OT--Automobile Insurance

Over the years, I have noticed when you purchase collision automobile insurance, the value of the vehicle continues to decline, along with coverage, but the premium stays the same :?:
I have carried State Farm Ins. for about 40 years and I wonder if all companies are the same concerning this matter :?:

would be nice to see it decline, if I ran in a ditch today I sure wouldn't get much for my old beater, but I have never seen it decrease except for when my tickets came off my record when i was younger. I think what would happen if it did decrease it would also be quite a bit higher at the start of a policy.

I had Nationwide for 15 years. Last bill for 2006 chev HHr and Chevy 2500 pick-up was $712 for 6 months. I tried State Farm about same price. I contacted AARP and bought the same policy through Hartford for $760 for one year not six months. When I had my tree service I would get quotes evry three years. You have to watch a company if you have been with then very long. i feel they take advantage. Good Luck

Another vehicle related cost to keep an eye on is Emergency Road Service Policies.I guarantee that if you have been with a service company for 4 years that a new subscriber can buy the same policy for at leat $50.00 less per year than what you as a senior and faithful customer have to pay. It has been happening to me for the last 3 years and I am looking I can guarantee you .

You also have to be very careful! Not all insurance companies are created equal. Some are slow to pay and then only pay the least possible amount. You can check on your company online! The last thing you want is a company that is slow in paying or that you have to fight with to get what you deserve!

A few years ago after a bad storm with lots of hail damage 2 insurance companies set up shop in a local school paring lot using campers as an office. All the other people had to wait till their companies got around to em. Both companies picked up a lot of customers after that. And in 97 after the blizzard a lot of pole barns collapsed. Know several people who lost buildings with tools and equipment in them. The same 2 companies were great. One told a freind "give us an estamate of the value of the tools you had in there. We know the value of the tractor. Add in everything else like parts. Don't go in there and get hurt. We will have a company come out and clean up the site. Pay to replace the building and all the contents. Cost him his 500 in deductable. He had replacement cost on the contents so he got all new tools, welding a cutting setups and so on.

Sure you pay a little more for that kind of service but when you have a loss you really don't want to play games.

On the other hand a few yeasr ago my FIL who is always trying to save a buck lost most of the shingles on his roof. It took the insurance company almost a month just to get an adjuster out there. And then they low balled the estamate.

Rick

Your first problem is having State Farm. They"re the biggest shysters in the insurance business.

For the most part anymore, the annual or senmi annual insurance increases eat up the amount of premium decrease of the depreciation. Or that is the way here in Ok. The companies keep taking premium rate increases to keep up with natural disasters and my pickup keeps depreciating in value

I've had Allstate for 38 years, and the same story. Vehicle is worth less, yet the policy stays the same amount. I too have wondered that, but never questioned it. I have Allstate Indemnity which can't be bought any longer. Every year I get price quotes from several others just to be sure I'm not getting bent over, and no one yet has been able to touch the rates I pay so I stay with them. The plus side, every claim I've ever had with them has been handled perfectly, absolutely no complaints. The wife totaled a car out one time (her fault) and I was ready to fight them if needed. The car was older but had low mileage and I was still carrying full coverage on it. I looked up the value on KBB and NADA and figured in my mind it was worth top dollar and was willing to fight for it. The adjuster called from the impound yard after inspecting the car the day after the accident and offered several hundred more than I expected.
House got hail damage one year, roof was just 1 year old and the wife and I put it on. I called in a claim on a patio cover and carport (as well as sevearal cars) and they asked about the roof. I told them it was OK. They sent out the inspector a few days later and he said the roof had hidden damages and they would pay to replace the complete roof. I was shocked. The house was paid for, so they cut me a check. I had the roof replaced (2700 sq. ft. 30 yr. shingles), the sheet metal on the patio cover and had the old carport removed and replaced with a larger and much nicer new carport. I also had some guttering put up so I could show proof I used the whole amount of the check. My out of pocket was less than 200 bucks when it was all said and done.
I've had several folks tell me I'm crazy for sticking with them all these years. Of course they are the same folks that have to hire an attorney to get their insurance company to pay off.
The best part, I can drive over to my agents office and actually sit down and ask questions. Try that with a little green lizard, or some silly looking woman on TV yelling "Discount"!

I have a friend that has been the collision repair business for years. He will tell you in no uncertain terms which insurance companies are best to deal with. Might want to contact a local body shop with a good reputation and ask them.

