Recently in Insurance Information Institute Category

October 6, 2010

Are Women Drivers Favored by Car Insurance Companies in the U.S.?

In 1959, the Insurance Institute for Highway Safety (IIHS) was founded with the sole purpose of researching date to find out causes and preventive methods for motor vehicle accidents. IIHS is funded by auto insurers to help them gauge risk using three common factors of operating an automobile. The three factors are: human influence, vehicle influence and environmental influence.
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IIHS published gender reports in 2008 that found that more men die each year in automobile accidents than women. The report stated that men typically engage in much riskier driving practices than women. Some of these practices include:
- less seat belt usage
- driving under the influence of alcohol and/or drugs, controlled and prescription drugs were included
- driving at higher rates of speed and above the posted speed limits

Also, in the 2008 gender report, were statistics that showed that when male drivers are involved in car accidents, the results are more often death. The report showed the following statistics:
- 71 % of all motor vehicle deaths were males
- 70 % of pedestrian deaths were cause by male drivers
- 87% of bicyclist deaths involved men drivers and
- 91 % of motorcycle deaths were male drivers

Gender, cell phone use, and zip codes are some of the factors used to determine automobile insurance premiums. Automobile insurance companies are for-profit industries; this means that all automobile insurance companies are in business to make a profit. The formula for profit includes an analysis of risk management.

Insurance rates are also determined by your driving record, the type of vehicle involved, how the vehicle will be used and your credit score. Since women seem to have better driving records, drive smaller and non-racing vehicles, use vehicles for work more than for pleasure and have better credit scores, it seems that women get lower premium rates.

September 27, 2010

One Third of Homeowner Insurance Liability Claims are Dog Bite Lawsuits

Dog Bite Law Suits.jpgIn 2009, $412 million was spent on dog bite lawsuits, a 6.4% increase from 2008. This figure averages out to about $24,840 per claim, according to the Insurance Information Institute (I.I.I.).

Insurance coverage for dog bite claims provide compensation for injuries associated with animal attacks, such as medical expenses, lost wages, permanent scarring and pain and suffering.

In the United States alone, about 4.5 million dog attacks are reported each year. The majority of these incidents are not reported. Most people affected are postal workers and delivery people.
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Here are some steps recommended by the U.S. Centers for Disease Control and Prevention (CDC) and the I.I.I. to prevent your dog from biting someone:

- Dog owners should consult with a veterinarian about suitable breeds for their home and neighborhood.

- Prospective owners should spend time with a dog before buying or adopting it and should make sure that the dog is not aggressive towards infants and/or toddlers.

- Have your dog spayed or neutered.

- Make sure children do not disturb the dog while eating or sleeping, and never leave a child alone with the dog.

- Socialize your dog so that it knows how to behave around other people and animals.

- Play non-aggressive games with your dog. For example: fetching the ball, as opposed to tug-of-war.