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Old 03-27-2011, 03:00 PM   #15
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USAA will not insure costly RVs or boats. They will refer you to Progressive. As noted elsewhere, I refuse to use Progressive for the reasons found if you google or bing their chairman, Peter Lewis.
Wow! If I did business based on the political leanings of company executives, I'd have to learn Chinese!
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Old 03-27-2011, 05:51 PM   #16
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My GMAC for my MH & toad renew next week.
It is the same prices as 6 months ago. But it is $8 higher then it was in April 2007.
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Old 03-27-2011, 09:29 PM   #17
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Insurance companies, right up there with big oil and drug companies. We love to hate 'em, but they're a necessary 'evil'.

Insurance premiums are based on a lot of factors. Some are obvious and others are not. Obvious would be things like hurricanes and hail storms, not so obvious, at least to the general public, is what goes on at your state house, fraud (which was correctly identified, in a previous post, as going up during an economic downturn), an activist judiciary (twisting policy language to cover things never intended), and so on. You get the idea.

Insurance of all kinds is highly regulated and scrutinized. The government tells every company what coverages must be offered, to whom, and regulates the price within some narrow guidelines. It used to be that you paid less than the actual cost of claims as insurance companies made their money from investing your premiums while being held to pay future claims. I remember meetings and charts showing claim related expenses as much as $1.10 for every dollar collected in premium. Of course that was back when my 401k was returning 25% a year. As the economy has gone into the dumper all insurance companies have had to take premium increases to stay in business. I suspect most have business models now requiring an underwriting profit, not depending on investment income, but they'll cut it as close as possible to stay competitive.

While it would seem that the same external forces would be working on all companies within any given market equally, they don't all react the same, or as quickly, to those market forces. Raise your rates ahead of the competition and you'll loose market share. Be too slow to react to negative factors and you run the risk of putting yourself out of business, or at least behind the 8 ball for a long time. It's a thin line, but it explains why in one year company A's rates are better than company B, but in a year or two that seems to have reversed.

The best advice. By all means shop around, but, in general, you want a company with the strength to survive the worst catastrophe so you know they'll be there when you need them. Most companies, by the way, do offer discounts for multiple vehicles, or for packaging your home with your vehicles, and loyalty can pay off. Many companies will 'forgive' an accident (by not surcharging your policy - charging you extra money) if you've been with them for a number of years.

$2 per month, in my case, would be just under a 2% increase. That wouldn't get me shopping. If, like some of you, I suddenly got notice of a 30, 40 or 50% increase, I'd be looking.

Before someone makes a comment, yes, I am retired after more than 30 years with State Farm, in the claim department. We were not always the most competitive on price, but the company has survived almost 90 years by being more conservative than some. There are some big name companies that disappeared after the big bubble in the 80s, as example, as they were taking anyone that was breathing on their own, with unbeatable prices, just to get the investment money in the door. They got away with it only as long as those 20% plus returns lasted, then were gone, leaving thousands with claims holding an empty bag. (In most states the surviving companies end up covering the losses, resulting in premium increases for their customers. Any remaining assests of the 'deceased' company are sold off to put toward any remaining claims, but it's usually pennies on the dollar)

And a little State Farm trivia. Hurricane Andrew cost the State Farm home owners company 100% of its assets. Yes, 100%. It wiped them out. Why are they still around? The Auto Company, always our biggest, wrote them a check for the full 3.8 billion. Without that financial strength to back them up thousands would have lost everything, with no safety net to catch them. (After Andrew, State Farm started a new, Florida only, subsidiary to legally isolate the parent company in case it would ever happen again, thus minimizing the possibility that another Andrew could take the whole company down). Then there was Katrina. It wiped out every cent of profit the company had made in the previous 20 years, yet they're still the best bet for stability and reliability. It all comes down to conservative common sense business decisions.

Oh, and one more thing. The parent company, State Farm Mutual Automobile Insurance Company is, well, a mutual. That is, there are no stock holders. It's something like a cooperative in that any excess profits are returned to the policy holders. It doesn't happen often, remember they're cutting it as close as they can to remain competitive, but anyone that's been with State Farm for a long time may have seen a dividend check come to them in the mail.

