Category: Personal Insurance

Dangers of Distracted Driving

Distracted driving is any activity that could divert your attention away from the main task of driving.¹ It is something that is both dangerous and disturbingly common. In fact, an estimated 660,000 drivers are using electronic devices while driving during daylight hours.² You may be surprised to learn that cell phones and texting are just part of the problem when it comes to distracted driving. While stowing your phone while you drive is an important safety step, other behaviors behind the wheel, from drinking coffee to using a navigation system, may also be putting you at risk.

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Holiday Travel: Protect Your Home While You’re Away

Many people will leave their homes over the upcoming holiday to visit family or go on vacation. If your holiday plans include traveling – even just for a short period – here are some tips to help keep your home safe while you are away:  

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What Drives Personal Auto Insurance Rates?

If you drive a vehicle, you are required by law to have personal auto insurance. But why do we need it?

Consider hitting a car and injuring three passengers. If both your vehicle and the other vehicle are valued at $20,000 and considered total losses, and each passenger has medical claims of $20,000, this quickly adds up to $100,000! That’s an amount most individuals wouldn’t want to have to include in their annual budgets.

The function of insurance is to accept the risk from many people to pay for the losses of the few. Personal auto insurance protects drivers from having to personally pay for all the damages they are responsible for resulting from an auto accident. Even though you paid your insurance company much less in premiums, the insurance company pays these higher amounts on your behalf based on your policy coverage.  

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Top Risk Concerns for Businesses and Individuals

Business leaders and consumers share many common concerns, according to data compiled from the 2016 Travelers Risk Index. The annual survey found that cyber risk is still considered one of the greatest risks facing both Americans and American businesses. And while businesses worry more about the implications of getting hacked, consumers are primarily concerned about personal privacy loss, identity fraud and cyber threats.

Top Business Risk Concerns

Medical cost inflation, increasing employee benefit costs and cyber-related technology risks/data breaches again topped the Travelers Risk Index for business concerns in 2016, although the overall proportion who felt the business environment is becoming more risky declined slightly from 2015 to 2016, from 44 percent to 41 percent. 

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Personal Insurance Consumer Risk Index Concern Over Cyber Risk Increases More than 20 Percentage Points from Previous Year

According to the 2015 Consumer Risk Index from Travelers, financial risk continues to top the list of major concerns for Americans. However, fear over cyber risk has grown considerably, making it one of the top three consumer risks in 2015.

Cyber Risk – There has been a dramatic increase in how many Americans worry about cyber risk, from 36% in 2014 to 57% in 2015. Leading the list of specific cyber risk concerns is the fear of bank accounts being hacked (62%).

Financial Concerns & Risks – Americans list financial security as their top concern for the third straight year. Of the 66% that worry about this issue, almost half worry a great deal.

Personal Privacy or Identity Theft – Six out of ten Americans worry about losing personal information or privacy, with 25% worrying a great deal.

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