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I think I've been getting fleeced on my auto insurance policy
Posted on 7/21/15 at 1:19 pm
Posted on 7/21/15 at 1:19 pm
After reading the MT auto insurance thread I looked into switching to Geico. I'm currently with Liberty Mutual and paying $1600 per year for two vehicles. I checked with Geico for the same coverage and it appears FAR cheaper at $900 per year.
Bodily Injury 100,000/300,000
Property Dmg 50,000
Comprehensive 250
Collison 500
Am I missing something here? It cannot be this easy right?
ETA: Those of you with UM, do you get the UM bodily or collision coverage, or both?
Bodily Injury 100,000/300,000
Property Dmg 50,000
Comprehensive 250
Collison 500
Am I missing something here? It cannot be this easy right?
ETA: Those of you with UM, do you get the UM bodily or collision coverage, or both?
This post was edited on 7/21/15 at 1:28 pm
13
Posted on 7/21/15 at 1:44 pm to meeple
quote:
ETA: Those of you with UM, do you get the UM bodily or collision coverage, or both?
Skip the UM collision. It's worthless if you have collision. Definitely get UMBI (and not Economic Only UM)
Posted on 7/21/15 at 1:48 pm to Motorboat
When I switched from State Farm to Geico, I saved about 1k a year.
Posted on 7/21/15 at 1:55 pm to meeple
carry at least 100/300/100
check and see if there's free glass replacement on either policy
did Geico run your reports or you just getting an online deal, sometimes reports aren't ran (if there's something on yours) till after.
1600 a year 2 vehicles is not getting fleeced.
check and see if there's free glass replacement on either policy
did Geico run your reports or you just getting an online deal, sometimes reports aren't ran (if there's something on yours) till after.
1600 a year 2 vehicles is not getting fleeced.
Posted on 7/21/15 at 2:38 pm to meeple
I'm at $1,900/yr for my mid sized 4 door sedan 
Not sure how much my accident 2 years ago is contributing to that though
Not sure how much my accident 2 years ago is contributing to that though
Posted on 7/21/15 at 2:42 pm to meeple
quote:
and it appears FAR cheaper at $900 per year.
u sure its not a six month quote?
Posted on 7/21/15 at 2:54 pm to meeple
When I switched from State Farm to All State, my rate was cut by about 55%. Exact same coverage, but I was signing up for home owner's at the time. They haven't raise my rates, been about two years now.
Posted on 7/21/15 at 2:55 pm to meeple
Just check and compare the policies.
We just switched from Progressive to Safeco and are saving 100/month for identical coverage. One thing I did, on the recommendation I received, is I ran the quote listing me first, and then another quote listing my wife first. Listing my wife first on the policy saves us 30/month. I don't understand why.
We just switched from Progressive to Safeco and are saving 100/month for identical coverage. One thing I did, on the recommendation I received, is I ran the quote listing me first, and then another quote listing my wife first. Listing my wife first on the policy saves us 30/month. I don't understand why.
Posted on 7/21/15 at 3:10 pm to meeple
quote:
getting fleeced
quote:
auto insurance
probably, yes
Posted on 7/21/15 at 3:20 pm to meeple
must companies will quote you a cheaper rate to get you to switch and gradually up your insurance.
I had GEICO - drove safe for several years- bumped into someone in a parking lot and the cancelled me!
I had GEICO - drove safe for several years- bumped into someone in a parking lot and the cancelled me!
Posted on 7/21/15 at 3:59 pm to TigerTatorTots
Are you with Geico?
Separate but related question for you... I read in another thread where you have Federated National HO ins. Who was the agent that you went through? I'm also on the North Shore and I'm looking around.
Separate but related question for you... I read in another thread where you have Federated National HO ins. Who was the agent that you went through? I'm also on the North Shore and I'm looking around.
Posted on 7/21/15 at 4:19 pm to meeple
quote:
Federated National
Terrible financials, they're buying customers by undercutting premiums with an already weak balance sheet, which only makes their financial position worse.
Anyone who recommends them is not being your advocate. There is a reason that company is significantly lower than everyone else.
I would avoid any company without an AM Best rating, stay away from that company in particular. Their financials are especially bad even for a Demotech rated insurer.
(An easy tip to evaluate an insurer's ability to pay is to divide their policyholders' surplus by the number of insureds, to get an average amount available to pay a catastrophic loss. This quick method will show you how undercapitalized any non AM Best rated insurer is.) You can get those 2 factors of any insurer's website easily.
Posted on 7/21/15 at 5:34 pm to GoIrish02
Federated National doesn't have terrible financials like u say. They are SIGNIFICANTLY heavily credit based which makes a lot of their premiums really cheap and are very selective in underwriting requirements
Posted on 7/21/15 at 6:11 pm to meeple
For one truck with 100/300 and glass protection and rental coverage I pay $210 a month.
