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Started By
Message
Is there any reason to be loyal to your home and auto insurer?
Posted on 7/6/24 at 12:29 pm
Posted on 7/6/24 at 12:29 pm
I have been with Liberty Mutual for 30 years. 2 car accidents, one homeowners claim for roof damage.
My agent I had been with for 28 of those years retired 2 years ago. Never got a dedicated agent after that, you just call in.
Anyway, rates have increased 20% for auto each of the last 2 years, no accidents. Homeowners went up last year 40%. I called, they requested me like a new customer and it basically took me back to before the 40%. Now, this year, that 40% is back.
I contacted a friend whose son owns an insurance broker, he is quoting me basically a 30% savings on auto and about the same 40% on home. Total is $1800 over what I am currently paying.
I think I'm gonna switch, but are there reasons to stick with one Insurer over a new one you have no history with?
My agent I had been with for 28 of those years retired 2 years ago. Never got a dedicated agent after that, you just call in.
Anyway, rates have increased 20% for auto each of the last 2 years, no accidents. Homeowners went up last year 40%. I called, they requested me like a new customer and it basically took me back to before the 40%. Now, this year, that 40% is back.
I contacted a friend whose son owns an insurance broker, he is quoting me basically a 30% savings on auto and about the same 40% on home. Total is $1800 over what I am currently paying.
I think I'm gonna switch, but are there reasons to stick with one Insurer over a new one you have no history with?
19
Posted on 7/6/24 at 12:41 pm to kywildcatfanone
I have many friends in insurance and while they may not like when anyone shops around, they certainly know they have no argument when you find a cheaper option elsewhere.
They would all do the same.
They would all do the same.
Posted on 7/6/24 at 12:44 pm to kywildcatfanone
I guess it just depends. I have a grandfathered policy with State Farm. For quite a awhile, if I left, I couldn't get the same policy if I went back. Now, if I leave, they won't even offer homeowners and this is in Ascension parish.
Posted on 7/6/24 at 1:51 pm to kywildcatfanone
Insurance companies bet on you being lazy and keeping with the same carrier.
I change carriers every few years, generally, but for some reason progressive has been dirt cheap on auto and I haven’t found a better price in a few cycles.
I change carriers every few years, generally, but for some reason progressive has been dirt cheap on auto and I haven’t found a better price in a few cycles.
This post was edited on 7/6/24 at 1:52 pm
Posted on 7/6/24 at 2:17 pm to kywildcatfanone
I work for one and I shop around with all of them. No reason to be loyal. Get your best deal.
Posted on 7/6/24 at 2:54 pm to kywildcatfanone
We have been with State Farm since forever for both home and auto. They've been very good to us when issues have come up with needing to file claims.
We've shopped around from time to time, but it didn't seem worth it to leave them.
We've shopped around from time to time, but it didn't seem worth it to leave them.
Posted on 7/6/24 at 4:01 pm to kywildcatfanone
Zero reason to be loyal to crooks.
Posted on 7/6/24 at 4:28 pm to kywildcatfanone
NO.... Like a off site storage company, they will get you in at a sweet price, jack it up over time, and bet that you are too lazy to make a move. Plus, they can, and will drop your arse if, and when they need to.
It is a business. They are not your friend.
It is a business. They are not your friend.
Posted on 7/6/24 at 5:22 pm to kywildcatfanone
“Christmas is over, and business is business.”
“If you want a friend, get a dog.”
Posted on 7/6/24 at 5:26 pm to kywildcatfanone
Didn't at one time - do now and most recent Independent Agent said, 'I do ...'
Posted on 7/6/24 at 5:50 pm to kywildcatfanone
I work with a broker that I’m loyal to. He shops it around to multiple companies every year, gives me the quotes, insurance ratings, explains the ratings to me every year, and gives me any insight about how they’ve operated in the past.
Posted on 7/6/24 at 6:21 pm to kywildcatfanone
Not really.
After my long-time State Farm agent retired, I switched to another one who was in the shopping center near my house.
Then she suddenly died, and I got bounced around.
Eventually I went with AAA (as my SO and I are members) and I've been happy since then.
After my long-time State Farm agent retired, I switched to another one who was in the shopping center near my house.
