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Archive for the ‘Travelers Insurance’ Category

The deregulation of the automobile insurance market in Massachusetts, USA has delivered an unexpected change welcomed by consumers: a decrease in the ever-rising home insurance prices.

Insurers competing for auto business for the first time in decades are lowering premiums on homeowners’ policies for consumers who buy both types of coverage from the same company. In recent months, some of Massachusetts’ largest insurers, including Arbella Insurance Group, Commerce Insurance Co., Liberty Mutual Group, and Norfolk & Dedham Group, have shaved 3 to 20 percent off homeowner premiums by offering bigger discounts on com bined policies.

Massachusetts Insurance Commissioner Nonnie Burnes said last week that she had hoped, in planning to deregulate the auto insurance system, that it would “force insurers to pay more attention to their homeowner rates.” She is pleased with the results so far.

Gregory Donovan, a Quincy real estate lawyer, learned that his auto insurer, Commerce, was offering a discount to customers who moved their homeowner’s policies to Commerce. Donovan’s Westwood home was insured by Travelers of Massachusetts, so he asked his agent to see whether Travelers could match or better Commerce’s deal.

For tips on shopping for homeowners insurance, see tomorrow’s Homes section.

Travelers offered the same pricing on car insurance for Donovan and his wife’s two Hondas. But if the couple gave the company their auto coverage, they would get about a $145 break on their homeowner’s policy, bringing the annual premium down to $1,085. “It’s just a no-brainer to combine them if you can save,” Donovan said.

Before now, homeowner’s insurance premiums have gone nowhere but up, rising 9.2 percent last year in Massachusetts, compared with 3 percent nationwide. Since 2000, homeowner’s premiums have increased 85 percent in Massachusetts, to $950 on average, compared with a 63 percent increase nationwide, to $826.

These premiums exclude 150,000 homeowners who buy coverage from the state’s insurer of last resort, the FAIR Plan. FAIR Plan’s rates increased 25 percent in 2006 and 100 percent since 2000.

For the first time in Massachusetts, homeowner’s premiums have surpassed the cost of a single automobile policy. Except for the FAIR Plan, premiums on homeowner’s insurance in Massachusetts are not regulated.

Auto deregulation, which took effect April 1, brought new competition to the long-dominant auto insurers such as Commerce. To fight back, large auto insurers began offering bigger breaks on homeowner’s coverage. Meanwhile, insurance companies with a large presence on the homeowner’s side needed to protect their existing business from poaching. So they are reducing homeowner premiums through discounts on combined coverage.

“If Commerce offers a big savings on the car, they’re going to suck the homes away,” from competitors, said Stacey Souza, office manager at G.V.&Y. Insurance Agency in Westwood

Timothy Hegarty, president of the Norfolk & Dedham insurance company, said his firm increased its homeowner discounts last summer by about five percentage points, to 10 to 15 percent off, in anticipation of auto deregulation; 15 percent is about a $150 savings on a typical policy.

“The catalyst was the change in the auto market – there’s no question,” he said.

In October, Arbella also increased its discount for homeowner’s premiums, from 15 percent to 20 percent. Arbella wanted to keep auto customers while expanding its homeowner’s business, said Andrea L. MacKay, vice president. A drop in claims by homeowners during 2006 also paved the way for reductions, she said.

Arbella’s larger discount reduced the average homeowner’s premium to $699, from $730 last year.

Other insurers that increased discounts include Liberty Mutual and Commerce, while Quincy Mutual Fire Insurance is awaiting state approval to do so. Some insurers are also offering discounts for combined policies for the first time, agents said.

Everyone wants to stay safe and secured. Unwanted inconvenience may strike anyone anytime and when you are at home you have your near and dear ones to care for you and the hospitalization process is all easy. But can you enjoy the same when you are in a foreign land? This is where overseas health insurance comes into play. If you are a one-time traveler or a frequent traveler or feel that you shall be traveling more in the near future, it is safer to stay insured with an overseas travel insurance plan.

If you are an Indian, you will have to buy an overseas medical insurance from an Indian company before or while you plan your travel. Overseas health insurance and overseas medical insurance are similar terms implying the same meaning. You can choose from any of the insurance providers like TATA AIG, Bajaj Allianz, ICICI Lombard, Reliance, Future Generali, Apollo DKV, Iffco Tokio, Cholamandalam, and more.

It is advisable that you conduct a research on the insurance plans offered by different companies and choose the one that best suits your preferences. A research and comparison work will familiarize you with the benefits, premium, sum insured, facilities covered in an overseas travel insurance offered by different insurance providers. Visiting each company site and then looking for the preferred overseas health insurance is a time-consuming task. There are online platforms like eindiainsurance.com where you can get instant comparisons and instant quotes all for free. It runs a unique web comparison tool using which you can compare plans offered by a number of insurance companies listed at this site. Once you have chosen the best overseas medical insurance, you can buy it at this very platform in no time using your credit or debit card or even by cheque.

Cancellation of trips comes with a heavy price for all travelers- in all thinkable ways. Not only does the traveler have to deal with the new situation but also have to incur heavy losses, starting from the ticket costs to other bookings and the hassles associated with it. The problem compounds itself if the travel cancellation in question is an international trip. Before you become the next victim of a ‘trip cancellation’ it is a wise decision to look at what ‘Travel or Trip Cancellation Insurance’ has to offer.

A journey can be as unpredictable as the weather, so one may find it difficult to forecast what will come next after a scorching heat or a heavy downpour. Similarly, it would be possible to find out that you’ve left one of your baggages at the airport lounge or the airline authority failed to cargo it along with the rest. Regrettably, this could jeopardize your entire travel plan and put you in a situation where you are forced to return back or cancel your trip.

If you want to steer clear of such situations then it’s time you find out more about Trip Cancellation Insurance. Purchasing the ideal insurance protection is a very challenging task given the fact that the current financial markets are flooded with insurance companies offering all kinds of policies. Therefore, an extensive products research online and consultation with travel agents can help you discover the appropriate international travel insurance protection for your travel needs. The most important thing to remember while you are out researching is to read the policy offer documents carefully to avoid being unprotected on the aspects which are most valuable to you.

Untimely cancellation of International flights or cruises can be a cause of panic for many travelers owing to the handsome amount paid while purchasing the ticket. By procuring a travel cancellation insurance policy the traveler is relief from irreparable loss to a large extent however, the advantages offered in some insurance plans can be tricky too. In short, it means that the buyer must watch out for the ‘asterisk’ rules and regulations under the “Terms & Conditions” of the plan. Most of the insurance companies provide protection extended to “close family member” and “traveling companion” as well which may pose as a great buy for family travels.

Expat Global Medical is a reputed travel insurance provider; with its years of hands-on expertise in the industry the company is able to offer excellent Travel or Trip Cancellation Insurance plans to help you overcome “unforeseen” travel circumstances without a worry. To be stuck in a medical emergency situation or be hospitalized due to serious illness for an expatriate can be the worst nightmare imaginable; Expat Global Medical strives to be the one-stop solution for all your concerns on international travel insurance.