Does every state out there allow insurance companies to jack up their annual rates, without regulation of any kind? Utah allows ins. Co.'s to dictate to its customers the amount of coverages, forces you to have uninsured and underinsured coverage and with 0 losses and perfect driving record for over 40 years. Coverage still is raised 15% to 20% per year per vehicle. That's pretty much the exact thing called "protection racket", extortion that use to be ill-eagle.
- Thread starter Tequila
- Start date
Crazy Horse
Well-known Member
I hear ya for sure Tequila and have felt the same way many times. BUT isn't it interesting that pretty much all of us say to government ..... "HANDS OFF AND MIND YOUR OWN BUSINESS" ........ yet with insurance increases (and other similar things), we want them to butt in and bail us out if it is anything that takes money out of our pockets. In the meantime, don't forget that insurance companies are hit with the same increases in replacement and repair bills that everyone faces due to price increases in materials and labor, etc.
Goose
Well-known Member
I think a lot depends on the company.
We had all of our insurance with American Family for years, vehicles, homeowners, personal liability, etc., and never gave it a thought. Then last spring we refinanced our acreage to get a significantly lower interest rate and the people at Wells Fargo were appalled at how much we were paying for insurance.
The upshot was, I contacted a gal at a local independent agency and she got us the same coverage for about half the price. Like with anything else, it pays to shop around.
BTW, a couple of years ago, I was a co-defendant in a $115 million lawsuit and American Family had no end of reasons to bail out on the personal liability. The outcome was, the lawsuit was dismissed by the District Court and the Nebraska Attorney General's office barred the plaintiff from filing any more lawsuits in the State of Nebraska. It got my attention at the time, though.
We had all of our insurance with American Family for years, vehicles, homeowners, personal liability, etc., and never gave it a thought. Then last spring we refinanced our acreage to get a significantly lower interest rate and the people at Wells Fargo were appalled at how much we were paying for insurance.
The upshot was, I contacted a gal at a local independent agency and she got us the same coverage for about half the price. Like with anything else, it pays to shop around.
BTW, a couple of years ago, I was a co-defendant in a $115 million lawsuit and American Family had no end of reasons to bail out on the personal liability. The outcome was, the lawsuit was dismissed by the District Court and the Nebraska Attorney General's office barred the plaintiff from filing any more lawsuits in the State of Nebraska. It got my attention at the time, though.
Traditional Farmer
Well-known Member
- Location
- Virginia
The cost of repairing vehicles has gone up dramatically in the last few years.I have a good friend that owns a salvage yard that deals in late model import models,think its a BMW
that each front headlight assembly is $2500 new,what used to be a fender bender no big deal now runs in the thousand$ to repair plus air bags are very expensive to replace
and some cars have 8.No where for car insurance rates to go but up.
that each front headlight assembly is $2500 new,what used to be a fender bender no big deal now runs in the thousand$ to repair plus air bags are very expensive to replace
and some cars have 8.No where for car insurance rates to go but up.
1948CaseVAI
Well-known Member
Kansas has an insurance commissioner but the rate inceases for casualty companies are regulated by the market, as they should be. It is all about competition, and with the huge increases in sketchy lawsuits and increased costs of vehicle repair I think my increases are reasonable.
This year I actually get a large reduction ($240 per year) for adding a second vehicle and getting a multi-vehicle discount. I went from $850 for 6 months for my 2016 Dodge Challenger (will peg the speedo at 160 and keep accelerating) to $730 for 6 months because I added a 2004 F250. Go figure, but my agent says it is competition.
Russ from MN
Well-known Member
- Location
- Bemidji MN
I think the requirements are regulated by the state, so most of that coverage is required, as it should be. We used to have to change companies once in awhile to keep the cost down, but now we have been with Travelers for some time and it's been OK, but we haven't had any claims either. When we are traveling in the winter I can put my truck on just storage insurance and that saves quite a bit.
Doug - Iowa
Member
Progressive told me they would give me a big discount if I put one of those driving monitors on my 2013 Mustang. Yea right that's the last thing I need.
