Ten Essential Questions to Ask About Auto Insurance

Press Release Source: MetLife, Inc. On Thursday September 23, 2010, 8:10 am EDT

WARWICK, R.I.--(BUSINESS WIRE)--Despite many consumers reporting that they’re willing to pay more for insurance to gain better coverage and peace of mind, many Americans still have misconceptions about what their insurance policies provide. These findings come from the second of MetLife Auto & Home’s two-part “Insurance Literacy” survey, testing consumer knowledge of auto insurance basics. The survey revealed numerous surprises, including that more than half of Americans (52%) mistakenly believe if their new vehicles were totaled only a few weeks after purchasing them, insurance would pay for its full replacement cost, even though most auto insurance carriers subtract for depreciation and a deductible, potentially resulting in thousands of dollars in out-of-pocket expenses. The good news: these misconceptions and surprises can be avoided by simply increasing one’s understanding about auto insurance coverage, according to Bill Moore, president of MetLife Auto & Home®.

“The findings suggest that most consumers want more than just basic coverage from an auto policy, they desire broad protection and want to avoid costly surprises,” said Moore. “An important way to secure this peace of mind is by truly understanding what’s actually covered – and not covered – under your auto insurance policy. That can make all the difference at the time of a claim.”

Common Misconceptions

When it comes to understanding one’s automobile, the MetLife Auto & Home Insurance Literacy study revealed ten critical questions consumers need to ask when thinking about auto insurance:

Opportunities to Save Money

In addition to consumer misconceptions about coverage, the survey also revealed a number of untapped discounts and cost savings that many policyholders currently overlook. These include:

Flight to Quality

The MetLife Auto & Home Insurance Literacy Survey also debunked the idea that most consumers base their auto insurance decisions solely on price. In fact, Americans appear increasingly concerned about the actual protection they are receiving for their premium dollars. Of those surveyed, 77 percent said they were willing to pay more for better coverage and peace of mind, versus 17 percent who indicated they simply wanted the cheapest option available.

Want to test your knowledge of auto insurance and compare your answers to those who were surveyed? MetLife Auto & Home invites consumers to visit www.metlife.com/insurancequiz.

Methodology

The MetLife Auto & Home auto insurance survey sample consisted of interviews with 1,203 adults who have automobile insurance, and who are living in households with telephones. The interviewing was conducted May 26 to June 9, 2010.

The survey was conducted for MetLife Auto & Home by Zogby International, a public opinion, research, and business solutions firm with experience working in 65 countries around the globe. Founded and led by John Zogby since 1984, Zogby International ranks as one of the industry's leaders thanks to its reputation for superior accuracy and reliability. Zogby specializes in telephone, Internet, and face-to-face survey research and analysis for political, corporate, non-profit, and governmental clients. The firm is headquartered in Utica, New York, with offices in Washington D.C. and Dubai, United Arab Emirates.

The companies operating under the MetLife Auto & Home brand, affiliates of MetLife, Inc. (NYSE: MET - News), are, collectively, one of the nation’s leading personal lines property and casualty insurance providers, with more than 2.7 million policies in force. For more information about MetLife Auto & Home, visit MetLife’s Web site at www.metlife.com.

MetLife Auto & Home is a brand of Metropolitan Property and Casualty Insurance Company and its affiliates, Warwick, RI.

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More than 25,000 people in 10 countries will participate In 16th annual Prudential Global Volunteer Day

Press Release Source: Prudential Financial, Inc. On Monday September 27, 2010, 1:28 pm EDT
NEWARK, N.J.--(BUSINESS WIRE)--On Saturday, October 2, more than 25,000 Prudential Financial (NYSE:PRU - News) employees and their families and friends will be helping their communities by participating in the company’s 16th annual Global Volunteer Day. In addition to donating their time and talent to community service organizations located all over the world, each volunteer will have one dollar donated on their behalf by The Prudential Foundation to plant trees.
“Global Volunteer Day is more important than ever," said Prudential Chairman and CEO John Strangfeld. "These challenging economic times and the after-effects of natural disasters are continuing to have a deep impact, and many people really need our assistance. Global Volunteer Day brings us all together in ways that truly make a difference in the lives of the people who most deserve a helping hand.”
Prudential’s Global Volunteer Day was introduced in October 1995 to celebrate employees’ volunteer activities. That year, more than 5,000 Prudential associates and their families and friends worked on 100 volunteer projects in the United States and Japan. Last year, more than 22,000 people participated in 800 Global Volunteer Day projects in the United States and nine other countries where Prudential has a business presence.
This year, The Prudential Foundation will donate $1 to the Global ReLeaf Project of American Forests for each registered Global Volunteer Day participant in any community service activity that day. “A tree will be planted in environmentally important forests across the globe for each dollar donated,” said Gabriella Morris, vice president, Prudential Community Resources and president of The Prudential Foundation. “Planting a tree is a powerful symbol of hope -- and another opportunity to show our commitment to healthier communities now and in the future.”
Over the past 16 years, Prudential employees and their families, friends and business clients have contributed 1.9 million hours of personal time on Global Volunteer Day. Based on the current $20.85 hourly value for volunteer time set by the Independent Sector, the activities on Prudential Global Volunteer Day have a cumulative value of more than $30 million.
“What began 16 years ago with just 5,000 volunteers has grown many times over to become a centerpiece of Prudential’s community programs,” said Morris. “The popularity of Global Volunteer Day illustrates the shared belief that links our employees throughout the world – the importance of giving back to our communities.”
Prudential Global Volunteer Day projects include beautifying local parks, cleaning up school playgrounds, building homes, preparing food for the needy, caring for animals at a local shelter, holding a car wash for charity, mentoring children, and many other activities. The Prudential Foundation and Prudential award $1,000 Challenge Grants to nonprofit organizations for Global Volunteer Day projects that meet certain criteria. To date, 2,507 projects have earned $2.5 million in Challenge Grants for their partnering organizations.
Prudential Financial, Inc. (NYSE: PRU - News), a financial services leader with approximately $690 billion of assets under management as of June 30, 2010, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.

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