Auto insurance rates Feb 27, 2013

Florida ranks among the 10 most expensive states for car insurance

Premiums eat up twice as much household income vs. lowest-cost states, research shows

By Charles Elmore
Palm BeachPost Staff Writer
Floridaranks among the 10 most expensive states for car insurance, a new study finds — costing the typical resident $1,784 a year or 3.36 percent of household income.
That’s more than twice the share of income eaten up in the least expensive states, Massachusetts and North Carolina, according to research released Monday by CarInsuranceQuotes.com, affiliated with Bankrate Inc. of North Palm Beach.
Florida’s personal injury protection (PIP) system in effect requires the typical resident to pay twice for medical coverage — through health insurance and again through car insurance. The U.S. Supreme Court’s upholding of the Affordable Care Act last month likely means millions fewer Americans will lack health insurance, undercutting one argument for keeping PIP in Florida — that many drivers have no other medical coverage.
In one of Gov. Rick Scott’s top legislative priorities, PIP reforms that began taking effect in Florida July 1 are supposed to crack down on fraud and bring down some costs over time. But the changes still preserve a $2 billion government mandate that requires Florida drivers to purchase the medical coverage regardless of whatever health insurance they already have, whether from Medicare, their plan at work or other sources.
A road Florida did not take — getting rid of PIP or no-fault insurance — helped Colorado land in the 20 least expensive states, at No. 32. The last state to drop a no-fault system, Colorado saw its overall premiums drop 35 percent in five years. Its costs now for a typical resident according to Monday’s study: $1,562 or 2.3 percent of household income.
Michigan, another no-fault state, led the nation with the most expensive insurance compared to household income. The typical household there pays 8 percent of its income for car insurance, or $4,490.
“Part of the reason why Michigan is so expensive is that it’s the only state that guarantees unlimited personal injury protection,” said John Egan, managing editor of CarInsuranceQuotes.com, in a company release. His firm’s website offers one way for consumers to defend themselves — shopping around and comparing rates by zip code.
This year Florida lawmakers eliminated massage and acupuncture benefits from the state’s mandatory $10,000 PIP coverage and capped non-emergency benefits at $2,500. But Florida hospitals and insurers lobbied to keep the overall PIP system. Hospitals are being paid under the new state law at twice the Medicare reimbursement rate.
Floridacar insurers are supposed to reduce PIP premiums 10 percent by October and 25 percent by 2014 or make a case to regulators why they should not. PIP represents about a fifth of the overall car insurance bill for many residents, meaning the total bill could drop up to about 5 percent — unless insurers persuade regulators otherwise.
PIPbegan in the 1970s in Florida as an effort to cut down on lawsuits and get payments out quickly for injuries in minor car accidents. But it has produced its own avalanche of lawsuits and for decades has been a chronic source of complaints about fraud and high premiums, despite repeated reform attempts.
One of the system’s main selling points — that it gets payment out within 30 days — is weakened by Florida’s new law, which lets insurers take three times longer to pay if they suspect fraud.
 

Flood insurance misconceptions Jan 16, 2013

Flood Insurance Misconceptions

Flooding is the United States #1 natural hazard. The National Flood Insurance Program wants consumers to know that while homeowner's insurance won't cover them against flooding, they can protect their home and property by purchasing a flood insurance policy separately through their local insurance agent.

Many people are under the misconception that they are ineligible for flood insurance because of where they live, or their mortgage status. But the truth is, as long as your hometown is an NFIP community, most homeowners, business owners and renters can get flood insurance. The NFIP urges consumers to remember the flood insurance basics:

• You CAN get flood insurance nationwide.
• You CAN get flood insurance if you live in a floodplain or high-flood-risk area.
• You CAN get flood insurance if you live outside a floodplain, or a low-to-moderate flood-risk area, - and at lower cost.
• You CAN get flood insurance if your property has been flooded before.
• You CAN get flood insurance from insurance agents in your area.
• You CAN buy flood insurance even if your mortgage broker doesn't require it.

Armed with the proper information about their flood risk and protection options, consumers can make more informed decisions to protect their financial investments.

http://www.floodsmart.gov/floodsmart/pages/media_resources/nfip_on_misconceptions.jsp

 

Happy holidays Dec 14, 2012

As the Holiday Season is upon us, we find ourselves reflecting on the past year and with those we have provided advice and education. We value our relationship with you and look forward to working with you in the year to come. We wish you a very happy Holiday Season and a New Year filled with peace and prosperity.

 

 
In observance of the upcoming holidays, the office of Best Insurance will be closed on the following dates:
November 22nd / November 23rd
December 24th / December 25th

Happy holidays Nov 13, 2012

Best Insurance is committed to the fight against breast cancer Oct 3, 2012

Best Insurance a proud supporter of "Not My Daughter Find a Cure Now". This event is a shopping boutique/luncheon benefiting Susan G Komen For The Cure.

Best Insurance will donate $5 to Susan G Komen for the for every new insurance policy written in the month of October.

Best Insurance specializes in the home, auto, motorcycle, and boat insurance.

Request a quote today, call 954-580-BEST (2378).