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Started By
Message
re: Insurance rates up? Here's why.
Posted on 1/4/24 at 8:34 am to VandyBoysWhistler
Posted on 1/4/24 at 8:34 am to VandyBoysWhistler
Insurance fraud. Overscoped and inflated estimates. PAs, attorneys, contractors gouge tf out of carriers. Litigation out of control
1
Posted on 1/4/24 at 8:35 am to VandyBoysWhistler
quote:
Over the last several years insurance companies have paid out more in claims than they have collected in premium
frick them. That’s the bet they took.
Posted on 1/4/24 at 8:37 am to VandyBoysWhistler
quote:
Been in the business since 1995
GFY
Posted on 1/4/24 at 8:42 am to SaintEB
quote:Your buddy is stupid if he didn't (a) have uninsured/underinsured motorist insurance or (b) contact his insurance company if he does.
I have a coworker trying to get his truck fixed after it he was hit from behind in Oct. Freaking Oct. The other guys ins told him to get a quote from a particular body shop, got a $1300 quote, gave him the runaround for a month and a half, then said they wouldn't pay this body shop. To go to another. Dude can't get his truck fixed. Will probably have to hire a lawyer and sue for the repair, which will cost the insurance company way more than $1300.
Posted on 1/4/24 at 8:43 am to VandyBoysWhistler
quote:
Over the last several years insurance companies have paid out more in claims than they have collected in premium, especially in auto liability claims.
This story from June says the insurers have had a high loss ratio, but not that they "paid out more in claims than they have collected in premium."
LINK
The story blames a "combination of unusually active natural catastrophes and ongoing inflation-related challenges in the private auto business".
Also, my understanding is that insurers want their premiums to be pretty close to what they pay out, because their real source of profit is not premiums over payouts, it's investments. If their premiums get too high compared to payouts, that's an indication they are charging too much and a competitor will come in offering lower rates.
Posted on 1/4/24 at 8:44 am to HubbaBubba
quote:
Your buddy is stupid if he didn't (a) have uninsured/underinsured motorist insurance or (b) contact his insurance company if he does.
This.
I went to Louisiana to visit family, got rear ended by a dude with no insurance. Paid my deductible, let my insurance fix it, they went after him, got my deductible back and truck fixed.
Posted on 1/4/24 at 8:48 am to derp
quote:
Litigation out of control
This is a huge culprit in Louisiana. The number of billboards is a reflection of how profitable fender benders with fake injuries can be.
Posted on 1/4/24 at 8:49 am to HubbaBubba
quote:
Your buddy is stupid if he didn't (a) have uninsured/underinsured motorist insurance or (b) contact his insurance company if he does.
How would that help?
Posted on 1/4/24 at 8:53 am to VandyBoysWhistler
New Orleans car thieves and mlk in Houma are probably the biggest two contributors to auto claims.
Posted on 1/4/24 at 8:59 am to NewIberiaHaircut
So “they” insurance companies just up the ante “premiums”, see how that works?
24 years in the business and it’s amazing how many people think they need to file a claim to get their premiums back.
How many businesses can sustain +100% loss and stay in business?
24 years in the business and it’s amazing how many people think they need to file a claim to get their premiums back.
How many businesses can sustain +100% loss and stay in business?
Posted on 1/4/24 at 9:08 am to VandyBoysWhistler
quote:
Insurance rates up? Here's why.
More careless uninsured blacks in BR, NOLA, Shreveport and Monroe.
Next question.
Posted on 1/4/24 at 9:36 am to Barrister
quote:
bare minimum premiums
Louisiana has the highest auto premiums in the country.
My ha ins increased 126% in 2 yrs. Car insurance increased 100% same timeframe. Same vehicles. No claims. Oh and I put a new roof on my house in 2021 prior to Ida. 20+ yr history as a policy holder. Ive shopped and was told they cant beat what I got.
Posted on 1/4/24 at 9:39 am to VandyBoysWhistler
OK Obama
Posted on 1/4/24 at 9:41 am to The Mick
quote:What do you want them to do then? Keep letting expenses for claims and operating costs continue to exceed the premium revenue coming in and keep losing money?
No shite.
Doesn't make it right though...
Posted on 1/4/24 at 9:42 am to GusMcRae
quote:
Well I don’t want most of those toys in my vehicle. You can’t find stripped down new vehicles though.
Absolutely. Let's not forget that many of these gadgets and apps on new vehicles distract the driver's attention from the road causing more accidents.
Posted on 1/4/24 at 9:42 am to RougeDawg
quote:At least we got that NIL money and official injury lawyers of the Saints and LSUquote:
quote:
Litigation out of control
This is a huge culprit in Louisiana. The number of billboards is a reflection of how profitable fender benders with fake injuries can be.
Posted on 1/4/24 at 9:45 am to BlackPot
quote:
Then someone taking my share.
You know the money at the bank in your savings account isn't sitting on a shelf in the safe right? The bank has loaned your part out to someone.
Posted on 1/4/24 at 9:46 am to VandyBoysWhistler
But are they ( ins) making it up on the other end? I get the tech and gadgetry costs more ( I mean..my Volvo has the voice command option, screen select option OR,.I can write the directions ) and to get in an accident means more cost but... Either that tech ( auto breaking, lane guidance etc) is worthless or should reduce the injury claims
Posted on 1/4/24 at 10:02 am to VandyBoysWhistler
And then there's fraud.
When I was 25 or so, I had a fly by night insurance company. Anyway, someone hits me and dents the left front fender. No big deal; drivable, just cosmetic.
Adjuster comes to my work site and starts listing the damage:
* New Windshield
* New Hood
* New fender
* New Tires
* etc, etc...
Adjuster then tells me to go to a specific repair shop and we'll split the difference between his estimate and the actual repair cost.
Well, insurance company totals the car and sends me a check. They then ask if I want to by it back for about 30 cents on the dollar. I say "hell yea", take the money and drive the car for years more.
Don't know how common this is, but it sure opened my eyes.
When I was 25 or so, I had a fly by night insurance company. Anyway, someone hits me and dents the left front fender. No big deal; drivable, just cosmetic.
Adjuster comes to my work site and starts listing the damage:
* New Windshield
* New Hood
* New fender
* New Tires
* etc, etc...
Adjuster then tells me to go to a specific repair shop and we'll split the difference between his estimate and the actual repair cost.
Well, insurance company totals the car and sends me a check. They then ask if I want to by it back for about 30 cents on the dollar. I say "hell yea", take the money and drive the car for years more.
Don't know how common this is, but it sure opened my eyes.
Posted on 1/4/24 at 10:15 am to BoogaBear
quote:
I work for a top 10, I haven't seen the year end numbers yet but last I checked only one or 2 in the top 10 had a combined ratio under 100, meaning only 1 or 2 companies were profitable. Our commercial lines were, that's it.
Because they took losses on investments. They don't take premiums and keep them in a safety deposit box. Years with major hurricanes or wildfires not withstanding, insurance companies don't lose money. They play a shell game with it
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