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Message
1
Posted on 2/27/13 at 10:43 am to Golfer
No man, most of the time your payment history and claim history has nothing to do with how "risky" you are. Insurance companies have models (always very shitty models) that "predict" where future claims will occur. They use these models to determine where to increase premiums, who to cancel, and, on the flip side, where to decrease premiums and begin writing new business. You may very well fall into a "risky" zip code, subdivision, neighborhood, etc.. Sometimes these models even use claims data on your neighbors to determine YOUR rate. It's shitty, I know. I'm not arguing with you on that. It's one of the reasons I got out of the business. But it's just the way it is a lot of the time.
You could very well be a great policyholder who always pays on time and has never filed a claim but be one of the ones that they decide to cancel, increase premium for, or sell to another company. It happens much more often with small companies than with large companies.
You could very well be a great policyholder who always pays on time and has never filed a claim but be one of the ones that they decide to cancel, increase premium for, or sell to another company. It happens much more often with small companies than with large companies.
This post was edited on 2/27/13 at 10:48 am
Posted on 2/27/13 at 10:45 am to Chad504boy
quote:
Chad504boy
It would SUCK DONKEY DICK to buy a house in New Orleans because of the insurance situation. In that case, you obviously would be forced to go with one of those companies. If you have the opportunity and ability to go with a large company, then go with them. In New Orleans, you have no choice and I believe that's shitty. I'm with you on that!
Posted on 2/27/13 at 10:46 am to TDsngumbo
quote:
No man, most of the time your payment history and claim history has nothing to do with how "risky" you are. Insurance companies have models (always very shitty models) that "predict" where future claims will occur. They use these models to determine where to increase premiums, who to cancel, and, on the flip side, where to decrease premiums and begin writing new business. You may very well fall into a "risky" zip code, subdivision, neighborhood, etc.. Sometimes these models even use claims data on your neighbors to determine YOUR rate. It's shitty, I know. I'm not arguing with you on that
So glad you revealed that to us. What would we do...
quote:
It's one of the reasons I got out of the business.
No its not.
quote:
You could very well be a great policyholder who always pays on time and has never filed a claim but be one of the ones that they decide to cancel, increase premium for, or sell to another company. It happens.
obviously
Posted on 2/27/13 at 10:47 am to TDsngumbo
quote:
If you have the opportunity and ability to go with a large company, then go with them.
why? even the large companies will just get off the business after the storm just like they did and tried to do after katrina. most of them are all backed by the LA guarantee association.
Posted on 2/27/13 at 11:00 am to Chad504boy
The quote I got with State Farm was through the roof and had a 4% Hurricane deductible... It was almost double what I was paying with Farmers.
Posted on 2/27/13 at 10:23 pm to Glock17
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