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Started By
Message
re: Insurance rates up? Here's why.
Posted on 1/4/24 at 10:32 am to VandyBoysWhistler
Posted on 1/4/24 at 10:32 am to VandyBoysWhistler
That doesn't explain why states like Illinois and Indiana have substantially lower premiums than La or Fl.
Attorneys do cost the industry and ultimately customers in premiums. The big bad insurance companies are not operating in a vacuum. We are all paying for those bulletin boards and TV commercials during Saints games in our premiums.
Attorneys do cost the industry and ultimately customers in premiums. The big bad insurance companies are not operating in a vacuum. We are all paying for those bulletin boards and TV commercials during Saints games in our premiums.
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Posted on 1/4/24 at 10:36 am to VandyBoysWhistler
The legislature passed an insurance reform bill a few years ago that was sold on the basis it would lower rates. When it didn’t the advocates came up with all kinds of excuses for why.
The massive amount of PI attorney advertising in Louisiana I’m sure has nothing to do with the fact we have nearly or are burdened with the highest auto rates in the nation.
Our legislature is bought and paid for by the PI attorney racket.
What a surprise.
The massive amount of PI attorney advertising in Louisiana I’m sure has nothing to do with the fact we have nearly or are burdened with the highest auto rates in the nation.
Our legislature is bought and paid for by the PI attorney racket.
What a surprise.
Posted on 1/4/24 at 11:14 am to VandyBoysWhistler
What you didn't mention was the impact of political policies that are soft on crime leading to rampant auto theft and an increase in criminal activity in general.
I mean who would have guessed that defunding police departments and elevating thugs like George Floyd to angel victim status would embolden criminals?
I mean who would have guessed that defunding police departments and elevating thugs like George Floyd to angel victim status would embolden criminals?
Posted on 1/4/24 at 11:16 am to VandyBoysWhistler
Economics math is hard for this board
Posted on 1/4/24 at 11:19 am to VandyBoysWhistler
quote:
Here is the bottom line. If carriers pay out more in claims than premium collected, everyone's premium is going up
You come across as highly intelligent. Can we be friends?
Posted on 1/4/24 at 11:30 am to VandyBoysWhistler
quote:
Been in the business since 1995 so I have a pretty good pulse on the industry. Over the last several years insurance companies have paid out more in claims than they have collected in premium, especially in auto liability claims. Vehicles cost more to repair today due to the technology on vehicles today. Most vehicles have cameras, lane departure signals and adaptive cruise control. When the technology is damaged, cost of repairs are up 200% in some cases. Finally, global catastrophic property claims are another reason. If you live on the coast, you will pay more in premium than someone who lives inland. Here is the bottom line. If carriers pay out more in claims than premium collected, everyone's premium is going up.
Okay. Now explain to me like I've 5 years old, that if i live in Mississippi or Texas my insurance is half the cost as it is in Louisiana??
Posted on 1/4/24 at 11:33 am to VandyBoysWhistler
Forgot the best part Injury Attorneys
Posted on 1/4/24 at 11:35 am to Mr Breeze
quote:
The massive amount of PI attorney advertising in Louisiana I’m sure has nothing to do with the fact we have nearly or are burdened with the highest auto rates in the nation.
It is not exclusively the cause but it is a good indicator. The fact a ton of money is being spent to attract new business indicates it is a profitable industry.
I hate to say this because I am a pretty shitty driver myself. La drivers are the worst are the nation. I have never seen so many wrecks in my life. I have driven in many states in my 45 years of driving.
Posted on 1/4/24 at 11:39 am to VandyBoysWhistler
We all know insurance is a scam and insurers are crooks. Don’t play if you can’t pay. It’s a risk they take, as do we paying premiums for years and never needing coverage. It’s not my fault auto and home repairs cost more. My car is paid for and doesn’t have most of the newer stuff in it.
Posted on 1/4/24 at 11:47 am to caill430
quote:
Unless you are talking about health insurance
You can thank the pharmaceutical industry for that one
Posted on 1/4/24 at 11:50 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.
Maybe if you had some balls and stood up to these piece of shite injury lawyers, we wouldnt' be in this situation.
My insurance company gave $50k to a piece of shite who had zero damage to his vehicle, but was the first car in a 5 car pileup. 3 insurance companies paid him money when they were not at fault, 2 at $25k each and us at $50k, and then he got over $300k from the 18 wheeler who was last in the accident and the only one at fault.
That asswipe got the $25k from the other two b/c that's what their limits of liability were. Ours is $100k, but $50k is the max you can get without having to go to a jury trial, so they only asked for $50k from us, and our insurance stupidly paid it. I begged them not to and they said it's easier to just pay it. We had the most damage of the 5 vehicles and weren't at fault, yet we didn't sue anyone. The piece of shite that got all the money literally had a little dent in his bumper that was varely visible, but but but my neck, my back, my neck and my back.
all these new roof claims b/c we manipulate the system and the inspector sees a couple of dents in the metal pieces on the roof so they blindly approve a new roof on the basis of hail damage while the homeowner pays their $1000 deductible, maybe stop handing those out like candy.
Posted on 1/4/24 at 11:51 am to VandyBoysWhistler
And not to mention those with no insurance
Posted on 1/4/24 at 11:57 am to VandyBoysWhistler
quote:
Most vehicles have cameras, lane departure signals and adaptive cruise control. When the technology is damaged, cost of repairs are up 200% in some cases.
I didn’t ask for any of this, and I surely don’t want it. However, these things are nearly impossible to dodge due to the “packages” they’re included in. Technology for the sake of technology on vehicles is a little out of control.
Posted on 1/4/24 at 12:10 pm to High C
Everyone has their hand in the cookie jar. I had someone back into me and went get a quote for the damages. I ran the part numbers on the quote, and lets just say that body shop was going to make a lil bit extra.
Posted on 1/4/24 at 12:43 pm to Motorboat
quote:
No one wants to hear this, but it is time for an increase in the minimums
Nope.
Time to go to no fault/PIP system
Posted on 1/4/24 at 12:58 pm to VandyBoysWhistler
quote:
Vehicles cost more to repair today due to the technology on vehicles today. Most vehicles have cameras, lane departure signals and adaptive cruise control. When the technology is damaged, cost of repairs are up 200% in some cases.
Are these safety features not reducing the number of accidents to balance it out? They should be. If not, it’s a waste of money to put them on the vehicle in the first place
Posted on 1/4/24 at 1:03 pm to VandyBoysWhistler
What about when payments don't pay out more than premiums? Why are rates not decreasing then?
Posted on 1/4/24 at 1:10 pm to deltaland
vehicles--- If you have assets less than 100 thousand not including your house, you should carry the minimum legal requirement. Less than 50 thousand and the no insurance approach is worth considering. Of the 10 million illegals I would guess 6 million have no insurance, they are on welfare.
Houses---If you have a mortgage , the lending company will hard hammer your insurance requirements
If you own your house out right, consider not covering with insurance. Your exposure will be limited by FEMA grants for uninsured property owners.
Houses---If you have a mortgage , the lending company will hard hammer your insurance requirements
If you own your house out right, consider not covering with insurance. Your exposure will be limited by FEMA grants for uninsured property owners.
Posted on 1/4/24 at 1:12 pm to GusMcRae
quote:
Well I don’t want most of those toys in my vehicle. You can’t find stripped down new vehicles though.
It's cheaper to find an 80's model Chevy or Ford and restore it.
Posted on 1/4/24 at 1:13 pm to Tiger Prawn
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?
Forecast better. Gradually increase. Forecast wrong in a different industry and you get fired. Insurance they just get to say “oops, you pay more now”
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