How to Deal With Your Auto Insurance Company in the Wake of Sandy’s Wrath
Hurricane Sandy has left a lot of damage in its wake. Now that the hurricane has finally passed, and the damage finally tallied up, an entire group of people are going to feel the pain: insurance agents. They will be receiving insurance claims for the next few months because of the hurricane. It will be a disaster that will be remembered for a long time as a time of horror on many levels, and as the payouts continue.
New York Commercial Auto Insurance Becomes More Affordable Under GEICO
Geico has been lowering its rates in several states across the country in recent months. They had press releases announcing cheaper rates in Texas in March and Maryland in May. Now, they have set their sights on New York; this state being the next to see decreased rates on commercial auto insurance from Geico.
Commercial vehicle insurance will cover businesses for their vehicles including cars, trucks, and vans. The only difference from regular auto insurance policies, is that commercial will offer liability coverage and physical damage coverage for situations and things that conventional auto insurance policies don’t normally cover.
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New York Legislation Makes SUM Coverage Standard
New legislation in the form of S7787/A10784 has been passed, and could affect insurance rates negatively for drivers. New York is currently one of the no-fault states when it comes to auto insurance, and insurance fraud remains a big problem.
This new law will make an optional form of coverage in the form of supplementary uninsured/underinsured motorist, or SUM, a staple of every policy. The caveat is that policyholders have the choice to opt-out. So, unless otherwise stated, SUM coverage will come as a standard part of any policy.