Since its inception in 2003, CheapAutosInsurance.com has cultivated a reputation for presenting accurate and comprehensive information. Over the past few weeks, as General Motors, Chrysler, and Ford have failed to gain support from Congress for a federal bailout to stave off bankruptcy, the site has assumed the responsibility of answering consumers’ questions about how things got to this point. In a new section titled “Is the Auto Industry Bailout-Worthy?,” CheapAutosInsurance’s writers critically assess the state of the industry and look to the future of American car manufacturing.
“This is a story you can’t escape,” said CheapAutosInsurance CEO Brian Severson. “People want to know how this happened, what the companies are going to do to warrant receiving taxpayer dollars, and now why the Senate decided to say no even though Chrysler, in particular, says it could run out of cash by the end of the year. We felt it was our responsibility to step forward with a succinct analysis of the situation.”
After initially being chastised on Capitol Hill for arriving, hat in hand, aboard corporate jets begging for federal dollars, the automakers were forced to admit that in order to receive help, they had to prove they were worthy. “They had some explaining to do,” said Severson. “Not just to Congress, but to the average American taxpayer. And they had to come up with a plan and timetables to show when they would be viable again and how they’d get there.”
Unfortunately, after presenting their financial plans in a second round of hearings and asking for $14 billion in federal loans, the Senate rejected the request. This refusal put GM and Chrysler in the position of either going under, getting help from the Bush White House, or waiting for Barack Obama. Ford, for its part, wanted a $9 billion line of credit, but said it can survive through 2009.
“When the Senate said no,” Severson said, “things ratcheted up and people started getting scared. We’re waiting now to hear what the Bush White House will do. That’s why we have our writers posting up-to-date news reports while the administration debates using funds from the $700 billion financial bailout fund for the carmakers. We don’t want to leave our readers hanging until a decision is made.”
Both the detailed industry analysis and the news updates illustrate CheapAutosInsurance’s commitment to providing material that is useful to their readers. “It may not be strictly in the realm of insurance,” Severson said, “but you can’t buy insurance for the car you don’t own and right now, a lot of our readers are wondering if they’ll ever buy a new car again.”
This coverage complements CheapAutosInsurance’s main mission: frank advice on discount auto insurance plans. Side-by-side with rate quotes, readers will find these articles and more on topics like traffic accidents, anti-theft devices and the pros and cons of having more than one vehicle on a policy. The content of CheapAutosInsurance.com is constantly refreshed to reflect the latest developments in the insurance industry. The editors welcome and invite your questions, comments, and ideas. Send email to: [email protected]
CheapAutosInsurance.com, based in San Jose, California, offers direct, accessible information on obtaining and maintaining car insurance that is both comprehensive and inexpensive. The site, launched in 2003, includes a straightforward request engine for auto insurance quotes coverage.
Contact Information Brian Severson CEO and President CheapAutosInsurance.com Santana Towers 3031 Tisch Way, 7th Floor San Jose, CA 95128 Ph. 408 516 4544 Email: Email Contact