Posted: Saturday, March 7, 2015 5:45 PM
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The DOT report was greatly influenced by consumer complaints about the performance of insurance companies in an adversary system. With a first-party system, the driver would no longer have to leave to chance which insurance company he would turn to in the event of an accident. DOT argued it would improve the relationship between consumer and company because of the more direct, personal relation-ship created by first-party coverage. The DOT report opted for a first-party plan, having an¬other disadvantage of fault-finding in mind: that the company, in agreeing to insure, would be in a better position to evaluate the risk it was assuming. Under a third-party adversary system, the only measure in rating used was the likelihood of a risk to cause accidents. With more personal information available about a potential victim, the company would be able to target its risks closely. Rating criteria, which have irritated the public for years and have been responsible to a large extent for the widespread dissatisfaction with automobile insurance, will be revised. The department realizes that the motoring public is especially irate with the industry's practice of whimsical cancellations and high rates. It is predicted bitter argument notwithstanding that there will be a narrowing of the chasm that now exists between the extremes of rate classifications. As we have seen, automobile insurance will become readily available to those who at the present time are considered undesirable risks.
Visit Arizona DMV for more info.
• Location: Phoenix
• Post ID: 17696777 phoenix