Thanks to a ruling by a federal court on Wednesday, an extensive database related to vehicle safety is now online. The government has unveiled a new public database that will allow consumers to look up the number of alleged deaths, injuries and cases of property damage involving passenger vehicles, which consumer groups have sought for years. This database is part of legislation passed by Congress following the massive recall of defective Firestone tires in 2000. This legislation required manufacturers to provide data on complaints of deaths, injuries, property damage and warranty claims.
Located at http://www.safercar.gov, the website contains a wealth of information related to vehicle safety. We urge you to check it out before you purchase a new car and even to check for problems with your current vehicle. The site contains four informative sections related to keeping a driver and a driver's vehicle safe, with particular information relating to tires, air bags, rollover prevention, and the relative safety of 15 passenger vans, a topic previously discussed on our blog. Safercar.gov also contains the latest crash safety test ratings on vehicles dating back to 1990, so those individuals looking to purchase a new or used vehicle can examine the safety components of each make and model of interest. The website further allows users to scan through all current and recent safety defects and recalls. In all, the website, while in its formative stages, provides a wealth of knowledge with respect to vehicle and driver safety. We also suggest that you have any new or soon-to-be first time drivers in your household review these safety sections.
Of course, the automotive industry is still withholding additional information about which consumers should know. Volumes of additional data from tire companies and other suppliers remain confidential pending completion of a regulatory review of whether to honor close to 100 requests by individual companies to keep their information confidential. In addition, other information from all sources, including warranty claims, consumer complaints, and field reports, will remain confidential indefinitely, officials said. So while some hurdles still remain to be cleared before this resource can reach its full potential for providing safety information to American drivers, at present the site still provides a wealth of knowledge for its users.
Examining the website also serves as a reminder that thousands of Americans are involved in traffic incidents each and every day, often suffering severe injuries. In many cases, those injuries occur through no fault of their own. While the resources afforded by safercar.gov may help consumers takes steps to further protect themselves, consumers can do little to prevent suffering an injury at the hands of a negligent driver, or a defective vehicle or tire. If you or a loved one has been injured in a traffic incident, call the attorneys at Goldberg, Finnegan & Mester today at 301-589-2999 today for your free consultation.
Showing posts with label auto accidents. Show all posts
Showing posts with label auto accidents. Show all posts
Thursday, September 11, 2008
Sunday, January 13, 2008
Insurance Companies Underpay Auto Claims and Overcharge Customers
By Mark Schofield
Attorney at Law
One of the reasons we practice the type of law that we do is because the insurance industry is only out to protect its selfish interests over anything else, including the public at large, consumers, and companies. We have long known that the insurance industry and big business put their own profits above their customers, and now independent research is confirming the despicable lengths to which the insurance industry will go to make a profit. Don’t get us wrong: we believe that a business should be profitable, but not at the expense of your customers and not when done in bad faith.
According to a recent study published by the Consumer Federation of America in corroboration with the Consumers Union and several other consumer organizations, their research found that in order to increase profits and protect their “bottom line,” United States insurance companies overcharge their customers and underpay both home and automobile claims. The study, released this week by the Consumer Federation of America, found that the insurance industry’s overcharges reached an average of $870.00 per United States household over the last four years.
According to J. Robert Hunter, the insurance director for the Consumer Federation of America, insurance companies have enjoyed record profits, while minimizing losses, by “methodically overcharging customers, cutting back on coverage, underpaying claims and getting taxpayers to pick up some of to the tab for risks the insurers should cover.” The study, based on the insurance industry’s own data and financial reports, estimates that the insurance industry’s net income after taxes in 2007 will be $65 billion dollars, a small decrease from the previous record of $67.6 billion set in 2006, but still a large jump over the 2005 net income of $48.8 billion.
An examination of the full report, available online at: http://www.consumerfed.org/pdfs/2008_INSURANCE_RELEASE_FINAL.pdf and indicates a number of startling facts about the recent success of the insurance industry:
• The insurance industry enjoyed record profits in 2004 and 2005, despite significant hurricane activity.
