If this is your first visit, please click the Sign Up now button to begin the process of creating your account so you can begin posting on our forums! The Sign Up process will only take up about a minute of two of your time.

Follow us on Facebook Follow us on Twitter
Results 1 to 3 of 3
  1. #1
    Warped & Twisted Member Platinum Member Jamie B.'s Avatar
    My Boats:
    Cigarette Top Gun w/ V6's and Maxum 3000 SCR
    Join Date
    Jan 2002
    4 Miles Offshore, IL

    Auto makers may insure cars. Wonder if the high perf. marine market will attempt.

    Manufacturers may insure cars

    Covered vehicles could lure buyers
    April 12, 2005


    In an attempt to lure consumers into their new vehicles, automakers and their dealers have given away cash and other freebies, such as fuel, computers and even compact cars with the purchase of a big truck.

    Now, following the example of Volkswagen AG, some automakers are considering giving away a year of free car insurance, one of the biggest expenses in car ownership.

    Volkswagen just ended a pilot program that ran during the first quarter of the year and provided one year of coverage through Nationwide Mutual Insurance Co. for every new Golf, Beetle and Beetle Convertible purchased or leased in Illinois and Wisconsin.

    Proof of residency and a valid driver's license in either state were the only requirements for the program, which was called In the Car.

    Nationwide, sales of those three vehicles declined 15 percent during the pilot period, which ran from Jan. 4 through March 31. But they rose a stark 23 percent in Wisconsin and Illinois during the program. Two-thirds of buyers said the insurance package influenced their purchase decision.

    "It was a success," Tony Fouladpour, a Volkswagen spokesman, concluded.

    Bob Wallach, managing member of Creative Innovators Associates LLC, an intellectual-property company based in Bethpage, N.Y., invented the program and is obtaining numerous patents on it.

    Wallach said he's now in discussion with two automakers to adopt the program and plans to share the idea with only one. Creative Innovators makes money on the program through an intellectual property fee as well as a commission on the insurance.

    Many automakers have thought about implementing a free car insurance program, Wallach said, but they have been unable to overcome substantial regulatory and actuarial hurdles. Actuaries determine the cost of insurance by analyzing risk factors, such as demographics.

    But determining how much a program like In the Car might cost when insurance costs swing substantially among car buyers, and you don't know who will buy into the program, can be tricky and risky.

    "Nobody has ever been able to figure out how to do this in the United States," said Wallach, who would not explain how his group overcame the obstacles. "Everyone's talked about it."

    While everyone seemed pleased with the results of the incentive program, VW and Nationwide said there are no imminent plans to expand the program.

    "Nationwide is now conducting a more thorough analysis of the program, which we anticipate will take some time to complete," Bonny Parker, vice president of standard auto product management for Nationwide, said in a statement.

    Fouladpour said VW is evaluating the program.
    I'm a crackwhore for being 4 miles offshore.
    Former Everglades Marina employee.

  2. #2
    Rob VIP Member Strip Poker 388's Avatar
    My Boats:
    Hustler 388
    Join Date
    Aug 2001

    Re: Auto makers may insure cars. Wonder if the high perf. marine market will attempt.

    I wish

    Boost makes up for Cubic Inchs

  3. #3
    Registered Roger 1's Avatar
    My Boats:
    1993 Cigarette Top Gun
    Join Date
    Dec 2002
    Kankakee Illinois

    Re: Auto makers may insure cars. Wonder if the high perf. marine market will attempt.

    They offer their financing incentives to those with good credit. Why not offer the insurance to those with a good driving record?

Similar Threads

  1. New High Perf. Insurance Market
    By Insurance God in forum General Boating Discussion
    Replies: 39
    Last Post: 07-27-2006, 04:59 PM
  2. Blackadar said nix on high perf
    By Spectre Man in forum General Boating Discussion
    Replies: 29
    Last Post: 02-17-2005, 04:44 PM
  3. who makes the best high perf exhaust
    By Apple a day in forum General Q & A
    Replies: 7
    Last Post: 02-16-2005, 10:33 AM
  4. OT: Auto diagnostic scan tools for Jap cars
    By kook in forum General Q & A
    Replies: 12
    Last Post: 02-03-2002, 05:16 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
All times are GMT -5. The time now is 09:47 AM.
Powered by vBulletin® Version 4.2.0
Copyright © 2016 vBulletin Solutions, Inc. All rights reserved.
Search Engine Optimization by vBSEO 3.6.1
Original Poster In Postbit provided by Original Poster In Postbit v1.0.0 (Free) - vBulletin Mods & Addons Copyright © 2016 DragonByte Technologies Ltd. Runs best on HiVelocity Hosting.
Copyright 2011 OffShoreOnly. All rights reserved.