Millions of Auto Insured’s Could Be Owed Billions [Los Angeles Sentinel (CA)]

Your auto insurance company could owe you money. Auto Insurance Relief (A.I.R) has uncovered a disturbing hidden secret that's been kept by auto insurance companies for the past five decades. This secret could affect more than 300 million auto insures in the U.S. alone. A.I.R. believes that hundreds of insurance companies that offer auto insurance coverage to the public could have been keeping billions of dollars from their customers.

It wasn't until the founder of A.I.R. decided to review his mother's auto insurance policy when he discovered his mother had been paying the same premium amount for collision coverage for the past 11 years, and her coverage never decreased as her vehicle depreciated. Most insurance companies offer discount rewards such as; deductible rewards, safe driver bonus, accident forgiveness, new car replacement, multiple car discount, experienced driver discount, good driver discount, etc. However, these discounts are usually applied at the beginning of coverage. Rarely, if ever, do insurance companies voluntarily reduce the monthly premiums when the insurance policy renews each year.

Insurance companies constitute one of the most powerful and wealthiest industries in the world. When you consider that an insurance company insures millions of customers, whether it is home, health, life or auto, billions of dollars in revenues are generated and then subsequently invested for higher returns. For the insured, the monthly premiums represent a sense of security that, should something happen, any expense (less a deductible) will be covered by the insurance company. The reality is that incidents requiring insurance companies to pay out for coverage are dramatically less than the billions of dollars in revenues.

The global insurance industry expanded by more than 4.5% in 2010 to reach close to $4.1 trillion, according to research from MarketLine, an insurance industry research firm. The market is forecast to reach over $5.1 trillion in 2015, representing a 26% increase in five years. Life insurance represents the leading market segment with almost 58% of the overall market in terms of value. The European Union represents just over 35% of the overall global insurance market.

Developed markets dominate the global insurance industry, with the United States, the United Kingdom, Germany, France and Japan holding the largest combined share, reports Global Industry Analysts.

Not only is the U.S. auto insurance industry facing criticism regarding these practices, the European Commission called on insures of their own to critically examine whether insurance companies are over-charging by not decreasing annual premiums as vehicles depreciate in value. This could cause an affect on the entire insurance industry and could very well cause many insurance companies to file bankruptcy if 1/3 of the auto insures file a class action law suit against the top 50 insurance companies.

The former Insurance Commissioner of California said: "For years, insurance companies have provided auto insurance coverage to consumers and have not depreciated the insured's annual insurance premiums." A.I.R believes they have the solution to end this unjustified act.

The founder of A.I. R. believes that if you have collision coverage for more than one year, you could be owed money and/or a discount on your current auto insurance policy. A.I.R. has created a program that will calculate a current rate for your auto insurance premium based on your vehicle's value. Within minutes it could determine if you are owed hundreds of dollars or a discounted premium from your insurance company. The A.I.R. program would then generate a formal written request for a refund or discount that would be sent to your insurance company. For more information, visit www.autoinsurance relief.com, or call 877-556-0002, and mention the Los Angeles Sentinel, #10006, for a special offer discount.

BY REV. ERIC LEE