Author Topic: Insurance Quotes  (Read 3740 times)

Hunny156

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Insurance Quotes
« on: May 22, 2015, 11:22:39 AM »
I found this amusing, so I thought I would share.

My homeowners policy is up for renewal, so I logged in to set up payment, and was really annoyed to see a 29% increase in the premium!  I immediately began shopping around for a better price, and submitted my number to a few companies.  My phone blew up for a few hours, but I can easily get a policy for about what I paid last year, and in Amica's case, w/the dividend, it could run me almost 18% less, so that's probably what I will do.

No one can ever come close to beating my car insurance premium, but the nice old lady who called from Allstate promised significant savings if I combined, so I figured sure, why not.  I gave her the information on my 01 Accord, and she commented on how they are nice cars, she has a 2010.

She didn't skip a beat - OK, what's your next vehicle?  I said, I don't have one.  There was silence on the phone for a few seconds, and she followed up with, are you sure?  Um, yeah, quite sure!!

I was also surprised by how many of these insurance reps were using escrow accounts to try and make a sale now, and could make it super easy by adding the cost to your escrow account, what's the mortgage company name?  Sorry, no mortgage, I say.  She responded - Oh, so no escrow account then!  Do you need me to set up monthly payments?  To which I said, No, I would prefer to pay annually and get the best price you can offer me.

Crickets.  I was amused, and yet felt sad.  That many people out there insisting on monthly payments for under $50/mo?

On another note, anyone have a great insurance company w/really good rates that you would recommend?  :)

zephyr911

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Re: Insurance Quotes
« Reply #1 on: May 22, 2015, 12:10:42 PM »
It's funny how different companies' models skew toward different demographics. When I was 19 (even with a clean record) trying to insure a shitty old Scirocco in Seattle, Geico wanted $2400/yr and USAA wanted $3600/yr. I ended up paying less than $100/mo with a small local agency. Later on, both ended up being my best option at one point or another. I was at USAA for a decade or so and then finally moved to Allstate here in AL because their total cost for all insurance (cars + home + rentals) was better. For just cars, they were a few bucks higher on mine, but it's all tied together.
I just laugh when anyone tries to tell me one company is the best. If there's one constant with insurance, it's that time and changes in situations will always result in a new company being able to offer you a better deal at some point. Therefore, re-evaluate regularly. I think at least once a year is a good rule of thumb.

Hunny156

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Re: Insurance Quotes
« Reply #2 on: May 22, 2015, 12:25:40 PM »
Agreed.  For whatever reason, no one can come close to touching the $400/year I pay w/Geico on the car.  Most insurers can cut me a better deal on homeowners (at least the first year, lately), but then their quote on the car comes in at $700-$900/year.  So I'll always check, but I may be a lifer at Geico for the car..

I've always wished I could join USAA, but the only military in my family was in Italy, so I don't qualify.  Interesting that you were able to get a better combined rate elsewhere, I thought they were the holy grail of insurance!

zephyr911

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Re: Insurance Quotes
« Reply #3 on: May 22, 2015, 12:32:55 PM »
Agreed.  For whatever reason, no one can come close to touching the $400/year I pay w/Geico on the car.  Most insurers can cut me a better deal on homeowners (at least the first year, lately), but then their quote on the car comes in at $700-$900/year.  So I'll always check, but I may be a lifer at Geico for the car..

I've always wished I could join USAA, but the only military in my family was in Italy, so I don't qualify.  Interesting that you were able to get a better combined rate elsewhere, I thought they were the holy grail of insurance!
Not for teenagers!
USAA has always been great to me, and I recommend them to anyone who can get in. Service is as good as anywhere, and rates are great. But after getting into real estate, I met a local Allstate agent and decided to have them quote it.. sure enough, they beat on homeowners.

Hunny156

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Re: Insurance Quotes
« Reply #4 on: May 22, 2015, 12:40:53 PM »
Agreed.  For whatever reason, no one can come close to touching the $400/year I pay w/Geico on the car.  Most insurers can cut me a better deal on homeowners (at least the first year, lately), but then their quote on the car comes in at $700-$900/year.  So I'll always check, but I may be a lifer at Geico for the car..

I've always wished I could join USAA, but the only military in my family was in Italy, so I don't qualify.  Interesting that you were able to get a better combined rate elsewhere, I thought they were the holy grail of insurance!
Not for teenagers!
USAA has always been great to me, and I recommend them to anyone who can get in. Service is as good as anywhere, and rates are great. But after getting into real estate, I met a local Allstate agent and decided to have them quote it.. sure enough, they beat on homeowners.

My parents easily solved that problem - no license until we were 19, and we had to get our own insurance policies.  I fared better than you since I'm female, I think NYS min still cost me $1,500/year, and that was 19 years ago.

Hubby was in the same boat as you - several thousand/year for insurance on a very old car.