(quoted from post at 13:57:48 07/26/11) I've had Allstate for 38 years, and the same story. Vehicle is worth less, yet the policy stays the same amount. I too have wondered that, but never questioned it. I have Allstate Indemnity which can't be bought any longer. Every year I get price quotes from several others just to be sure I'm not getting bent over, and no one yet has been able to touch the rates I pay so I stay with them. The plus side, every claim I've ever had with them has been handled perfectly, absolutely no complaints. The wife totaled a car out one time (her fault) and I was ready to fight them if needed. The car was older but had low mileage and I was still carrying full coverage on it. I looked up the value on KBB and NADA and figured in my mind it was worth top dollar and was willing to fight for it. The adjuster called from the impound yard after inspecting the car the day after the accident and offered several hundred more than I expected.
House got hail damage one year, roof was just 1 year old and the wife and I put it on. I called in a claim on a patio cover and carport (as well as sevearal cars) and they asked about the roof. I told them it was OK. They sent out the inspector a few days later and he said the roof had hidden damages and they would pay to replace the complete roof. I was shocked. The house was paid for, so they cut me a check. I had the roof replaced (2700 sq. ft. 30 yr. shingles), the sheet metal on the patio cover and had the old carport removed and replaced with a larger and much nicer new carport. I also had some guttering put up so I could show proof I used the whole amount of the check. My out of pocket was less than 200 bucks when it was all said and done.
I've had several folks tell me I'm crazy for sticking with them all these years. Of course they are the same folks that have to hire an attorney to get their insurance company to pay off.
The best part, I can drive over to my agents office and actually sit down and ask questions. Try that with a little green lizard, or some silly looking woman on TV yelling "Discount"!

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A lot depends on state laws too. MN has laws for insurance that favors the insured. Some states favor the companies. I've been with American Family for years and am very happy with them. I went with them right after I got my MN State multi line adjusters license.

Rick

My experience with insurance coverage & premium costs. Some may have better experiences, others maybe not so good.
Have been with State Farm over 50 years. My full coverage on primary vehicle is less than some of the TV advertisers say they will save.
Of course, I get several discounts- multiple vehicles covered, over 25 years since last ticket, largest ticket was 64 in 55 zone, no preventable accidents lifetime, over age 55 defensive driver course with preiodic refreshers, retired diesel pilot/ over 100000 miles annually, over 40 years experience.
Reference premium staying the same as value decreases- body parts such as doors, fender panels, glass, trim etc cost about the same for older cars as for new. I'm sure the body shop guy doesn't cut his wages if happens to be working on a 10 year old car compared to a new one.
Whether or not to continue comp coverage, it's a judgement call. My thoughts are that when 5 years of comp premium equals the value of the car, it's time to drop it, carry liability only.
Point of info- Mn mandates 10% premium discount for those who take the over age 55 classes. First class is 8 hours, costs 20 bucks, refreshers every 3 years are 4 hours, cost 10 bucks. Time & cash well spent, check with your agent.
YMMV
WJ

State Farm will cancel you if you file more than one claim. They are all bad news. Take your money for years. You file a claim and suddenly they are no longer in your corner.With good neighbors like State Farm you don't need any enemies. How ridiculous to pay ins. premiums for years and then be afraid to file a claim when you have a covered loss.

I had car insurance with Hartford for a few years...and they dropped me. NOT because they paid out any claims on me, but because MY car kept getting hit by others who were UNQUESTIONABLY at fault...like when I was parked and not moving on a parking lot, and got smashed into by a teenager who had just gotten her drivers license that week.

The reason for cancellation? I was having too many "incidents"...even if NONE of them were my fault. Been with Progressive ever since, and have no complaints.

I wouldn't wish Progressive on my worst enemy. Sold 1 vehicle, bought a another one, they refused to drop the coverage on a vehicle I no longer owned or had anything to do with without a fight. The straw that broke the camel's back was they would not cancel my policy when I got divorced. It took 3 months of them calling for payment and me telling them "You're fired!" and me refusing to pay them before they got the hint.

State Farm very efficiently screwed me out of my life insurance.

I had a paid up $10,000 policy with them. Their local agent called me and told me they could roll it over into a $30,000 policy at no further cost to me. He said the income from the paid up policy would cover the premiums for the $30,000 policy. I bit on it.

Six months later, the policy was cancelled for "non payment of premiums". I'd never gotten a single bill for additional premiums.

It wasn't a misunderstanding on my part. Several other people told me they'd been scammed by State Farm the same way.

I've never had any problem with Progressive. I've been using them for about 12 years and I go through a lot of vehicles. Every time I junk one out or add a new one I just log into their website and add or remove a vehicle and they send me a bill or a check. I've had a few accidents, but none were my fault and I only have liability insurance. One guy rear-ended me had really shady insurance who would not pay for for my repairs (after 6 months of trying to get it) so I called up Progressive and they just said "we'll take care of it" and a few days later I got my check from that insurance company.

I have had Esurance for several years. They are OK. Cheaper than others I have had.

Are you sure it wasn't the AGENT that scammed you out of your money. I would sure check with a lawyer before I abandoned that much money.....

hi--well all in. companies are a ripoff!! and we are all in dire straits...but this site helps us fight. i have triple aaa auto club insurance. half the cost of anyone. i have not had a claim to know how they operate. good luck.
oh--geico is a big JOKE! they were the highest
of my quotes.

