Car insurance rates and metaphorical sodomy

[Jake]

Wow that's crazy! Just goes to show how different people are rated so differently by the same companies

Yeah. And I think I may have some sort of "long term member" discount with Geico because I spun my policy off of my parents' policy back when I started driving, so that probably helps a bit (perhaps less than it did when I was 17).

[.RJ]

I switched everything to esurance after I got married. I got 3 cars and 2 drivers under what I was paying for 1 car before.

[ViPER1313]

Esurance can be cheap for the first year but will go up - when I cross shopped it, there were $100 worth discounts ($49 new member, $49 PayPal or something else) that were only good for 2x renewal periods.

[Scott]

I just tried insuring the 911 with Haggerty again* and it's still not cheaper than Geico ($775 vs. $465). It looks like it all hinges on the fact the deductible options are in multiples of $1000, so you're forced into $0 unless you want to open yourself up to paying out for any minor incident. Lame.

*last time they wouldn't because you have to own more cars than drivers

Get a quote from American Collectors insurance for the 911. I just swapped several of my cars over to them and their quote of 1/2 of Hagerty.

[Apoc]

I just tried insuring the 911 with Haggerty again* and it's still not cheaper than Geico ($775 vs. $465). It looks like it all hinges on the fact the deductible options are in multiples of $1000, so you're forced into $0 unless you want to open yourself up to paying out for any minor incident. Lame.

*last time they wouldn't because you have to own more cars than drivers

Get a quote from American Collectors insurance for the 911. I just swapped several of my cars over to them and their quote of 1/2 of Hagerty.

They just quoted me $611 per annum. $1000 deductibles get me to $541.

My guess is Geico has no idea what they're insuring, even though I've specified the replacement cost as $50,000.

[WRXtranceformed]

No surprise, State Farm came back 48% higher on our renewal for homeowner's insurance so daddy gets to go shopping again.

Never understood this industry, I don't think I've ever purchased products from companies that try so hard to discourage my repeat business

[JPolen01]

Never understood this industry, I don't think I've ever purchased products from companies that try so hard to discourage my repeat business

I really don't understand their business model. Why continue to raise rates on existing customers? I guess they just turn and burn and it works :dunno:

[WRXtranceformed]

Never understood this industry, I don't think I've ever purchased products from companies that try so hard to discourage my repeat business

I really don't understand their business model. Why continue to raise rates on existing customers? I guess they just turn and burn and it works :dunno:

Exactly...

First few calls were not promising unfortunately...Nationwide and LM were about $200/year higher than my renewal quote. Waiting on a call back from the local Allstate guy. I REALLY wish Esurance offered coverage in SC. Their auto is so much cheaper for us here, and it's an Allstate-backed company (which is why it's weird they don't offer it here)

[JPolen01]

Have you tried Erie? That's who we have used for the past couple years and they haven't raised our rates.

[WRXtranceformed]

Have you tried Erie? That's who we have used for the past couple years and they haven't raised our rates.

Good looks on the referral, looks like I had to track down a non-captured agent here via Erie's site to give me a quote. Probably best to go that route anyway since they can shop the market outside of the big names

[Apoc]

Never understood this industry, I don't think I've ever purchased products from companies that try so hard to discourage my repeat business

I really don't understand their business model. Why continue to raise rates on existing customers? I guess they just turn and burn and it works :dunno:

Most people find shopping for rates to be too onerous, which is why Progressive has done so well with the compare rates thing. The actual rates are based on math - as cost of replacement rises, so do rates. Back when I was a financial analyst for Allstate, the goal was to pay out no more than 85 cents on every dollar of premium collected. If that ain't happening, rates are going up. Contrary to popular belief, there are many lines of business that pay out more than they collect (loss ratio > 1.0).

[WRXtranceformed]

Never understood this industry, I don't think I've ever purchased products from companies that try so hard to discourage my repeat business

I really don't understand their business model. Why continue to raise rates on existing customers? I guess they just turn and burn and it works :dunno:

Most people find shopping for rates to be too onerous, which is why Progressive has done so well with the compare rates thing. The actual rates are based on math - as cost of replacement rises, so do rates. Back when I was a financial analyst for Allstate, the goal was to pay out no more than 85 cents on every dollar of premium collected. If that ain't happening, rates are going up. Contrary to popular belief, there are many lines of business that pay out more than they collect (loss ratio > 1.0).

