Buying insurance for vehicles, property and other things is important, as cost escalation has made people depend on insurance companies to help them out when in need. Though most people are eligible for buying insurance, where these organizations have rules and regulations as to who can buy insurance and who cannot; there are many high risk people whom the normal insurance companies will not touch with a bargepole. It is to these categories of high-risk people, that the Infinity Property and Casualty Corporation come to the rescue. By paying a higher rate of premium, these people can get comparable coverage.
Infinity Property and Casualty Corporation (NASDAQ:IPCC) is a national, leading nonstandard auto insurer. They provide coverage to drivers who represent higher than normal risks due to their driving records, or age or vehicle type. They pay a higher rate than normal for comparable insurance.
This company provides innovative automobile products and services, which are tailored to meet the diverse needs of their customers. There are three types of products:
•They have a Low Cost policy, which is for individuals who have a bad driving record or those who have blemishes on their driving records. This is also for those who want to buy insurance to meet their state’s minimum requirements of insurance. They are mainly interested in obtaining basic coverage at the lowest price.
•Their Value-Added policy has a broader coverage than the Low Cost policy. This is for those who want to buy insurance to cover their assets but have a violation or two on their driving records.
•Customers who want higher limits and broader coverage but whose records are clean go for Premier policy.
Infinity also offers nonstandard commercial automobile coverage to organizations that employ one or more nonstandard risk drivers. These businesses should have a fleet of 12 or fewer vehicles. Organizations with hazardous operations or interstate commerce are generally avoided.
The Infinity and Casualty Corporation has more than 14,000 independent agents throughout the country. They provide insurance to drivers with a driving record of accidents, and/or tickets, the driver’s age, vehicle type or others.
Infinity is reported to be the third largest provider of nonstandard auto insurance through independent agents. IPCC is listed as one of the top 50 Property and Casualty Insurance companies. According to a press release, the organization has replaced its fleet of 400 sport utility vehicles with more fuel-efficient models. Their aim is to ‘go green’, says President and CEO Jim Gober. This new eco-friendly vehicle fleet was formed in December 2002
Their competitors include other insurers of nonstandard insurance like GEICO, Progressive, Allstate, State farm, USAA and Nationwide.
Infinity is licensed to operate in all the 50 states of America. It focuses its business on 18 states of which five are California, Texas, Florida, Georgia and Pennsylvania are the key markets. They believe that these ‘Urban zones’ offer the greatest opportunity for premium growth and profitability.