Shannon- I thought Delaware had really inexpensive auto insurance (compared to Jersey and Pennsylvania). Insurers in Jersey are leaving the state. Many are only writing policies for high risk drivers. Ironically, a driver with no points has the most difficult time getting insurance. (State is subsidizing high risk policies to reduce the # of uninsured motorists in NJ - incentives). The Dept of Banking and Insurance recently brought a new carrier into the state by acquiescing to their demand to run credit reports and make that part of the decision to underwrite and to establish the cost of insurance. (Yet another reason to repair credit...) I had 2 or 3 that carried full coverage but as rates increased they had to drop to liability only, like the rest. To address the high costs, NJ has just started the Doller A Day program. Those on Medicare can pay $365 annually for auto coverage. Medical costs in the event of an accident are covered by the driver's Medicare (covering only those on the policy, of course.) Therefore, anyone with a home or an asset(s) would be subject to being sued for losses not covered by the policy. I don't feel it's practical for our loan recipients and I'm sure my lending institution would not permit it. So car insurance continues to be a major problem for us. (Is Prudential still really big in Delaware? Maybe they'd agree to do something more philanthropic with you to assist your clients...) Good Luck and Happy Thanksgiving! Anita
Anita Corriveau WAYS to WORK Family Loan Program Center for Family Services 584 Benson Street Camden, NJ 08103 856-964-1990 ext. 295 856-964-0242 fax [EMAIL PROTECTED] ---------- Original Message ---------------------------------- From: "Shannon Marchman" <[EMAIL PROTECTED]> Reply-To: [EMAIL PROTECTED] Date: Fri, 21 Nov 2003 08:54:54 -0500 >Good Morning Everyone! >Here in Wilmington I am beginning to accept our first applications and >holding orientations. One of the number one concerns from our potential >borrower's is the issue of car insurance. Many of them are stating that they >have inquired about car insurance rates and do not feel that given the costs >associated with the insurance that they will be able to budget for the loan >etc. > >I have two questions: >1) Does anyone have a program that has been able to establish or develop a >relationship with any insurance companies? > >2) Has the cost of car insurance hindered your ability to establish loans? > >3) Are there any insurance companies in particular that have been utilized >by your borrower's? > >Thanks > >Shannon Marchman >Director,Ways to Work Program >Nehemiah Gateway CDC >201 W.23rd Street >Wilmington, DE 19802 >(302)655-0803 Ext.13 >(302)655-8372 Fax > >
