SOURCE: CarInsuranceList.com

November 17, 2008 01:00 ET

CarInsuranceList.com Considers Stability of Insurers in Current Credit Crisis

SAN JOSE, CA--(Marketwire - November 17, 2008) - Although media coverage suggests that lending and investment institutions are the only companies on shaky ground as a result of the credit collapse, the aftershocks of that event are being felt in all sectors of commerce, including car insurers with less than an AAA S&P rating. In anticipation of third quarter earnings reports that may reveal insurers who will have difficulty meeting their financial obligations, CarInsuranceList.com has added a section on "Assessing the Financial Strength of Your Car Insurance Company" to its existing car accident statistics, research car insurance articles, auto insurance quotes, and insurance company reviews.

"No one can keep up with all this confusing and frightening financial news without some help," said Jon Davidson, CarInsuranceList.com CEO. "We're all trying to make the best decisions we can, save money, and hedge against future disasters. Something like your car insurance company going bankrupt can be that one extra little headache you just do not need right now."

In the event of an insurer's bankruptcy, policy holders should immediately contact the company to find out the status of both their individual coverage and of the company itself. Corroborate that information with a call to the state insurance department. Find out which insurer has been assigned to cover the policy and immediately talk to that rescuing company and negotiate the terms of a new policy. If you have a claim in progress, make sure that your "state guaranty association" will be covering the payment.

"These self-protective measures aren't complicated," said Davidson, "but most policy holders have never had the need to learn how to handle a bankruptcy situation, nor do they know that almost all states have mechanisms in place to cover insurance claims in the event of an insurer going under."

Although it is possible that ailing insurance companies will be eligible to receive part of the $700 billion aid package voted by Congress in September, there is, as of yet, no guarantee of that fact. "Better to learn now how to protect yourself and your credit score if your insurer is in financial trouble," said Davidson, "before their pain becomes your pain."

Specialized sections of this nature reflect CarInsuranceList's commitment to educating readers as well as to providing them with multiple cheap car insurance policy quotes. A request for a quote matches a user with an area company prepared to meet state requirements at a good price. Additionally, readers will find articles on automobile accident statistics and defensive driving along with "how to" information on topics like avoiding road rage.

New material is added regularly to all sections at the CarInsuranceList.com site. The editors welcome and invite your questions, comments, and ideas. Send email to: editor@carinsurancelist.com.

Contact Information

  • Contact Information

    Jon Davidson
    CEO and President
    CarInsuranceList.com
    Santana Towers
    3031 Tisch Way, 7th Floor
    San Jose, CA 95128
    Ph. 408-554-8990
    Fax 408-554-8996
    Email: Email Contact