I get that they have to maintain certain ratios, but does the cost to return my home to how it was before really rise that much every year? Are contractors' labor rates or the products themselves (ie granite, 2x4s) really increasing in price that much? For my belongings themselves, that replacement cost doesn't change so I guess I'm missing where they are seeing their dramatic rising costs unless it just has to do with higher number of claims being filed (ie a big flood hits). And that's not my fault if I've never filed a claim. The argument imo goes completely out the door for vehicle insurance...every day and every mile I put on my vehicle devalues it and the cost for those parts and labor should stay pretty consistent year over year.

Apparently Erie doesn't offer coverage in SC which would make sense why there were no agents local in SC and I had to look up the street in Ballantyne But this agent I tracked down can quote Kemper and Travelers so we'll see what they offer. The other big issue I have with homeowners insurance is a lot of companies apparently won't just quote homeowner's, it needs to be bundled with auto (which I am skeptical of, it's probably more just the agencies thinking it's not worth their time). I would be surprised if anyone can touch Esurance's rates here, the Allstate guy was floored when I told him our 6 month premium over the phone.

[Apoc]

I get that they have to maintain certain ratios, but does the cost to return my home to how it was before really rise that much every year? Are contractors' labor rates or the products themselves (ie granite, 2x4s) really increasing in price that much?

Google the cost of construction and materials. They've outpaced inflation by a good bit.

And that's not my fault if I've never filed a claim.

That's not how insurance works. The people that don't claim pay for people that do. If you don't like the model, self-insure... assuming your lien/mortgage holders allow you.

[WRXtranceformed]

Interesting...

Unfortunately I don't have that option with our lender

[JustinG]

Shopping around cause with the CX9 and the BMW on the policy it doubled with Safeco, from $12XX yr to $24XX yr.

What do you guys carry for coverage?

I really think I am too covered...same coverage on both cars.

Liability: 100/300/100
Med Expense: $5k
Income Loss: $100 week
Uninsured: 100/300/100
Comp: $250 Deductible with $0 Glass coverage
Coll: $500 deductible
Rental: $1500
Road Side: $75

Esurance came back, $645 / 6 months for the same coverage.

[Apoc]

Bodily Injury Liability: 100/300/50
Med Expense: waived (we have medical insurance)
Income Loss: waived (have disability at work)
Uninsured: 100/300
Comp: $500 deductible
Coll: $500 deductible
Rental: waived (we have three cars and public transportation)
Road Side: waived (we have it with various CPO and credit cards)

[WRXtranceformed]

Shopping around cause with the CX9 and the BMW on the policy it doubled with Safeco, from $12XX yr to $24XX yr.

What do you guys carry for coverage?

I really think I am too covered...same coverage on both cars.

Liability: 100/300/100
Med Expense: $5k
Income Loss: $100 week
Uninsured: 100/300/100
Comp: $250 Deductible with $0 Glass coverage
Coll: $500 deductible
Rental: $1500
Road Side: $75

Esurance came back, $645 / 6 months for the same coverage.

Esurance is good, that's who we use.  Bear in mind, they have a hidden discount that goes away after you have been a customer for a year.  You would think insurers would give you a reason to stay a customer but apparently not.

Here are our coverages which I consider to be pretty good:

BI - $100k/300k
PD - $100k
Med pay - Declined
UM BI - $100k/300k
UIM BI - $100k/300k
UM PD - $50k
UM PD - $50k
Rental car $30/$900
Roadside - Declined, we get this through both manufacturers for a few more years
Comprehensive and Collision deductibles with $0 glass ded - $500

You definitely have some stuff on there that imo you don't need...you could drop the income loss, drop your rental coverage some and even out your deductibles to $500

[.RJ]

esurance here. no complaints.

[Sijray21]

Shopping around cause with the CX9 and the BMW on the policy it doubled with Safeco, from $12XX yr to $24XX yr.

What do you guys carry for coverage?

I really think I am too covered...same coverage on both cars.

Liability: 100/300/100
Med Expense: $5k
Income Loss: $100 week
Uninsured: 100/300/100
Comp: $250 Deductible with $0 Glass coverage
Coll: $500 deductible
Rental: $1500
Road Side: $75

Esurance came back, $645 / 6 months for the same coverage.

$1200/6-mo?? GTFO

I have a very similar coverage and pay $750/6-mo, but we've had a couple claims in the last 5 YEARS. USAA here. I compared esurance and they're cheaper, but not by much.

[.RJ]

$500/6-months, suckers.