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Message
re: Why does AUTO-INSURANCE discriminate?????
Posted on 5/13/19 at 10:10 pm to Charlie Arglist
Posted on 5/13/19 at 10:10 pm to Charlie Arglist
quote:
Name ONE company in that writes in Louisiana that is not profitable.
I watched it and agree with what he says...however, there is no denying that more and more auto insurance carriers, especially those that write commercial auto coverage, are leaving the state and those that are staying are narrowing coverage.
This certainly wouldn’t be the case If Louisiana was simply allowing carriers to add premium increases for the things Mr. Heller points out...if that were the case, you would expect the opposite, which would be carriers clamoring to write business here because it would be so profitable.
So what would be the reason for the exodus of carriers?
This post was edited on 5/13/19 at 10:18 pm
0
Posted on 5/13/19 at 10:14 pm to Charlie Arglist
quote:
How about the only thing that should be taken into consideration is my DRIVING RECORD???? If I screw up and have an "AT FAULT" .... THEN I pay a higher premium. Why JUDGE me before??????
Because someone with a shite credit score is statistically more likely to be irresponsible behind the wheel. Just as age is a factor. Even your zip code is taken into account. If you live in high crime area and flood prone area that type of stuff will drive your rates up.
Posted on 5/13/19 at 10:14 pm to Charlie Arglist
In auto insurance? More than you think.
LINK
LINK
quote:
In the past two years, five companies have left due to the unprofitability of the auto insurance industry here: 21st Century North America Insurance Company (part of the Farmers Insurance group) (2016/2017), ACCC Insurance Company (2017/2018), Auto Club Family Insurance Company (2015/2016), Direct General Insurance Company of Louisiana (2018) and Equity Insurance Company (2017).
Posted on 5/13/19 at 10:15 pm to Charlie Arglist
On a per state basis? Or overall? You only have to go back a few years to when State Farm lost over $7billion.
Just take a read of this for others LINK
Just take a read of this for others LINK
This post was edited on 5/13/19 at 10:16 pm
Posted on 5/13/19 at 10:17 pm to Charlie Arglist
quote:
Name ONE company in that writes in Louisiana that is not profitable.
Plenty of them will not longer write in the state because of the litigation here. Not worth the risk
Posted on 5/13/19 at 10:17 pm to Cymry Teigr
quote:
You only have to go back a few years to when State Farm lost over $7billion.
Is that why they agreed to an 8% rate reduction 2 months ago?
Posted on 5/13/19 at 10:18 pm to HarveyBanger
quote:
Plenty of them will not longer write in the state because of the litigation here. Not worth the risk
Please name them....and don't start with Nation Wide.
Posted on 5/13/19 at 10:19 pm to Charlie Arglist
What, you’re arguing they didn’t lose $7b? LINK
Posted on 5/13/19 at 10:20 pm to Charlie Arglist
auto insurance must discriminate to who they sell to
every time i hear of somebody getting in a wreck with a group of people they don't have insurance
sad that insurance companies wont sell to them
every time i hear of somebody getting in a wreck with a group of people they don't have insurance
sad that insurance companies wont sell to them
Posted on 5/13/19 at 10:21 pm to HarveyBanger
quote:
Because someone with a shite credit score is statistically more likely to be irresponsible behind the wheel. Just as age is a factor. Even your zip code is taken into account. If you live in high crime area and flood prone area that type of stuff will drive your rates up.
Are you okay with being judged by your credit score in regards to your driving record? Ever been divorced or laid off? Zip code? Yeah, well...maybe, but why should you be judged BEFORE you have a claim if you are a good driver and have not AT FAULTS?
Posted on 5/13/19 at 10:24 pm to Cymry Teigr
quote:
What, you’re arguing they didn’t lose $7b? LINK
THAT is 3 years old and I can promise you that SF did NOT lose money.
Either way, they made enough profit in Louisiana to actually agree to a rate reduction.
Posted on 5/13/19 at 10:24 pm to Charlie Arglist
Because loss data shows that people with poor credit have higher occurrences of insurance claims. Partially because they can’t maintain the item, auto, house, whatever. They also carry minimum limits.
Posted on 5/13/19 at 10:25 pm to Charlie Arglist
Did you read the other link? I hate to explain it to you, but most insurance companies are lucky to break even on any line of business: auto, commercial, personal lines, ocean marine, any of them. They make their profits out of investing the premiums and paying out claims over time. It’s a time / earnings game.
Posted on 5/13/19 at 10:26 pm to Charlie Arglist
quote:
Is that why they agreed to an 8% rate reduction 2 months ago?
That's great and all, but it still doesn't equal or erase the rate increases they took since 2016. State Farm is loosing market share and this is an attempt to gain some back simple as that.
Posted on 5/13/19 at 10:26 pm to Charlie Arglist
quote:Farmers was a big one that left Louisiana because they couldnt turn a profit here thanks to their loss ratios. Travelers is another big national company that writes in 40 other states, but won’t touch LA
Please name them.
Posted on 5/13/19 at 10:26 pm to Charlie Arglist
quote:
Are you okay with being judged by your credit score in regards to your driving record? Ever been divorced or laid off? Zip code? Yeah, well...maybe, but why should you be judged BEFORE you have a claim if you are a good driver and have not AT FAULTS?
It’s not about what I’m okay with. This is business. You are paying the insurance company for their product. Supply and demand.
Insurance company sets their rates to what they feel is an acceptable dollar amount to take on the risk of a driver.
It’s all about RISK. Whether it’s fair or not doesn’t matter
Posted on 5/13/19 at 10:26 pm to Charlie Arglist
You wanna talk about discrimination lets talk about how boys are charged a higher rate than girls when they start driving. We don't allow for discrimination based on sex for anything other than the military, why are we allowing young men to be charged a higher rate simply for having a penis?
On a side thought, when is one of these unfairly charged boys going to claim that they are a girl and that the insurance co is mis-gendering them an sue?
On a side thought, when is one of these unfairly charged boys going to claim that they are a girl and that the insurance co is mis-gendering them an sue?
Posted on 5/13/19 at 10:26 pm to HarveyBanger
quote:
Because someone with a shite credit score is statistically more likely to be irresponsible behind the wheel. Just as age is a factor. Even your zip code is taken into account. If you live in high crime area and flood prone area that type of stuff will drive your rates up.
...and you are OKAY with that?
Posted on 5/13/19 at 10:29 pm to Chuker
quote:
You wanna talk about discrimination lets talk about how boys are charged a higher rate than girls when they start driving. We don't allow for discrimination based on sex for anything other than the military, why are we allowing young men to be charged a higher rate simply for having a penis?
I couldn't agree more...in fact, I don't think teens should be charged more. BUT...as soon as they frick UP...then HAMMER THEM with a much higher premium. Why penalize anyone BEFORE they do something wrong....just because "statistics" say so.
Posted on 5/13/19 at 10:30 pm to Charlie Arglist
So insurance should never age discriminate? Ok, tell all those young folks to start paying the same health insurance premiums as old folks...
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