I own several doors in a couple of states, so I understand where you are coming from.  I couldn't really find any major carriers who could handle everything I needed, so for us, it's been easier to separate the rental house policies from the personal stuff.  Took me a while, but I eventually found a broker with a cooperative insurance that was able to give me decent insurance for really good rates.  Really hard to find that, good on you for finding that through Allstate!

zephyr911

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Re: Insurance Quotes
« Reply #5 on: May 22, 2015, 12:55:12 PM »
Good on them for being able to do it. Our duplexes worth about $190k total are only running ~$2K/yr.

Hunny156

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Re: Insurance Quotes
« Reply #6 on: May 22, 2015, 01:12:26 PM »
That's excellent!  I'm getting a similar valuation, slightly less cost, but I'm sure I'm getting consideration for the size of the business.  Took a long time to find someone who was willing to work with us, w/o all these other caveats, like umbrella policies of X value, etc.

I did have a pretty major loss at one of my properties last fall, and while the servicing was a little slower than an Allstate or State Farm, once they processed the claim, the payment arrived quickly.  Sucks to have to actually use the service, but good to know I'm paying for something that will cove me when I actually need it.

Frankies Girl

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Re: Insurance Quotes
« Reply #7 on: May 22, 2015, 01:17:21 PM »
Might want to call GEICO back and ask them about their "new pricing structure" through GEICO county mutual. I thought I was getting a decent rate for two cars but they just raised my rate for my upcoming premium, so I called in and told them if they couldn't do better, I was price shopping as soon as I got off the phone. They transferred me to another department and the guy told me that they have a new pricing structure that sometimes gives better rates... and abut 5 or so minutes later he quoted a price of half of what I was paying. NO change in coverages, no differences at all (same policy number and everything). He said the only changes were that it would now say "GEICO county mutual" on my insurance cards and there was no accident forgiveness. I can live with that for a savings of 50%!

I have my homeowners with them as well for the multi-policy discount and in my area that means Travelers Insurance. They just raised the rates on that policy too, but the best they could lower it was $15. But I live in hurricane country, so I guess I can't expect rock bottom prices there. Sigh.

(and LOL about the rep being confused with your situation... it is times like those that it becomes obvious we're definitely not part of the herd)

Hunny156

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Re: Insurance Quotes
« Reply #8 on: May 22, 2015, 02:17:46 PM »
Thanks, will do!  And CONGRATS on FIRE!  I'm getting there, so I look at all these things as a chance to get a little closer to the finish line.  :)

slugline

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Re: Insurance Quotes
« Reply #9 on: May 23, 2015, 10:35:21 AM »
"Next vehicle" -- because obviously you hadn't gotten around to the requisite brand-new clown-truck on 22" rims you must own as a normal citizen.

Davids

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Re: Insurance Quotes
« Reply #10 on: May 23, 2015, 11:37:22 AM »
We have Liberty Mutual for our home and auto. It is the best rate we can get, part of it is also we have it as a discount through my employer so that helps.

Paul der Krake

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Re: Insurance Quotes
« Reply #11 on: May 24, 2015, 09:17:54 AM »
Do you need me to set up monthly payments?  To which I said, No, I would prefer to pay annually and get the best price you can offer me.

Crickets.  I was amused, and yet felt sad.  That many people out there insisting on monthly payments for under $50/mo?
A few months ago I convinced myself that we really should get renters' insurance. There is an allstate office in a not so savory part of town where I often grocery shop, so I dropped by there and got a quote. It was $7.50 per month if you paid upfront ($90 for the year), or an additional $3 per payment for being on the monthly payment plan. Without thinking I scoffed and said something along the lines of "who would possibly do that, that's like 35% more!", completely oblivious to the fact that this particular office exists primarily so that the underbanked can come pay their premiums in cash. Great way to make myself look like a complete ass to everyone present. The lady I was talking to then lowered her voice and told me that I was in fact in a small minority that chooses to pay for the full term upfront, especially for auto premiums.

So yeah, monthly payments rule the consumer insurance business.

tyd450

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Re: Insurance Quotes
« Reply #12 on: May 24, 2015, 10:37:31 AM »
Insurance is tough.  On one hand, it pays to be loyal and stick with a company for many years in case you run into bad luck and have a few claims in a short period.  They really do take into account how many years you have been an insured with them. 

HOWEVER, any specific insurance company can decide they don't like something and immediately bump the rates or non-renew you.  For example, hail/tornado in states like OK, TX, KS, etc.  If you are with an exclusive agency like State Farm, Allstate, Nationwide, etc, if they decide to screw you, you don't have any other options with that Agent because all they can offer is State Farm.

That is why I really recommend independent insurance agents-  They are basically a "broker" because you go to them and they can get you quotes from multiple companies.  You can still be loyal and stick with a specific insurance company for many years but if for some reason that company decides to jack your rate up 25% your agent can give you other options. 

So that is my $0.02 on the subject.  You obviously have other options on your own without the help of an agent  like Geico, Amica, USAA but just be ready to move on and find other options if you need to.