"‘Clunker’ sales were good for insurers, industry says" by Bloomberg News | August 28, 2009
NEW YORK - Progressive Corp. and Geico Corp. are among the insurers that may benefit from the “cash for clunkers’’ program as drivers pay higher premiums to protect new cars.
Well, I'm glad someone benefited:
Globe Clunker Leaves Lot Missing Part
Seems like ONLY the BUYERS got SCREWED, huh?
Sorry, 'murka!
The government’s vehicle trade-in initiative could yield as much as $375 million in premiums, said Robert Hartwig, president of the Insurance Information Institute. “When they buy that new vehicle, the insurance generally will cost more,’’ Hartwig said. “It’s a newer vehicle and people will normally take out full coverage of the car. Any auto insurer would stand to gain.’’
That may bring relief to auto insurers, who are facing pressure from rising medical costs, reduced consumer purchases, and declines in the value of fixed-income holdings....
Yeah, the poor, poor, insurance companies. Pffft!
Auto insurers probably considered the clunkers plan “a pleasant, unexpected surprise....’’
I don't think the buyer and driver is going to see it that way -- IF and WHEN they GET THEIR CAR!
--more--"
Notice how the AmeriKan MSM LEFT THAT OUT AGAIN?
Also see: Globe Crashes Clunker Leaving Lot
