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09-15-2008, 05:35 PM | #1 |
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Yikes! Our car insurance is AIG!!!!
Anyone else here in this situation? We have insured both cars (my present 318ti and the wife's Honda) for years with AIG, they were 40% cheaper than Nationwide and seemed to give good service. But now they may be going belly-up, what to do?:iono: Switch quickly to GEICO or some other company? Will AIG still pay claims on a timely basis if in Chapter 11?
If we switch, should it be ASAP? Or in October when the 128i arrives? Or at the next renewal in November? If any of you know the auto insurance business well, please chime in |
09-15-2008, 06:03 PM | #2 |
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As an Agent that sells AIG policies, the company still has money set aside in the claim account to pay claims. As a New York based company it still maintains New York Solvency Standards. They also have enough collateral to post if they should need to pay claims.
I would think that you should be fine. I'm sure some other company will come and buy them out or the Government will help them out lol. |
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09-15-2008, 06:39 PM | #3 |
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i think AIG is still a bit far from becoming a bankruptcy risk...as it is, they are aggressively restructuring to keep their premium credit rating. their revenues have been growing, so if they survive this hit (i think they are going to sell off a ton of assets for pennies on the dollar, but keep their core business), they should be in good shape imo.
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09-16-2008, 09:45 AM | #6 | |
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Quote:
Yes, because the individual companies (at least the insurance arms) of AIG are doing OK, it is the main holding company that is so in the crapper. Of course, if they keep raiding money from the subsidiaris, this could eventually change. |
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