General discussions related to cars and driving
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By David993S
#71722
Started to post this in Diner, then Dive Bar, but since it's mostly car related, here goes:

Insurance Companies suck. :soapbox:

To keep things short and sweet - We're with Allstate for our cars and home. On other car forums I had read that one of Allstate's tactics was to suck you in with great rates, then start raising them over the next couple of years. That's exactly what is happening now. We went with Allstate a couple of years ago when we moved to Indiana. Rates were good. On all 7 of our cars, the rates are going up. But the one that frosts me the most is the Ferrari. I was paying around $450/half. Our newest premium bill shows it's now just over $700/half.....for no real reason. No claims, no tickets, no accidents. Similar issues with the wife's 2019 Cadillac, and an unreasonably high rate on on my newly purchased Mercedes SL550. The Porsches are also increasing, but not like the 3 above.

Rant over.
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By N_Jay
#71726
David993S wrote: Tue Apr 06, 2021 3:24 pm Started to post this in Diner, then Dive Bar, but since it's mostly car related, here goes:

Insurance Companies suck. :soapbox:

To keep things short and sweet - We're with Allstate for our cars and home. On other car forums I had read that one of Allstate's tactics was to suck you in with great rates, then start raising them over the next couple of years. That's exactly what is happening now. We went with Allstate a couple of years ago when we moved to Indiana. Rates were good. On all 7 of our cars, the rates are going up. But the one that frosts me the most is the Ferrari. I was paying around $450/half. Our newest premium bill shows it's now just over $700/half.....for no real reason. No claims, no tickets, no accidents. Similar issues with the wife's 2019 Cadillac, and an unreasonably high rate on on my newly purchased Mercedes SL550. The Porsches are also increasing, but not like the 3 above.

Rant over.

Call your agent and ask what you can do to lower the rate.

High deductible on collision?
Get rid of adders like "Tow" and "Rental"?
No work commuting or limited mileage?
Named uninsured for any under 25 in the houses?
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By fpena944
#71736
For all of the laws and regulations in place preventing discrimination based on gender, age, etc. the insurance industry is able to use that as their primary mechanism to raise rates!

Think about it, even with a perfect driving record just because other 20 year olds are irresponsible and can't drive, you get stuck with sky-high rates.

Just because others in the same geographical area are making a large number of claims, now you get lumped into the same segment and your rates increase as a result of nothing you can control.

I understand the reasoning but still find it frustrating that you do your best to fit their version of an ideal customer and can still end up with additional costs.
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By amdavid
#71752
Geico.

I recently switched from Allstate to Geico and saved for the same level of coverage. I just added a second motorcycle and my premium actually when down.
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By David993S
#71781
N_Jay wrote: Tue Apr 06, 2021 3:43 pm

Call your agent and ask what you can do to lower the rate.

High deductible on collision?
Get rid of adders like "Tow" and "Rental"?
No work commuting or limited mileage?
Named uninsured for any under 25 in the houses?
[/quote]

Moderately higher deductibles make very little difference in premiums (already checked), and I'm not raising them to huge amounts.
No towing, no Rentals (but that also makes very little difference in premium - literally only a few dollars per half. But I have AAA for towing and with 7 cars don't really need rental coverage)
No work commuting (retired) and already limited mileage for pleasure use
No one under 25 driving.

That was my point.........they have increased the rates for no other reason than they can.
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By David993S
#71782
amdavid wrote: Tue Apr 06, 2021 5:40 pm Geico.

I recently switched from Allstate to Geico and saved for the same level of coverage. I just added a second motorcycle and my premium actually when down.
Thanks. We're going to shop around and will give Geico a try. But they may not accept a Ferrari. I seem to recall that from years ago. Won't hurt to ask.
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By Redgt
#71786
I have 5 cars, two BMWs (2012 , 2014), 03 Sl500, P 928 and 04 Audi TT. Average $500 per year per car with USAA. Max liability and $500 deductible. When I hit 65, all rates went way down, and that’s in Massachusetts, all but BMWs are 5k miles per year.
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By XR4Tim
#71831
I find that most insurance companies do this, and every few years it's worth it to shop around. Safeco crept me up to about $4k/year for 5 cars (none of which were particularly expensive) and I had my homeowner's with them as well. My agent switched me to Grange, and cut it down under $2k with increased coverage.
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By N_Jay
#71861
David993S wrote: Tue Apr 06, 2021 7:57 pm
That was my point.........they have increased the rates for no other reason than they can.
They raised your (and everyone's) rates because they know that the majority of us are assholes who overestimate the value of our car and want more back after a claim than we lost, and it is easier to give it to you and keep a customer happy than not and lose a customer, so rates go up.

Of course while arguing for more on a claim, it doesn't feel like you are being unreasonable, and it feels like they are.
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By JRMaroon
#71865
Insurance companies bank on the fact that changing carriers is inconvenient. Almost all insurers will creep rates up. If you are not shopping regularly, every year or two, you may not receive a competitive rate.
Are any of your vehicles eligible for Classic insurance with Hagerty, Grundy....?
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By David993S
#71876
JRMaroon wrote: Wed Apr 07, 2021 8:57 am Insurance companies bank on the fact that changing carriers is inconvenient. Almost all insurers will creep rates up. If you are not shopping regularly, every year or two, you may not receive a competitive rate.
Are any of your vehicles eligible for Classic insurance with Hagerty, Grundy....?
Yes, a few would be eligible for such insurance. Certainly the 993S, and the Ferrari would be. I got quotes on just the Ferrari(to sample) from Leland West and Hagerty. Leland west was around $900/year in an Agreed Value policy. Hagerty was around $1200/year for the same coverage.

Here's the rub: I only keep full coverage on the "toys" for 6 or 7 months/yr. Then they are stored for the winter and I suspend everything except Comprehensive. Hagerty, Grundy, Leland West, et. al. do not allow that. Therefore, it works out to be less expensive overall with traditional insurance. When the Ferrari was only $450+ or -/a half, my insurance cost was effectively around $450 for the driving season. Now it would be $700+ or -/half, which is still less expensive than the boutique insurers. BTW - I literally only put about 1000 miles (or less)/yr on the Ferrari. And even less on the 993S. the others I do drive, but the daily driver is the Range Rover.

I'm just pissed the rates have increase so significantly in one big jump. They didn't "creep up" as one would expect.
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By amdavid
#71907
Understand the rub, I have to pay the boat policy all year or they cancel and re renew, which always results in a premium increase.

Not looking forward to homeowners insurance on the next renewal coming up in May, right before the start of fire season. I'm guessing one of those "significant" increases.
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By David993S
#72154
I asked my insurance agent a direct question: Why has my premium on the Ferrari increased so much? His answer was "Allstate determined we were not charging enough to cover that car based on its value". :rolleyes: I reminded him they were charging me 50% less/half for over two years, and that prior to Allstate both State Farm and Travelers charged me about $450/half. I reminded him a couple of our other cars also experienced huge increases. His reply? Crickets.

I told him we were getting other quotes.
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By David993S
#75135
UPDATE:

I told my insurance agent we were cancelling our Allstate policies effective 4/28, our renewal date. We changed to Travelers, who we had in Cleveland, and are saving about $1500 every 6 months (!) on auto. I was shocked we could save that much for literally the same coverages. Home owners was a few hundred more per year, but obviously the auto savings far offset it.

Do an insurance coverage review every year or two. You may be surprised how much you can save.
amdavid, XR4Tim liked this
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By linderpat
#75595
Naked, feckless thieves, every one of them. If you have a small claim, they are great, and build their reputations onthat. If you have a for real claim, you are in for the fight of your life to get your money.
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