News
Texas employers are seeing a major reduction in workers' compensation insurance premiums, an insurance trade group reports.
The Insurance Council of Texas (ICT) says reforms in House Bill 7, passed in 2005, and earlier legislation have improved the efficiency of the Texas workers' compensation system.
The Texas Department of Insurance reports premiums for workers' compensation policies have seen a 49 percent decline in rates since House Bill 7 was passed. The average premium was $1.38 per $100 dollars of payroll in 2010 as compared to $2.70 per $100 of payroll in 2004.
Teen drivers spend countless hours dreaming of owning their first car. As a parent, what is a good choice for your teen? Below are five tips to consider when choosing your teen's first car. These tips are designed to help protect young drivers, these suggestions focus on safety, which also help to lower the cost of car insurance for your teenager.
- Watch the speed. Driving fast cars with turbochargers and high horsepower carries significant risk. Car accidents are the leading cause of death among 15 to 20 year olds, and in 37% of those accidents the primary cause is speeding. Choose a vehicle with a four-cylinder engine and average horsepower,
- Grounded in reality. When it comes to buying a car, the bigger is not always the better. SUV's and pick-up trucks have a high center-of-gravity, which makes them less stable and more prone to rollover than traditional mid sized sedans - especially for inexperienced drivers. Reality Check: Pick-up Trucks are two times more likely, and SUV's are three times more likely, to rollover than traditional passenger cars.
- Buy 1997 or later. While pre-owned cars are less expensive, older models may be more costly to insure - and they often do not have the modern safety features on newer cars. Focus on models manufactured 1997 or later - the year airbags were required in all cars. Other important safety features include side airbags, anti-lock brakes and roll stability control.
- Know the Score: Whether shopping for a new or pre-owned vehicle, always check the crash-test scores (rated by the National Highway Traffic Safety Administration). Click here to access crash-test scores.
- Ask for a Rate Quote: Before you go car shopping, inquire about car insurance for your teen. Find out how much it will cost to insure your teen in his or her new car. Rates can often vary by hundreds and even thousands of dollars. Paschall Insurance Group offers some of the lowest rates available for families with teen drivers.
Following these tips will help reduce the risks often associated with teen driving as well as lessen parents anxieties.
Insurance rates are skyrocketing with the large insurance companies. Lobbyist and regulators repeatedly tell policyholders to "shop the market" and everything will be okay. They are implying that shopping for insurance is a simple process and consumers are just lazy. Really they're saying it's your fault. As if you like paying too much and getting too little.
Shopping for insurance isn't like shopping for a carton of milk. Insurance policies are complicated financial instruments, one-sided contracts written in legalese by corporate lawyers for the benefit of the carriers. The average policyholder is not armed with the proper knowledge to research and independently shop for their personal insurance. Unfortunately, this leads them into an unnecessary cycle of continuing to significantly overpay for the same insurance coverage.
The complexity of the insurance market has real consequences for Texas families. The Office of Public Insurance Counsel (OPIC) recently conducted a study that shows that auto policyholders who have been with the same company over eight years could save over 19%, or an average of at least $194, by switching to a new company. That is real money that could be better spent on putting food on the table or circulating in local economies supporting small businesses.
Our current insurance market is dominated by a handful of enormous companies, and what passes for competition these days tends to be reduced to which behemoth can spend the most for the catchiest TV ad. True Competition should be on the basis of cost, quality, and service just like in other industries.
Paschall Insurance Group has well over 100 years of combined insurance experience. We take the stress out of insurance shopping, we do it all for you! We will compare your old, current and new policies to ensure you receive the best coverage and price available in the market. Our friendly staff will do a complete insurance review, making sure you understand your insurance coverages and answer any questions you might have. We are your advocate in the insurance market. We treat our clients like family, because they deserve nothing less than the absolute best!
Policyholders with State Farm will see a rate increase for their homeowners insurance after the company filed a rate request to the Texas Department of Insurance last week. The increase will average 20 percent for Texas customers. The rate increase will take effect Nov.1 for new customers and Dec.1 for existing policyholders.
Click here to read more about State Farm's rate increase.
Think car insurance rates are high in Texas? You might be surprised! Many factors affect rates, including the costs of car repair and medical care, the level of insurance fraud in a state, the number of uninsured drivers and population density. This list compared the median household income and the median price of an annual car insurance policy in all 50 states and the District of Columbia, and ranked them based on the percentage of household income going toward car insurance. Click here to see the full list, and to also see the 10 states with the lowest percentages on the final slide.
