State insurance offices save money on auto policies for consumers
Insurance departments in Kansas and Washington State announce that their efforts have saved residents millions in auto insurance costsAuto insurance customers in Kansas and Washington can thank their states' insurance departments for potentially saving them money.
The Kansas Department of Insurance said recently that its settlement negotiations with insurance companies saved Kansans $15,033,290 in 2009, just shy of the all-time record set in 2007.
State residents with claims disputes could get even more for their claims than insurers were willing to offer by turning to the insurance department. "It all begins with savvy insurance consumers who are willing to pursue what's right," Consumer Assistance division director Jim Welch said.
In Washington State, the insurance commissioner's office must review some insurers' rate changes. Rate reviews saved auto insurance policyholders $246 million between 2000 and 2009, the commissioner's office said late in December.
In 2009, consumer savings were estimated at $28.8 million.
Rate reviews are "a crucial part of our consumer-protection role," Insurance Commissioner Mike Kreidler said.
Residents of Kansas and Washington are no doubt excited about their insurance savings, and consumers in other states can turn to their state insurance departments if they have a claims dispute or other complaint. Doing so can potentially save big money on auto insurance.
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Posted: January 13, 2010
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