You are talking rubbish. All states have voluminous insurance regulations and rule, rate and form filing requirement. The amount of scrutiny varies widely by state, but in general the states with higher rates have the most intense regulations (NY, CA, MD, CT, MA, FL, etc.) and are the most difficult to deal with from a company standpoint. My company spends 10s of millions in salary and benefits in compliance efforts just to keep legal in all 51 jurisdictions. In some states where there is freedom to raise and lower rates, the market dictates and premiums are generally lower than average. Believe me we follow what are competitors are doing very closely and are always looking for an advantage.
Lester Isby
Member
I take you work in the insurance industry, that must be the company line, raise and LOWER, I have never seen insurance
premiums go down and I have been on planet earth 69 years.
premiums go down and I have been on planet earth 69 years.
Lester Isby
Member
JD I do the same thing, Insurance, cable tv, Internet. cell phone.
MarkB_MI
Well-known Member
- Location
- Motown USA
>"Utah allows ins. Co.'s to dictate to its customers the amount of coverages, forces you to have uninsured and underinsured coverage..."
I'm pretty sure that even in Utah, it is the state that mandates minimum coverage levels for motorists, not individual insurance companies.
It's been my experience that if you want to keep your premiums as low as possible, you have to be prepared to switch companies every three years. I switched auto insurance a couple of years ago because of a big rate hike. My new carrier just hit me with a big increase, so I just switched back to my old carrier. Go figure.
Michigan has some of the highest auto insurance rates in the company; we have true no-fault insurance (which was supposed to lower rates) and unlimited medical expenses. The insurance companies have lobbied for decades to change this system, although any time they're asked to open their books and explain how they're losing money they politely decline. People gripe about how the unlimited medical expense coverage makes insurance so expensive, they forget who would pay if this was changed: The cost of caring for severe injuries and long-term disabilities would ultimately fall on Michigan taxpayers. Pay me now or pay me later.
I'm pretty sure that even in Utah, it is the state that mandates minimum coverage levels for motorists, not individual insurance companies.
It's been my experience that if you want to keep your premiums as low as possible, you have to be prepared to switch companies every three years. I switched auto insurance a couple of years ago because of a big rate hike. My new carrier just hit me with a big increase, so I just switched back to my old carrier. Go figure.
Michigan has some of the highest auto insurance rates in the company; we have true no-fault insurance (which was supposed to lower rates) and unlimited medical expenses. The insurance companies have lobbied for decades to change this system, although any time they're asked to open their books and explain how they're losing money they politely decline. People gripe about how the unlimited medical expense coverage makes insurance so expensive, they forget who would pay if this was changed: The cost of caring for severe injuries and long-term disabilities would ultimately fall on Michigan taxpayers. Pay me now or pay me later.
Don't hurt to start shopping, I had Farmer's Ins. for 10 years. It started out cheaper than Country Companies then just went crazy high priced the last 3 or 4 years. Last fall the home owners went up $200 again, car and truck both up about 80 each, must take a lot of cash to make them dam dumb commercials and sponsor a race car. Got a letter in November saying all car ins. in Illinois was going up three percent, every body had a job, economy was good, gas was cheap, car parts were high priced and apparently it's just a dangerous place to drive. Screw them!! I started with Auto Owners ins. first of the year, don't know it it's any good but it's $1500 a year cheaper for the cars with same coverage and a little more coverage on home Ins. Old agent called and asked if it would be ok to try to beat the auto Owner price in a year, told the dumb azz last year would of been a better time.
insurance companies will raise your rate every year. maybe not much but they thrive on raising your rates just a little and hope you will just pay it that's why every 3/4 years you need to shop around. banks do the same thing on cds except they lower the interest just a tad so you wont cash it in that is why you need to shop around although you can get 3/5 percent guaranteed in the stock market. just my thoughts.
63 years here, 38 in the commercial insurance biz ... when costs go down rates can go down. My company has lowered rates many times, but unfortunately costs of what insurance pays for doesn't go down often.
As to the comment on Michigan rates... Yes, you have a very bad law there, and the trial bar doesn't want it to change. When y'all get tired enough of it it can change, I am thinking tar and feathers might be some incentive for your "representatives". I follow the annual efforts to change it in the industry trades so I do feel your pain when efforts fail.