Bottom line. There's a lot of factors that go into pricing insurance, including miscalculations made by the company, or its representative (your agent), but those are a relatively small influence compared to legislative, loss and economic influences.
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Old 03-27-2011, 10:02 PM   #18
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USAA will not insure costly RVs or boats. They will refer you to Progressive. As noted elsewhere, I refuse to use Progressive for the reasons found if you google or bing their chairman, Peter Lewis.
I moved from The Hartford (AARP) to USAA on our car and we certainly did save quite a bit of money. I thought that this would have been a win-win if I were to envelope my insurance policies for both the car and the RV however when they forwarded me to Progressive and they gave me a quote, they were $350.00 higher for the same coverage that I have now with my current RV insurance company. I was disappointed but I'll stay the course with what I have and I am glad to be paying less for a USAA automotive policy.

Poliseek is our RV insurance agent. They are able to quote from any number of RV Insurance Companies.
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Old 03-27-2011, 10:13 PM   #19
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I review all my insurance every three years, I don't owe any insurance company my business. Insurance compainies wouldn't have a problem dropping me so I don't have a problem dropping them if they can't compete (I have never had an accident or ticket and the only claim I had was a broken windshield). I just switched from The Hartford (AARP) to Liberty Mutual (Generation America) because Liberty Mutual beat The Hartfords costs on all of my policies (home, auto, & RV). I also just swithced from AARP to Generation America, www.generationamerica.org . Liberty Mutual are also 1 year policies.
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Old 03-27-2011, 10:54 PM   #20
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(I have never had an accident or ticket and the only claim I had was a broken windshield).
So thats not your RV in your Avatar?
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Old 03-28-2011, 07:14 AM   #21
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Jim,
This might sound dumb but what's an "Avatar"? Couldn't find it in my dictionary.....help me, help me.
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Old 03-28-2011, 08:02 AM   #22
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The photo of the smokin' motor home under your name.
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Old 03-28-2011, 08:09 AM   #23
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You ask ‘What's the deal with the rise in premiums?’ Here is my experience: During our 1st snow in December, my MH roof started leaking (it stays outside). In a panic I went to my local CW. The 1st question was what insurance I have (SF); then said they could replace the roof for $7500 and SF was easy to work with and would probably pay for all but my deductible because the damage was caused by hitting a low tree branch. I went home, inspected the roof myself and found the 6 inch rip. I did some online research (that is when I found this gem IRV2). For my situation, I ordered a roll of eternabond, used a hair dryer to heat the area (needs to be above 50 degrees) and fixed the hole in 10 minutes. That was many storms ago and the roof hasn’t leaked yet. I also ordered liquid roof so I can re-coat the entire roof when dryer weather gets here (not required but…). So, DIY for a couple hundred and a good day’s work or just let the insurance pay. “I” get a new roof, “Your” premium goes up $2 to pay for it. So ends my 2 cents worth.
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Old 03-28-2011, 02:23 PM   #24
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The photo of the smokin' motor home under your name.
I think those are trees, Jim & Jay. Granted, that small of a pic & it does look like smoke pouring out of an on-fire MH, especially with the glow seen through the windshield.

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Old 03-28-2011, 03:09 PM   #25
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Lori,
You're right those are trees and the beginning of a snow storm during one of our Memorial Day trips in the Owyhee Mountains just south of Boise, ID. We were toasty warm inside and having a cocktail watching the snow. We did have a small campfire outside but the snow quickly put that out.
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Old 03-28-2011, 04:51 PM   #26
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Lori,
You're right those are trees and the beginning of a snow storm during one of our Memorial Day trips
Ron
Wow.. it REALLY looks like smoke But, now that you say its tress, I can see them , go figure
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Old 03-28-2011, 06:18 PM   #27
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OK, chalk that up to yet another symptom of aging - failing eye sight.
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Old 03-28-2011, 06:35 PM   #28
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OK, chalk that up to yet another symptom of aging - failing eye sight.
Hey.. I'm only 42
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