Date: Thu, 13 May 1999 08:45:04 -0700
Reply-To: "Steven X. Schwenk" <Steve@SCHWENK-LAW.COM>
Sender: Vanagon Mailing List <vanagon@gerry.vanagon.com>
From: "Steven X. Schwenk" <Steve@SCHWENK-LAW.COM>
Subject: Re: screwed part deux..the
insurancecompany'soffer??./salvagecert.???
Content-Type: text/plain; charset=iso-8859-1
The study results are below and speak for themselves. This is California, BTW,
other states would never permit this and would force refunds based on premiums
intake, or they have 3rd party bad faith and thus hold insurers liable for bad
faith tactics used against injured third-parties.
Anyway...i guess everyone gets the message on not allowing your self to be made a
victim by the ins. co. adjusters.
> LOS ANGELES, March 9 (UPI) New research by a
> non-profit consumer group shows California
> insurance companies are paying out less than half what they collect in premiums.
> The Foundation for Taxpayer and Consumer Rights said today its survey indicates
> the need for legislation requiring insurance companies to give policyholders a
> fair return when they're injured.
>
> Researchers say insurers received more than $8.5 billion in
> auto liability premiums in 1997 but paid out $4.2 billion
> less than half that. The study attributes much of the gap
> to a 1988 state Supreme Court decision that limited innocent
> accident victims. The ruling rescinded the right to sue the insurer of the
> driver who was at fault if the insurer acted unfairly to
> delay, underpay or deny a legitimate claim.
>
> Researchers say since that decision, the dollar value of
> claims payments to California accident victims declined by
> almost 5 percent, while their value increased 16 percent
> nationwide.
>
> Companies also paid 26 percent fewer claims to accident
> victims, compared with an 8.5 percent increase in claims nationwide.
> Profit margins rose by 300 percent as the percentage of
> premiums returned to accident victims fell by 40 percent.
>
> ©
David Beierl wrote:
> Hi Unc -- maybe it *was* 25 per cent. I remember being impressed. And of
> course I'm young -- I'm only 48 A babe in arms <g>. USAA is a good
> outfit. In my family's experience they screw up a lot, but they're always
> willing to fix it. Sometimes it takes three tries.
>
> Volks, I stand corrected. USAA did indeed rebate *one quarter* of our
> premium last year.
>
> david
>
> At 10:05 5/13/99 -0500, you wrote:
>
> > > Our insurance company (USAA-CIC) refunded us 15% of last year's premium b/c
> > > their losses were lower than anticipated. I've been with them (mostly)
> > > since '76, and this is the fourth or fifth time they've done something
> > similar.
> >
> >which is why i intend to stay with them as long as i
> >possibly can!!! :) you must be kinda young ... my refund was
> >nearly 25 percent (i'm an old fart with no wrecks in several
> >eons). ;)
> >
> >joel
>
> David Beierl - dbeierl@ibm.net
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