| The Arizona Department of Insurance is charged with monitoring, authorizing and investigating insurance matters throughout the state. The ADI licenses such professionals as insurance agencies, agents, surplus brokers and general agents. Consumers can research insurance companies to make sure they’re licensed to do business in Arizona and can find plenty of insurance-related resources.
The Arizona Department of Insurance does a good job of providing consumer information to the state’s citizens. ADI publishes materials like A Consumer Guide To Automobile Insurance, Automobile Premium Comparison Survey and A Personal Automobile Insurance Frequently Asked Questions. These documents can act as true information people can use when determining how much insurance coverage they need, which insurance companies to purchase policies from and what a reasonable price to pay for such coverage is.
The Arizona Financial Responsibility Law requires those who own automobiles in the state to possess insurance coverage of at least $15,000 per person/$30,000 per occurrence. The Arizona Financial Responsibility Law allows insurance companies to include an exclusion to its minimum financial responsibility laws that states, “We do not provide Liability Coverage for any ‘insured’ for ‘bodily injury’ to you or any ‘family member’ to the extent that the limits of liability for this coverage exceed the limits of liabilities required by the Arizona Financial Responsibility Law.” The ADI warns consumers to read their policies carefully to determine if this exclusion clause exists in their individual insurance policies.
The ADI wants consumers to also understand that insurance companies doing business in Arizona can also use a variety of resources to determine whether they qualify for coverage. The ADI permits insurers to look at an individual’s credit history and an individual’s loss history information. The ADI allows insurers to use credit-reporting agencies to look at how well a consumer pays his or her bills and allows insurers to use ChoicePoint and other similar organizations which use the Comprehensive Loss Underwriting Exchange to inspect the consumer’s loss history. |
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