$900 a year seems great (though this is as a dual use commercial/ private)
$900 a year seems great (though this is as a dual use commercial/ private)
Posted on 7/21/15 at 9:55 pm to meeple
quote:State farm on the car
Are you with Geico?
quote:Yes I have Federated National and I went through Quality Plus Insurance out of Lafayette bc I know the owner. Great family run business; every time I had any issues with the insurance companies they handled it for me.
Separate but related question for you... I read in another thread where you have Federated National HO ins. Who was the agent that you went through? I'm also on the North Shore and I'm looking around.
Posted on 7/21/15 at 9:58 pm to GoIrish02
Educate me a little since I'm a noob on the subject...
What does Fed National's financials have anything to do with my individual insurance policy? If I need to be paid out on a claim, I wouldn't imagine all of their policy holders would at the same time other than a major hurricane
What does Fed National's financials have anything to do with my individual insurance policy? If I need to be paid out on a claim, I wouldn't imagine all of their policy holders would at the same time other than a major hurricane
Posted on 7/21/15 at 11:15 pm to TigerTatorTots
quote:
What does Fed National's financials have anything to do with my individual insurance policy? If I need to be paid out on a claim, I wouldn't imagine all of their policy holders would at the same time other than a major hurricane
Insurers will pay out around 60-65% of all premium dollars in a single year for routine homeowners claims (e.g. fires, flooded houses when your water breaks, etc.), it costs about 30% of premiums to run the insurer (hire underwriters, claims adjusters), so you've got about 5% for catastrophic reserves/shareholders/dividends IF you don't have a catastrophe.
(These ratios have been pretty consistent since the beginning of modern marine insurance over the last 400~500 years.)
The insurer is paying routine claims all year long, while underpricing its policies to gain market share so it's really operating at a loss, spending $1.10-1.20 for every dollar it takes in, staying solvent only on investment income. It has essentially no reserves for even the smallest unexpected event, like a random hail storm or tornado. A major storm is a death blow and plenty of homeowners companies have gone bust from relatively small storms in the last decade using this model.
A company that discounts its premium so much will not invest resources to perform basic insurance functions, let alone a catastrophe. They'll just go bust and hand their customers over to the state. The most the state will pay you as a homeowner in receivership is $300,000 total.
Federated National and companies like them are just selling insurance as a means to borrow your premiums to invest before they have to give them back to you as a claims payment.
Posted on 7/22/15 at 8:51 am to meeple
I pay $1,300 per year for 250 / 500 /100 liability
Same limits on un-insured and under-insured with glass replacement, rental car, road side assistance and $500 deductibles with state farm.
2015 F-250 King Ranch
Policy limits stack with umbrella so total coverage would cover up to $1.25 million if someone sued me for an injury.
Same limits on un-insured and under-insured with glass replacement, rental car, road side assistance and $500 deductibles with state farm.
2015 F-250 King Ranch
Policy limits stack with umbrella so total coverage would cover up to $1.25 million if someone sued me for an injury.
Posted on 7/22/15 at 9:32 am to tes fou
I pay around $1600/year for my 2015 Mercedes C300. I have no wrecks or tickets on my history, but a new car makes things expensive.
I am with State Farm. I priced out a few competitors when I bought the car and SF was the best rates I got.
250 / 500 / 100 liability
For UM,
30/60 bodily damage
50 property damage
With glass replacement, rental car, road side assistance and $500 / 1000 deductibles. I may look into getting a lower deductible but the price rises dramatically if memory serves me correctly.
I am with State Farm. I priced out a few competitors when I bought the car and SF was the best rates I got.
250 / 500 / 100 liability
For UM,
30/60 bodily damage
50 property damage
With glass replacement, rental car, road side assistance and $500 / 1000 deductibles. I may look into getting a lower deductible but the price rises dramatically if memory serves me correctly.
Posted on 7/22/15 at 10:30 am to GoIrish02
quote:
Insurers will pay out around 60-65% of all premium dollars in a single year for routine homeowners claims (e.g. fires, flooded houses when your water breaks, etc.), it costs about 30% of premiums to run the insurer (hire underwriters, claims adjusters), so you've got about 5% for catastrophic reserves/shareholders/dividends IF you don't have a catastrophe.
(These ratios have been pretty consistent since the beginning of modern marine insurance over the last 400~500 years.)
The insurer is paying routine claims all year long, while underpricing its policies to gain market share so it's really operating at a loss, spending $1.10-1.20 for every dollar it takes in, staying solvent only on investment income. It has essentially no reserves for even the smallest unexpected event, like a random hail storm or tornado. A major storm is a death blow and plenty of homeowners companies have gone bust from relatively small storms in the last decade using this model.
A company that discounts its premium so much will not invest resources to perform basic insurance functions, let alone a catastrophe. They'll just go bust and hand their customers over to the state. The most the state will pay you as a homeowner in receivership is $300,000 total.
Federated National and companies like them are just selling insurance as a means to borrow your premiums to invest before they have to give them back to you as a claims payment.
Good God you are smart enough to make you dumb. You do know that fed national and other companies purchase reinsurance which you completely failed to notify people. If federated national is so bad, please tell me about maison...
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