(Dow Jones) – Sen. Max Baucus said Friday the health insurance industry may have to compromise on a public insurance option to cover uninsured people or risk losing a spot at the bargaining table. Read more…

(Business Wire) – GEICO’s Catastrophe Team (CAT) and claims associates are ready to assist policyholders affected by the hail storms that hit the greater Austin area Wednesday.

GEICO urges policyholders whose cars have been damaged to report their claims as early as possible. To reach GEICO’s claims team anytime, 24 hours a day, call 1-800-841-3000, or report the claim on GEICO’s Web site, www.geico.com. Read more…

For most people car insurance is the largest insurance expense after health insurance, as rates are high and one pays a chunk of money every year. Yet, you needn’t spend so much on it! You can really save money on car insurance, and there are ways to do it.

First of all, shop around and find out what rates are offered by insurance carriers. You will probably be glad to learn that some insurance company makes a more affordable offer than yours, which will save money for you. Sometimes, switching insurance carriers could save a boatload each year. Read more…

Your OnStar service can help you out of jams – locked keys in the car, roadside breakdowns, etc. – and it can help cut your auto insurance bill.

GMAC offers its customers in 34 states with OnStar subscriptions a break on their bill of 26 percent and more when the service shows they drive less than 10,000 miles a year.

Progressive is another insurer offering discounts to drivers who willingly record their odometer readings with a GPS. And with Safeco’s Teensurance, parents can program a GPS unit to send an e-mail when the teen’s car violates certain conditions, such as driving beyond the speed limit or driving too far from home. Safeco plans to offer users a 5 to 15 percent discount on insurance

Best Buy stores have also seen an uptick in customers asking for GPS navigation systems, says a spokesperson, in part because of their potential to cut insurance costs.

In general, GPS car systems are a winner. They help you plan direct driving routes, avoid traffic jams and help you locate the cheapest-priced gas station nearest wherever you are. Among the brands ranked highest by Consumer Reports are Garmin, TomTom and Magellan. Cost: $100 and up.

Unitrin Inc. (UTR) said its Fireside Bank unit will suspend all new lending as part of the company’s plan to exit the automobile-finance business.

The financial-services company said Fireside is solvent, and that its decision to exit the business was driven by a desire to use its investment in Fireside elsewhere. Unitrin had said it was considering a sale of the business, but will instead wind down Fireside’s operations over the next several years. Read more…

Washington consumers who hold policies with American International Group, or AIG, will not be affected by the conglomerate’s financial troubles, according to the state insurance commissioner

“Many consumers have contacted my office concerned about their AIG insurance policies,” Insurance Commissioner Mike Kreidler said in a Tuesday statement. “I’ve assured them that AIG’s insurance companies have the money necessary to pay claims. Regardless of what happens to AIG, there’s a firewall in place to guard the assets of the insurance companies and protect policyholders.” Read more…

Geico is entering the auto insurance market in Massachusetts.

State Insurance Commissioner Nonnie Burnes confirmed in a statement Friday that the nation’s third-largest auto insurer has filed to begin selling premiums in May. Read more…

(Business Wire) – A.M. Best Co. has affirmed the financial strength rating of B++ (Good) and issuer credit rating of “bbb+“ of CIGNA Life Insurance Company of Europe SA-N.V. (CLICE) (Belgium). The outlook for both ratings remains stable.

The ratings reflect the company’s strong capitalisation, increasing brand recognition within Europe and good underwriting performance moderated by the prospect of negative growth rates for European and UK economies. Read more…

Could Michigan be the next state to mandate insurance coverage for autism?

Several autism advocacy groups and handfuls of activist parents from across the nation think so, as a lawsuit against the state’s largest insurer to force it to pay for autism treatments moves forward in federal court in Detroit and as state lawmakers re-introduce legislation to do the same.

The tide is changing nationally: Eight states have enacted legislation in the last two years to require insurance companies to cover autism treatments. They are: Arizona, Connecticut, Florida, Illinois, Louisiana, Pennsylvania, South Carolina and Texas. Florida’s law takes effect April 1, making it the first in the nation. Read more…

The vast majority of Americans don’t know as much about their insurance coverage as they think, according to a recent survey.

The state Department of Commerce and Insurance (TDCI) is urging Tennesseans to educate themselves.

“Now more than ever, consumers need to be mindful of the impact their insurance decisions can have on their financial future,” said state Commerce and Insurance Commissioner Leslie Newman, in a news release.

“By arming themselves with the facts — and improving their ‘Insurance IQ’ — Tennesseans can make sure they are adequately protected, without paying more than they should for that coverage,” Newman said.

The National Association of Insurance Commissioners-sponsored survey found that Americans flunked a 10-question Insurance IQ quiz with, on average, only four correct answers — an “F” by most U.S. grading standards. The 1,000 Americans surveyed answered such questions as: Does auto insurance automatically cover a rental car? Can you own a house without homeowners insurance? In general, how much life insurance is recommended in relation to your annual salary? Read more…