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1
Posted on 7/12/23 at 7:07 pm to DCtiger1
They think their insurance is like their personal rainy day savings account.
Posted on 7/12/23 at 7:20 pm to nicholastiger
This will be an unpopular opinion but insurance companies aren’t charities and actuarial data drives pricing/models like it does in a lot of industries. If enough frequency and severity comes into a particular market too fast it’s easier for the insurance company to pull out than take years to rebuild a profitable book potentially damaging their credit rating in the states where they actually make money. Insurance companies could stay in LA or FL and lose their asses with nuclear verdicts and reptilian theory lawyers filing thousands of fraudulent claims a year that insurance companies have to pay to defend. Or just get out and wait for the legal climate turn around.
Go look at the average per unit auto rate in Mississippi vs Louisiana and you’ll see quickly it’s not the insurance companies just deciding to charge more for fun. They don’t give people in Mississippi cheaper rates because they felt nice.
If you want insurance companies to stay you have to clean up the legal environment and stop making it impossible for insurance companies to do business.
Go look at the average per unit auto rate in Mississippi vs Louisiana and you’ll see quickly it’s not the insurance companies just deciding to charge more for fun. They don’t give people in Mississippi cheaper rates because they felt nice.
If you want insurance companies to stay you have to clean up the legal environment and stop making it impossible for insurance companies to do business.
Posted on 7/12/23 at 7:29 pm to olemissfan26
Bravo to you, but you can’t reason with some of these people. They are set in their beliefs due to some antidotal BS and truly don’t understand how insurance works.
Take BabyTac for example. Dumbass is bragging about how rich he is and then says he Carries bare minimum coverage to stay legal. Then proceeds to disappear when he contradicts himself
Take BabyTac for example. Dumbass is bragging about how rich he is and then says he Carries bare minimum coverage to stay legal. Then proceeds to disappear when he contradicts himself
Posted on 7/12/23 at 7:35 pm to boddagetta
take it easy on the kid he's a newby not getting any work done.
Posted on 7/12/23 at 7:35 pm to Henry Jones Jr
Property and Casualty Pools are not used to pay Life claims
Posted on 7/12/23 at 7:37 pm to Grad92
To be fair, the OP said insurance companies. It was off topic, but still relevant
Posted on 7/12/23 at 7:58 pm to nicholastiger
The truth is there are just as many people if not more that make out like a bandit in a Hurricane claim or auto liability claim but you’re only gonna hear about the bad outcomes here.
Posted on 7/12/23 at 8:11 pm to DownshiftAndFloorIt
Posted on 7/12/23 at 8:15 pm to TroyTider
Every single thing you consume is advertised.
Posted on 7/12/23 at 8:23 pm to CDUBTX
I’ve got a claim that’s going to end up with 150k in bodily injury plus 5k in med pay and 10k in personal injury protection for a broken arm….
Posted on 7/12/23 at 9:07 pm to DCtiger1
I too am an agent along the coast (Gulf Shores), and insurance sucks right now.
Not great policies, high deductibles, higher premiums.
I understand our clients and neighbors frustration.
Not great policies, high deductibles, higher premiums.
I understand our clients and neighbors frustration.
Posted on 7/12/23 at 9:09 pm to BamaCoaster
There’s a difference in frustration and ignorance.
There’s also a difference in frustration and calling everything you don’t understand a scam.
There’s also a difference in frustration and calling everything you don’t understand a scam.
Posted on 7/12/23 at 10:13 pm to nicholastiger
If you don't buy their product, you're actually committing a crime...
So insurance stops you from being a criminal
So insurance stops you from being a criminal
Posted on 7/12/23 at 10:20 pm to maisweh
You could get around the legal requirement to buy insurance by just using public transportation and Uber/Lyft instead of driving 
This post was edited on 7/12/23 at 10:21 pm
Posted on 7/12/23 at 10:28 pm to Tiger Prawn
You can go further down the rabbit hole.
Mortgage company forces you to have insurance? Pay cash for your home and self insure or rent. Oh wait, most apartments require liability insurance. I guess find some landlord that doesn’t require it and profit?
Mortgage company forces you to have insurance? Pay cash for your home and self insure or rent. Oh wait, most apartments require liability insurance. I guess find some landlord that doesn’t require it and profit?
Posted on 7/12/23 at 10:40 pm to nicholastiger
quote:
Another property insurer is dropping coverage in Florida.
So Walmart closes down in Seattle due to a loss from shoplifting and everyone laughs, saying “good”/LOL liberals?
Insurance company in Florida can’t operate in a region due to prior loss/future risks, and we are mad?
Capitalism until it’s not convenient? Would you like the government to force Farmer’s to offer policies in Florida? Should the government also force other private businesses to provide services at a loss?
Posted on 7/12/23 at 11:53 pm to Billy Blanks
quote:
1/3 all all premiums are used to pay legal fees.
Where did you get that number, I don't know the actual number but if it was a 1/3 of all revenue going to legal fees every insurance company would go bankrupt very quickly.
Insurance companies are notorious for squeezing lawyers on fees unless there is huge liability on the line. It has been over 20 years since my firm has done garden variety insurance defense work due to the rate structure they demanded. While it was over 2 years ago Allstate and Statefarm in my state wanted to pay a set $1,500 for defense of auto accidents. While some you could make your standard rate the majority were losers from a fee POV. Some firms liked it because they had a steady high-volume stream of revenue coming in but a lot said FU.
Posted on 7/13/23 at 7:34 am to nicholastiger
Agree..but, there'd be no house if the house didn't win. It's all about gambling and having enough "losers" to make a profit. It's a racket.
Posted on 7/13/23 at 7:54 am to 87PurpleandGold
quote:
It's a racket.
Maybe, but insurance simply isn’t profitable right now…from the increased costs of reinsurance, to the increased value of homes and repairs, to the higher interest rates on a global scale (causing a decrease in global capital re:insurance), it’s a “hard/expensive” market, and it isn’t decreasing any time soon, esp for us along the gulf coast.
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