Then she suddenly died, and I got bounced around.
Eventually I went with AAA (as my SO and I are members) and I've been happy since then.
Posted on 7/6/24 at 7:19 pm to kywildcatfanone
You could be loyal to your agent, but even then I wouldn't think twice about switching.
Our agent retired a few years and you'd think someone from their office would have called and taken over our account.
Nope, not a single email/call/etc. Had no problems dropping them. They weren't doing anything for me anyways.
Our agent retired a few years and you'd think someone from their office would have called and taken over our account.
Nope, not a single email/call/etc. Had no problems dropping them. They weren't doing anything for me anyways.
Posted on 7/6/24 at 9:23 pm to kywildcatfanone
Im begrudgingly loyal to mine because I've been grandfathered into USAA and im not military so if I ever leave I can't go back.
I could definitely get cheaper but I feel like USAA is just too reliable to leave (may or may not be accurate).
I could definitely get cheaper but I feel like USAA is just too reliable to leave (may or may not be accurate).
Posted on 7/6/24 at 11:53 pm to SM1010
quote:
I could definitely get cheaper but I feel like USAA is just too reliable to leave (may or may not be accurate).
No different than all the others. Just wait until you have a claim.
Posted on 7/7/24 at 5:56 am to SM1010
quote:
grandfathered into USAA and im not military so if I ever leave I can't go back.
You can always go back. Once you're in, you're in
Posted on 7/7/24 at 7:00 am to kywildcatfanone
I have USAA. They are NOT the cheapest. However, their customer service is superior and when filing claims over the years they have gone above and beyond.
The premiums are still reasonable, and unless that changes I don't plan on leaving them.
The premiums are still reasonable, and unless that changes I don't plan on leaving them.
Posted on 7/7/24 at 7:37 am to kywildcatfanone
Not really, just like auto insurance they sell to you with the intention of renewing you or saying hit the road at the end of your term.
Now if homeowners insurance was assigned cash value that could be used in lieu of a small claim or can be borrowed against or cashed out like a life insurance product. I could swallow the higher insurance rates knowing that a portion of the payment is mine regardless if I make claim or decide to move my policy to another provider.
An idea to look at would be a homeowner’s policy with a high deductible plan, but pair it with another vehicle like a Health Savings account tied to the homeowner’s policy.
Now if homeowners insurance was assigned cash value that could be used in lieu of a small claim or can be borrowed against or cashed out like a life insurance product. I could swallow the higher insurance rates knowing that a portion of the payment is mine regardless if I make claim or decide to move my policy to another provider.
An idea to look at would be a homeowner’s policy with a high deductible plan, but pair it with another vehicle like a Health Savings account tied to the homeowner’s policy.
This post was edited on 7/7/24 at 7:40 am
Posted on 7/7/24 at 7:44 am to SM1010
Just left them after 20 years on 7/1. Saved $1500 on home and auto
Posted on 7/7/24 at 8:13 am to kywildcatfanone
Is your agent helping you? Checking in on you? Do you think they’ll provide value to you in a claims situation? Are they gonna call/text/email multiple times if your payment doesn’t go through/gets lost in the mail before you have a lapse? Are they reviewing your coverages and explaining them to you?
If the answer is no, then no. A good agent can provide a great deal of value during a claim, and can save your arse with coverage gaps or payment lapses.
You just have to ask yourself how much is that worth to me, and how much the financial security/claims service of a company is worth to you.
As for as individual companies, loyalty isn’t that important, but there are situations where it matters. Now, moreso than before. If you have a home claim within the first year with almost any company, you’re getting dropped. Now you’re shopping again, in a tough market, with a claim on your record.
In the other hand, with the elimination of the 3-year rule, it’s a little less important.
If the answer is no, then no. A good agent can provide a great deal of value during a claim, and can save your arse with coverage gaps or payment lapses.
You just have to ask yourself how much is that worth to me, and how much the financial security/claims service of a company is worth to you.
As for as individual companies, loyalty isn’t that important, but there are situations where it matters. Now, moreso than before. If you have a home claim within the first year with almost any company, you’re getting dropped. Now you’re shopping again, in a tough market, with a claim on your record.
In the other hand, with the elimination of the 3-year rule, it’s a little less important.
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