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Old 02-09-2016, 01:06 PM   #1
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My insurance rant

Anybody else experience this? I bought my Itasca Meridian in September. Bundled my auto and RV policies with Nat Gen. Just about $1265 for 6 months for the 2 vehicles. That seemed only slightly above reasonable when I compared it to my auto and homeowners policies, considering that my RV is worth about 1/2 of what my house was insured for. Just backed my car into a tree a few weeks ago. $4000 in damages. I pay my 500 deductible, Nat Gen picks up the rest. I just got my renewal for the next 6 months. $2625 for the next 6 months!!!!! MORE THAN DOUBLE!! And I know how this works. I'll call and complain, they'll tell me about my claim and they'll invite me to shop around. I'll find that all ins companies are about the same.
I mean what was the $1265 for?? It's not really about insuring anybody. It's all about profit. $1265 is just for a piece of paper you are mandated to have. If you actually have an accident and WE have to pay out, well now we have to get that money back too. Never mind about the decades of premiums paid when there were no claims, that's just more pure, greed driven profit. And the entire industry plays the game. There is no real competitive market.
OK that's the rant - Ideas, commentary, thoughts are welcome.
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Old 02-09-2016, 01:34 PM   #2
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Funny, I was rear ended while at a stop light several years ago. The driver who hit me admitted fault and repaired my car. Allstate jacked up my rate because my wife had a speeding ticket and I had an incident within the same year.

So long Allstate, after 30 plus years of no other tickets or incidents and rising premiums we are now with USAA. Should have done that years ago.
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Old 02-09-2016, 01:43 PM   #3
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Our insurance is coming up for renewal next month. Not going to like it at all. Bought the Magna so naturally the cast went up so I switched companies and got it lower. Then on our return from the maiden trip I got a ticket in CA for 12 over. (55 mph limit for trucks and the Magna is so smooth and powerful I just let it go too much on a very rare smooth downhill) First ticket in over 30 years. The in Aug I rear ended a guy that claimed a cop directed him to stop (accident location we were going through). Neither the wife nor I nor our grandson say anyone directing traffic. First accident since high school and I'm 69 now. But I know what'll happen to our rates anyway!
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Old 02-09-2016, 02:28 PM   #4
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'Leader' pricing..........

New client........lower initial premiums and then they will continue to creep up and up and up each renewal IF you haven't had any claims

Have a claim and then based on the type/cost of claim determines how high the premiums will jump.

In past 2 yrs. ins. premium has slowly increased. When I question the ins. agent about the increases and reason for them he didn't have an answer. Said he would check into it.
2 weeks later he e-mailed me that he had looked into it and all discounts had been applied and that the increases were cost of doing business.
And then he stated "If you cancel I can rewrite a new policy for same coverage and same premium as before"

SO I cancelled ---and got ins. from another company.
And every 2 yrs I will continue to shop around and change companies
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Old 02-09-2016, 02:34 PM   #5
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Nobody likes their premiums to go up, but in your case the premium went up because you had an accident and therefore are not as good a risk as you were before. Some insurance companies forgive the first one, others not. Shop around.

But, insurance is based on risk, the higher the risk, the more the premium. Without liability insurance you wouldn't be able to drive on public streets. Without collision you would have to foot the whole bill, plus you would not have gotten a loan to but the car in the first place. (Assuming you didn't pay cash).

I guess I should not complain about my insurance premiums for two cars, one house, one umbrella policy costing $2,665 a year.
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Old 02-09-2016, 02:49 PM   #6
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Also just left National General, The Good Sam insurance seems to have lost a lot when they changed from GMAC, now they want $15 cancellation fee! ha ha, small potatoes, I know but good luck with that. And we'll see if this premium starts going up
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Old 02-09-2016, 03:00 PM   #7
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Quote:
Originally Posted by wildtoad View Post
Some insurance companies forgive the first one, others not.
Sure they forgive you, because the "option" coverage for accident forgiveness costs you more every year you don't have one. They make out like bandits on that which they only offer to "good drivers". Pay me a little every year now for sure, or pay me more later if you do have an accident.

New car replacement is similar, but you only pay the inflated rate for the one year. Again, you have to qualify for that option, and they have data that shows just how many good drivers have an accident the first year of ownership vs. expected payout - guess who makes money on that? Selling the "fear" of you wrecking your new car - kind of like selling the "fear"of expensive repairs with extended service contracts........
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Old 02-09-2016, 03:07 PM   #8
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A couple things. Remember in most states insurance companies are allowed to use your credit rating as a factor in premiums. If there was a change in your credit situation toward the negative, then be prepared to pay higher premiums. Also there is a national database similar to credit bureaus that insurance companies share. Once a claim is reported to one insurance company it is published in the national database that all insurance companies use for future risk pricing.
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Old 02-09-2016, 03:52 PM   #9
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I will be renewing in about a month, still haven't gotten my premium notice. Last year I had road debris hit my side radiator, I filed a claim and they accepted. They haggled with Cummins Crosspoint on the repair estimate and settled on an amount, +$7K.

Now I am waiting to see what impact that has on my premiums, although I just got a small refund back on my car insurance, surprise surprise.
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Old 02-09-2016, 04:11 PM   #10
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Most or all insurance companies will base their rates on many factors including age of the driver.I do know that rates start to go up after 70 and continue to raise as the driver ages.If you are approaching a birthday you may want to ask your agent for an annual policy instead of a 6 mo. policy term.You will avoid the increase for a ;little while.
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Old 02-09-2016, 04:37 PM   #11
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And above all, make your agent put you out to bid every year. You don't have to take laying down.
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Old 02-09-2016, 10:23 PM   #12
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We received good advice from our long tome camping friends. Basically, the insurance companies will never show you any loyalty, so why be loyal to them. Look around ever year for better rates.

We also keep everything under one company, so we do get some discounts.

We all have these rants and sometimes it just makes you feel better, even though they're still going to give you the shaft.

My favorite, the utilities get anywhere from 7%-10% increases every year, yet no one in the country sees those type of living increases......how does that work?
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Old 02-09-2016, 10:37 PM   #13
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Insurance companies are not loyal..why should we be? Insuring any vehicle is like playing musical chairs. Sometimes you get a chair and sometimes you don't. I have trouble rationalizing why as a good driver (no accidents, no tickets) I get a rate increase which is used to subsidize the bad drivers?

Oh well it is what it is.....
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Old 02-10-2016, 02:32 PM   #14
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Quote:
Originally Posted by Dutch Star Don View Post
We received good advice from our long tome camping friends. Basically, the insurance companies will never show you any loyalty, so why be loyal to them. Look around ever year for better rates.

We also keep everything under one company, so we do get some discounts.

We all have these rants and sometimes it just makes you feel better, even though they're still going to give you the shaft.

My favorite, the utilities get anywhere from 7%-10% increases every year, yet no one in the country sees those type of living increases......how does that work?
That is due to the de-regulated industry in CA.
Prior to 2001 rate increases took years to get approval.
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