Wow, these insurance companies Are great!

[MTboatguy]

I got a letter in the mail yesterday from the General telling me they could save me $486.00 a year, so I called them to ask when my new policy as well as checks will start showing up, she said she didn't understand? I told her, if you can save me that much money over what I am paying, then of course you will have to send me some money as I only pay $367.00 a year now!

:facepalm:

 

[ajgraz]

Re: Wow, these insurance companies Are great!

I was pricing policies at Esurance and Progressive the other day. What they quoted me for 6 months is more than what I'm paying for 12 months with AAA.

 

[jkust]

Re: Wow, these insurance companies Are great!

I was pricing policies at Esurance and Progressive the other day. What they quoted me for 6 months is more than what I'm paying for 12 months with AAA.

These companies are all over the board. Progressive was always a lot cheaper than Esurance and AAA for us. My wife rolled our SUV (our tow vehicle) this winter totally destroying it in a one car accident on the freeway and I opened our renewal today expecting a huge increase and got only a 13% increase. The last fender bender she had prior caused about $100 in damage to her car and maybe $1000 to the other vehicle but was her fault and the Farmers rate almost doubled. That was more than fair for the huge check we got for a new suv. Our boat, snowmobiles, trailers, Cars are all a lot cheaper with progressive. Progressive is newer to homeowners in MN and they haven't quite figured it out yet and they are not even in the same relm as everyone else. In the P&C insurance market in general we are in a soft cycle that has lasted for years. Too much capital and capacity available chasing too few customers. It seems I never know who will charge what for any given renewal.

 

[Navigator_Victory]

Re: Wow, these insurance companies Are great!

Just bought insurance 95 Carver 25' 350 inboard I am 44 no accidents so I am sure these are all factors and there are probably a few more.....credit history is the one I think is BS but,,,,,anyhow
Geico $169
Farmers $250
Progressive $460
I made each policy almost exactly the same for coverage as close as possible so it was apple to apple.....I had progressive for my motorcyle and used them for years but one day they went up....and I moved to Geico and it has remained low ??? I am in Central Texas which also factors in I am sure

 

[Brewman61]

Re: Wow, these insurance companies Are great!

Hundreds of variable for pricing insurance, hence the reasons quotes are all over the place. In addition to location, credit scores, gender, age, type of craft, you name it. That's why it makes sense to get quotes from as many companies as you can tolerate- you might fit the desired demographic for one company, when the other ten don't want you.

 

[infideltarget]

Re: Wow, these insurance companies Are great!

Deleted...double post

 

[infideltarget]

Re: Wow, these insurance companies Are great!

just bought insurance 95 carver 25' 350 inboard i am 44 no accidents so i am sure these are all factors and there are probably a few more.....credit history is the one i think is bs but,,,,,anyhow
geico $169
farmers $250
progressive $460
i made each policy almost exactly the same for coverage as close as possible so it was apple to apple.....i had progressive for my motorcyle and used them for years but one day they went up....and i moved to geico and it has remained low ??? I am in central texas which also factors in i am sure

amen brother!!!!!!!!!

 

[Bob_VT]

Re: Wow, these insurance companies Are great!

I got a letter in the mail yesterday from the General telling me they could save me $486.00 a year, so I called them to ask when my new policy as well as checks will start showing up, she said she didn't understand? I told her, if you can save me that much money over what I am paying, then of course you will have to send me some money as I only pay $367.00 a year now!

:facepalm:

When you called you should have started the conversation like this...... Do you give discounts to retired Military and Veterans? Maybe you could have gotten even MORE money!!

 

[jkust]

Re: Wow, these insurance companies Are great!

Just credit history is the one I think is BS but

I actually like the credit scoring aspect of insurance pricing. What I don't agree with is some of the seemingly illogical things that go into your credit score. I read in a financial mag last year that one (or multiple I can't recall) of the three credit agencies came out with a competing system to FICO which made more sense and did away with so many of the oddities of FICO scores but I've never read or heard about it again.

 

[palace]

Re: Wow, these insurance companies Are great!

Try usboats.com, good coverage and premiums can't beat.

 

[infideltarget]

Re: Wow, these insurance companies Are great!

I actually like the credit scoring aspect of insurance pricing. What I don't agree with is some of the seemingly illogical things that go into your credit score. I read in a financial mag last year that one (or multiple I can't recall) of the three credit agencies came out with a competing system to FICO which made more sense and did away with so many of the oddities of FICO scores but I've never read or heard about it again.

I dont agree with it at all. Just because I pay for everything cash, and owe almost no one, I should be penalized? I have bad character because I pay off debt? I am a risk for a car crash because I dont own a credit card? C'mon. It's simply a way to squeeze more money out of you. Period.

 

[MTboatguy]

Re: Wow, these insurance companies Are great!

Guys,

I simply posted my message because I found it ironic when I called her and talked to them to should them how dumb they are.

I am not looking for insurance, I am happy with my company, I just found it funny, they said they could save me more money than I am currently paying for the same coverage...

 

[jkust]

Re: Wow, these insurance companies Are great!

I dont agree with it at all. Just because I pay for everything cash, and owe almost no one, I should be penalized? I have bad character because I pay off debt? I am a risk for a car crash because I dont own a credit card? C'mon. It's simply a way to squeeze more money out of you. Period.

I am in the same boat so to speak since we pay cash for everything if it's $20,000 or $50,000 or whatever, I write a check out for it. I realize that sounds crazy especially given I'm in my 30's and my wife is younger. Our ability to do that is only because of our planning and conservatism. We still carry a mortgage and thats about it. When we pull a credit score as I like to do annually, as high as our numbers are we are always dinged for the balance of the mortgage regardless of our income or wealth. That is what bugs me...they only look at one side of the equation which to me isn't realistic with some caveats of course. I have two credit cards, one sits in the safe and I use it only when they threaten to close it from lack of use and the other, I have set up to auto pay utilities and internet purchases to keep the credit score history rolling along. The other thing you have to realize is that you and I are outliers where actuarial science is concerned. Most people don't pay with cash for the reasons you and I do and most people don't have huge sums of money laying around if for no other reason idle cash is a huge opportunity cost. Credit scoring works well for us or at least that's what I have been lead to believe.