied!
…if all the retired people sign up for it. As we know, they don’t drive much, but they do cause accidents. So they drive 500 miles a year and cause one accident every three years. They’ll be paying higher premiums than on a standard plan.
It will be interesting to see how this works. Who guarantees the mileage? I own a truck that GMAC wants to insure. It has Onstar and they know I’ve only put 9,000 miles on it in a year and a half. So I went for a quote and it was a little higher than I’m paying now. My point is, they know exactly how many miles I’m putting on it and yet they aren’t giving me a break. Just the word break or savings, doesn’t necessarily constitute a savings.
They should add a new box on your annual income tax form. Put it right beside the location for health insurance. Then if you drive too much or have accidents, just increase your taxes to pay for your insurance. No reason to limit it to a local area average. Create a naional average and subsidize those that can’t afford it or have too many accidents. Seems like insurance should be under government control.
The IRS recently hired 17,000 new employees, this will give them something to do.
Anything the Govt touches turns to 5 times the cost and half the service/quality. Are you nuts?
You must work for the govt. idiot.
GMAC Insurance is just a name ACAC acquired when they took over GMAC Insurance. It has nothing to do with GM with the exception of the right ACAC has to use the GMAC name for some years. GM is no longer a major stockholder in GMAC Finance, either. Cerberus bought a 51% interest in it a while back and recently both GM and Cerberus (think Chrysler/FIAT) have reduced their holdings in GMAC Finance.
Your GM Product’s OnStar readings are unknown to GMAC Insurance AFAIK…unless you send them your monthly reports.
…why not just add $1 / gallon to the gas price to cover the cost of insurance? That’s the easiest way to administer a pay as you drive system – to control it at the pump. And no costly commissions to pay! The oil companies can hire adjusters and we’ll file our claims at the convenient corner gas station.
back in the 60’s my brother got exactly twice the mileage to town or he got in trouble — he figured out that if he backed up the speedometer would as well!
point is people will find a way to cheat
Was his name Ferris Bueler?
There would be no UM/UIM drivers so responsible people would save money. A well-desingned AND ENFORECED no fault system would eliminate the run of the milll “soft tissue” injuries and lawsuits so the court system wouldn’t have to waste time with them. It would get rid of many personal injury attorneys since they’d have no clients. Independent firms could handle the claims. This has great potential. (unless you’re an agent or broker)
Michigan’s no fault is expensive – actually unlimited coverage for life through an unpopular annual assessment
the best system requires payment of premium only after you’re satisfied by your claim handling…not satisfied, then don’t pay…you’ll find service levels for claims going up all over the place!!!!!!! And best yet, to cheat, you don’t have to mess around with your odometer, you just simply has to say you’re not satisfied!
…if all the retired people sign up for it. As we know, they don’t drive much, but they do cause accidents. So they drive 500 miles a year and cause one accident every three years. They’ll be paying higher premiums than on a standard plan.
It will be interesting to see how this works. Who guarantees the mileage? I own a truck that GMAC wants to insure. It has Onstar and they know I’ve only put 9,000 miles on it in a year and a half. So I went for a quote and it was a little higher than I’m paying now. My point is, they know exactly how many miles I’m putting on it and yet they aren’t giving me a break. Just the word break or savings, doesn’t necessarily constitute a savings.
They should add a new box on your annual income tax form. Put it right beside the location for health insurance. Then if you drive too much or have accidents, just increase your taxes to pay for your insurance. No reason to limit it to a local area average. Create a naional average and subsidize those that can’t afford it or have too many accidents. Seems like insurance should be under government control.
The IRS recently hired 17,000 new employees, this will give them something to do.
just another gimmick designed to mess up the current delivery system.