AIG Selling Auto Insurance?

The American International Group, or AIG, has been in the news a lot lately. It seems as though the company doesn’t really have a clear focus on where they are going, how they got here, or how they are going to fix the mess that they are in. They are currently under fire for the bonuses that they tried to give out after they just had to take a handout from the government, and many are concerned that they are simply going to waste the money that they have been given and end up exactly where they were months ago.

The auto insurance element of AIG is one that has also been up for discussion. The money that they got from the government gives the US a stake in two of their companies. The government was planning on selling off what they had gotten to recoup part of their investment in the insurance company, but so far have not gotten a buy.

So how does this affect you if you already have your auto insurance through the company? If you already have it you are protected under the terms of the deal. The states are in the position of making sure that the auto insurance policies are honored, and that if you should end up having an auto insurance claim that you are covered. The government is also making sure that they hit their auto insurance requirements and responsibilities.

Even if they sell their auto insurance policies, you are still covered because of the premiums that you have paid. Your policy may change, but the fact that they have to pay you in case of an accident does not. Some think that if the feds take over the auto insurance portion of it that there would be better deals and protections, but there is nothing that would suggest that at this time.



 

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