Auto insurance company drops customer, but will its reason pass inspection? - Philadelphia Inquirer

By Harry Gross

Daily News Personal Finance Columnist

Dear Harry: I got a shock in yesterday's mail. Instead of a renewal bill for my automobile insurance, I got a "notice of nonrenewal." I contacted my agent, and his reply was that the company had too many people in my ZIP code!

He also implied that I may have been chosen to drop because of my age (75). I have not had a claim on this insurance for more than 25 years, and even that was less than $1,000. I contacted another insurance company and got new coverage, but for a premium that's $322 more than I was paying.

Isn't there some way that I can get the old company to accept my renewal? I was probably an ideal customer, with no recent claims and only one claim in the 35 years I have been with them.

What Harry says: Their answer to your inquiry sounds a bit dubious. In such a situation as they describe, the usual procedure would be to not accept new customers. It's unlikely that the company made an error because insurance companies have among the best record-keeping systems anywhere. There must be some other reason for them to reject you. I suggest that you contact the Pennsylvania Insurance Department in Philadelphia at 215-560-2630. They are in a position to find out just what happened. They might even get you reinstated with the old company and the old premium.

Write Harry Gross c/o the Daily News, 400 N. Broad St., Philadelphia, PA 19130. Harry urges all his readers to give blood: Contact the American Red Cross at 800-Red Cross. .signup_regularText

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UBS cuts autos, upgrades insurance sector - MarketWatch

AlertEmailPrint Most Recent Market Pulse7:23 AMMetLife to offer $3 billion in stock6:47 AMNRG Energy posts profit drop, ups guidance6:28 AMCNA Financial second-quarter profit jumps6:24 AMHumana posts quarterly net profit up nearly 21%6:24 AMGeely completes Volvo deal, appoints unit CEO Comments ScreenerMost PopularMost readMost commentedU.S. stock futures rally amid strong bank earnings China July manufacturing slows, but shares rally Three stocks that stand the test of time Three low-risk, high-dividend stocks for August Barbell investing is the new normal Only slow job growth expected in July Maryland posts social media rules for candidates China July manufacturing slows, but shares rally U.S. stock market to continue balancing act Japanese shares climb, helped by strong earnings

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Dallas Cowboys receiver Patrick Crayton is a self-proclaimed insurance policy - ESPN

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Life Insurance Practice Under Fire - Hartford Courant

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Insurance deals strike a dissonant chord - Minneapolis Star Tribune

Jill Greer

Michael and Jean Antonello’s home reflects their interest in art and music, featuring busts by sculptor Hiram Powers and the works of several American impressionists.

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Insurance Co Alleges Jeffrey Locker Lied About Income, Refuses To Pay Claim - Long Island Press

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Insurance Companies Not Meeting Regulatory Standards - French Tribune

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Five More Banks Fail To Bankruptcy, Insurance Funds Siphoned - Click News (blog)

Bank-Bankruptcy

For a normal business to fail during the time of economic downturn is nothing out of the ordinary. However, when banks start to fail, then the public might have more to get concerned about. The total number of failed banks this year in the US has reached a number of 108, as another five banks failed.

The failing banks, situated in Washington, Georgia, and Oregon, with two in Florida, had to be taken over by financial institutions as they shut down their doors. The Federal Deposit Insurance Corporation managed to find buyers for the banks, though the growing rate of closure is a cause for concern.

The FDIC is expecting closures to come to its highest level this year, and not reach the level that was once incurred during the late 1980s. Most of the banks being closed were smaller community banks that succumbed to commercial real-estate loan portfolio failure.

About $335 million of the FDIC’s insurance fund was siphoned due the latest failure of the five banks.

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