• In recent years, insurers have sharply increased premiums for homeowners and commercial insurance policies, while reducing or eliminating coverage for thousands of Americans in costal areas.
• Insurers are seeking additional subsidies from Congress for catastrophe insurance.
• Consumers have experienced a drastic drop in the amount of claims payouts.
• In the past five years, the insurance industry has enjoyed record level profits, and record low losses. Consider that the industry’s net income (post-tax) in 2003 was $31.2 billion dollars. In less than five years, this number has more than doubled to $65 billion dollars.
As always, consumers need to remember that despite what they see in the news, and on television commercials, insurance companies (even their own insurance companies that claim to be looking out for them) are companies in the business of making a profit: given that the insurance industry is experiencing record profits, it is clear that these companies are making these profits at the expense of their individual consumers, as well as at the expense of those who dare make a claim for insurance after an accident, injury or loss.
Insurance companies will fight to protect their profits, and their bottom line and do not care who gets in their way. Consumers and those with claims against these insurance companies need someone in their corner, fighting for their rights. The attorneys at Goldberg, Finnegan and Mester fight insurance companies on a daily basis for the rights of the individuals we represent.
Attorney at Law
One of the reasons we practice the type of law that we do is because the insurance industry is only out to protect its selfish interests over anything else, including the public at large, consumers, and companies. We have long known that the insurance industry and big business put their own profits above their customers, and now independent research is confirming the despicable lengths to which the insurance industry will go to make a profit. Don’t get us wrong: we believe that a business should be profitable, but not at the expense of your customers and not when done in bad faith.
According to a recent study published by the Consumer Federation of America in corroboration with the Consumers Union and several other consumer organizations, their research found that in order to increase profits and protect their “bottom line,” United States insurance companies overcharge their customers and underpay both home and automobile claims. The study, released this week by the Consumer Federation of America, found that the insurance industry’s overcharges reached an average of $870.00 per United States household over the last four years.
According to J. Robert Hunter, the insurance director for the Consumer Federation of America, insurance companies have enjoyed record profits, while minimizing losses, by “methodically overcharging customers, cutting back on coverage, underpaying claims and getting taxpayers to pick up some of to the tab for risks the insurers should cover.” The study, based on the insurance industry’s own data and financial reports, estimates that the insurance industry’s net income after taxes in 2007 will be $65 billion dollars, a small decrease from the previous record of $67.6 billion set in 2006, but still a large jump over the 2005 net income of $48.8 billion.
An examination of the full report, available online at: http://www.consumerfed.org/pdfs/2008_INSURANCE_RELEASE_FINAL.pdf and indicates a number of startling facts about the recent success of the insurance industry:
• The insurance industry enjoyed record profits in 2004 and 2005, despite significant hurricane activity.
• In recent years, insurers have sharply increased premiums for homeowners and commercial insurance policies, while reducing or eliminating coverage for thousands of Americans in costal areas.
• Insurers are seeking additional subsidies from Congress for catastrophe insurance.
• Consumers have experienced a drastic drop in the amount of claims payouts.
• In the past five years, the insurance industry has enjoyed record level profits, and record low losses. Consider that the industry’s net income (post-tax) in 2003 was $31.2 billion dollars. In less than five years, this number has more than doubled to $65 billion dollars.
As always, consumers need to remember that despite what they see in the news, and on television commercials, insurance companies (even their own insurance companies that claim to be looking out for them) are companies in the business of making a profit: given that the insurance industry is experiencing record profits, it is clear that these companies are making these profits at the expense of their individual consumers, as well as at the expense of those who dare make a claim for insurance after an accident, injury or loss.
Insurance companies will fight to protect their profits, and their bottom line and do not care who gets in their way. Consumers and those with claims against these insurance companies need someone in their corner, fighting for their rights. The attorneys at Goldberg, Finnegan and Mester fight insurance companies on a daily basis for the rights of the individuals we represent.
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