I been with Travelers for 25yrs.When Geico and the rest of the big advertisers started harping there big discounts some years ago I tried some quotes over the phone.What they do is quote you with a perfect driving record,no tickets,accidents,claims etc.They wont check your record till you sign up and give them first payment over the phone.It cost them money to check your record.Then if they find anything on your record that quote they gave gave you goes right out the window.So beware of this tactic.It wont matter either if you tell them your record over the phone ,they aren"t even listening to you about that.Im in New York so dont know if this is allowed everywhere as state laws vary.One more thing,I found out with last renewal in fine print that all knocks against you now stay on record for 5yrs.
So buyer beware.

Good Luck

Stan

There is no company that offers the best deal for every person. You have to get quotes from different companies online and see which companies can provide you with the best price:
http://www.quotes center.com/auto insurance calculator

Jiles,

If you're a vet try United Services Automobile Association (USAA). 800-531-8722 www.USAA.com

I've been with them since '63, both vehicle and home owners/renters. They're a great outfit to deal with. Everything is handled from the home office in San Antonio. I've never had problem with USAA.

Pete

I think Farm Bureau gives them a run for their money to keep that title.

Progressive has all the promotional come ons for home owner, multi car and name your price, etc and I already had them, but whenever I called there was never any discounts for me.
I no longer have Progressive.
This gets back to what I've said about insurances if I have to have a state mandated insurance then there should be a fixed price. Liability could be fixed at $10-15 month and then any thing else could be variable like full coverage, boat, etc..

You get what you pay for most of the time. It's the same with insurance companies.

People need to stop thinking about insurance as something the government is forcing you to have on your vehicles and start thinking of what if! None of us expect to have an accident but it happens!

1. Learn a little about your state laws reguarding insurance and your VS their rights. It varies from state to state.

2. Check on line how the different companies rate in your state! Some insurance companies are great in one state but bad in others! In some states you can stack your policies on multipal vehicles. That means that if you have 100K in personal injury per vehicle, with 2 the policies stack and you are covered for double or 200K in this case per event (accident). Stacking generally cost a few dollars a month extra but when you have a bad accident and are injured can really save you in the long run.

3. Steer clear on companies that are slow in setteling a claim. It can make your life a living he** if your are trying to recover from a loss and have to fight with your insurance company on top of that. I may be a little more expensive else where but when you have a claim that little extra can come back to you in spades!

4. Read your policey! If you have any questions about the policey go talk to your agent! If your agent can't or will not explain things to you it may be time to change agents! You should be familiar with things like RCV (replacement cost value (really important for home owners)). The best time to figure out if your insurance is good and the agent ok is BEFORE something bad happens.

5. When a loss occures don't take your agents word that something isn't covered. You have a toll fre number, use it. Most state requirements for and agent are very low. Some states as little as 6 weeks of training. Most of the time they know just enough to be dangerous. That is why most companies provide a toll free number. They don't want you in court suing because the agent had it wrong. I've seen this more than once. Don't get me wrong, some agents are great and really know what they are doing.

With as sue happy as some people are anymore you really want good coverage. You don't need a mountain of medical bills that your "great price" insurance company is taking their time in paying or being sued because your insurance company isn't/hasn't paid a claim.

Not saying that a company that is cheaper is bad. But you need to know before some drunk tee bones you on the highway.

I was with a major company for my insurance. When I went to adjuster school and aquired my MN independant adjusters license I went and ask my agent (long term guy who has been and agent for a long time) some questions about what was covered and what wasn't. I was shocked at what this guy didn't know. I found a new agent.

Rick

(I already had them,) some may have figured that it meant Prg' insurance not the various discounts.
The gov mandated insurance is more my pet peeve than any thing ever going to change. Don't like buying this from somebody on commission instead of a fixed price, insurances also have their coffers full that they make interest from without any payback to customers.

LOL not really. Watch the quartely reports. Insurance companies don't make as much as you would think. They are ones everyone wants to blame for the price of health care. The blame lays with the pharmaceutical companies and the HMO's. The average profit on medical insurance is 6%. The only reason thay can stay in business on that amount is because they have no materials to purchase to produce a product, no warehousing, no factory and no transportation cost. Some companies make as little as 2% while the high side is 16%. Oh darn the president lied again! Seems every president sense I was old enough to vote lies! Think about it. Federally mandated health insurance......seems the insurance companies would want that. Everyone in America would have to buy your product! Then why did they fight it so hard? They love mandated auto insurance cause they can refuse to insure a high risk driver but they can't refuse coverage on a sick person. Someone they know is going to cost them way more than the premium. Now add in the sue happy people of the country. Because of that instead of a doctor saying this is whats wrong and how to fix it. Because he might be in error now he wants to do all the test and screenings just to protect himself. So instead of a 15 min visit, an ACE wrap and some asprin now they are exrays and MRI's and 4 hours spent in the med facility.

Rick