Skip to the content

ONE REASON WHY AUTO INSURANCE RATES WILL BE ON THE RISE IN 2012

Hail claims for vehicle damage spiked in 2011

Insurance losses for hail-related damage to vehicles more than doubled last year compared with the previous three years, an analysis by the Highway Loss Data Institute (HLDI) shows. Using information from insurers about weather-related losses under comprehensive coverage, HLDI matched the dates of those claims to hail events recorded by the National Oceanic and Atmospheric Administration to determine which claims were for hail damage.


The results showed a frequency of 5.9 claims per 1,000 insured vehicle years in 2011, compared with 2.9 in 2008 and 2009 and 2.7 in 2010. Overall losses in 2011 were $19 per insured vehicle year compared with $8-$9 in the other years. The analysis excluded any hail storms that accompanied tornadoes, since it would be impossible to determine which weather event caused the damage that led to the claim.
Hail claims are primarily concentrated in the Midwest, with states such as South Dakota, Nebraska, Kansas and Oklahoma frequently showing high rates. However, hail can occur almost anywhere, and many of the high claim rates last year were seen in states that don’t typically have many hail claims.
Article from Insurance Institute for Highway Safety, Highway Loss Data Institute.


Know Your Stuff-Home Inventory Now Has An iPhone App! 


Thanks to the Insurance Information Institute and Know Your Stuff it is easier then every to take a home inventory.   Most people that didn’t have a home inventory say they only recalled about 60% of what they had at a time of a loss-claim settlement. Don’t be in the camp of losing 40% of your valuables at the time of a loss.  Please consider taking an inventory of your home so in event of catastrophic loss you can replace all your valuables with the help of your insurance company.  Just click on the link above and get your home inventory started today.