63 years here, 38 in the commercial insurance biz ... when costs go down rates can go down. My company has lowered rates many times, but unfortunately costs of what insurance pays for doesn't go down often.
As to the comment on Michigan rates... Yes, you have a very bad law there, and the trial bar doesn't want it to change. When y'all get tired enough of it it can change, I am thinking tar and feathers might be some incentive for your "representatives". I follow the annual efforts to change it in the industry trades so I do feel your pain when efforts fail.
Well, I had country companies since about 1966, was perfectly satisfied until my daughter turned 16. I found her a super nice bright red Chevy two year old Cavalier 2 door low miles, beautiful car, called CC and asked about ins. but didn't have the vin #, a Cavalier is a Cav. no high perf. hot rod. got quoted 1200 a year, took it home & let her drive it, she was hooked. Called CC next morning and told them I bought it and gave them the vin#. They called me at noon and the price went up 800 bucks, said the serial number made it some kind of dangerous car and they couldn't help it, an 04 Cavalier with an engine the size of a lunch box??? Told them to forget that car, cancel my other three plus home owners and send me a refund. That car was about 700 a year with Farmers at the time. I never met that agent, she was brand new and replaced the one I had for years, think she just made a mistake probably but I was royally pizzed at the time.
========================
tequila,
From your choices of words and phrases, I have a feeling you are upset about companies not wanting to insure you. I have uninsured and underinsured coverage because of all the deadbeats and reckless drivers on the road today. I have a perfect driving record for 40 years and that gets me some discounts on my premiums for two vehicles.
My wife and I are always afraid of drivers full of tequila.
By the way...."ill-eagle" is a sick bird. I think you mean "illegal"!
LA in WI
Texasmark1
Well-known Member
Seems everybody looks for a reason to up the cost of their products annually with some kind of flimsy excuse. Maybe my head is in a hole in the ground but weather related losses across the country are tremendous. My State Farm company last year said they made a profit, not from monthly fees, but by their investments in the stock market.......that's where we are and in a way that's sad. I don't know how reputable (I guess they all are) companies survive.
I've been with SF for 25 or so years and my annual discounts are huge, so large that it would not benefit me to move to another company. Yes my rates go up annually. Yes little tricks like checking one's credit rating has an impact on rates as does where you live and on and on; any excuse to justify a rate increase. Texas regulates the industry here. That's good for me. Helps me to get forms to fill out without unseen "gotchas" that it would take a Philadelphia lawyer to spot.
I've been with SF for 25 or so years and my annual discounts are huge, so large that it would not benefit me to move to another company. Yes my rates go up annually. Yes little tricks like checking one's credit rating has an impact on rates as does where you live and on and on; any excuse to justify a rate increase. Texas regulates the industry here. That's good for me. Helps me to get forms to fill out without unseen "gotchas" that it would take a Philadelphia lawyer to spot.
I just got a quote from Allstate on my auto and home owners. It is lower than I am paying now with Auto-Owners ins co. IIRC like $80 for auto and $100 on house ? I have not switched and one reason is I am worried if I do then next time around the new company will raise their prices so I may not be any farther ahead ? Another is that the few auto claims I did have with Auto-Owners were handled fine. A new company is an unknown.
A couple of years ago Farmers had a similar savings quote to me. I didn't switch to them as they wanted to charge me a $25 fee to transfer my autos ? WTF ! With I think 5 cars at that time that would eat up any savings right there !
A couple of years ago Farmers had a similar savings quote to me. I didn't switch to them as they wanted to charge me a $25 fee to transfer my autos ? WTF ! With I think 5 cars at that time that would eat up any savings right there !
BarnyardEngineering
Well-known Member
- Location
- Rochester, NY
Have you seen the cost of ANYTHING go down in those 69 years, though? Anything now costs less than it did when you were a boy?
Similar threads
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today.
Copyright © 1997-2024 Yesterday's Tractor Co.
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
Yesterday's Tractors - Antique Tractor Headquarters
Website Accessibility Policy