Insurance Companies
#7327952
08/11/21 10:22 PM
08/11/21 10:22 PM
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Joined: Dec 2006
Posts: 3,223 Midlands South Carolina
SGT. C
OP
trapper
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OP
trapper
Joined: Dec 2006
Posts: 3,223
Midlands South Carolina
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Is it wise to shop around in todays economy? I've been with the same company for 11 years and lately the service has been less then spectacular. With coverage on two vehicles( one vehicle is commercial), homeowners, 1 business (soon to be two) that I'm thinking it's time to shop around.
Sarge
Getting old is a fatal mistake
Always looking for reloading componets
I know a beaver or two, because I've seen a beaver or two
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Re: Insurance Companies
[Re: SGT. C]
#7327965
08/11/21 10:32 PM
08/11/21 10:32 PM
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Joined: Dec 2020
Posts: 1,717 Wisconsin
Scott__aR
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trapper
Joined: Dec 2020
Posts: 1,717
Wisconsin
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Yup, always wise to shop around even if satisfied. Just make sure you're comparing apples to apples.
Megapredator ... top of the food chain! Member of WTA Member of MTPCA Member of NTA
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Re: Insurance Companies
[Re: SGT. C]
#7327971
08/11/21 10:42 PM
08/11/21 10:42 PM
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Joined: Mar 2019
Posts: 1,497 Southern NJ
maintenanceguy
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trapper
Joined: Mar 2019
Posts: 1,497
Southern NJ
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The longer you're with an insurance company, the more expensive it is. Sort of like boiling a frog...
My rule is: shop around every 3 years. But, I've gotten lax lately. Definitely time to get some prices.
-Ryan
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Re: Insurance Companies
[Re: maintenanceguy]
#7328045
08/12/21 12:30 AM
08/12/21 12:30 AM
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Joined: Nov 2011
Posts: 4,942 Idaho Falls, ID
Grandpa Trapper
trapper
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trapper
Joined: Nov 2011
Posts: 4,942
Idaho Falls, ID
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The longer you're with an insurance company, the more expensive it is. Sort of like boiling a frog...
My rule is: shop around every 3 years. But, I've gotten lax lately. Definitely time to get some prices. I thought it was the other way around if you don’t have any wrecks or infractions that it became cheaper if you spend a number of years with the same company.
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Re: Insurance Companies
[Re: Grandpa Trapper]
#7328051
08/12/21 12:38 AM
08/12/21 12:38 AM
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Joined: Jul 2009
Posts: 2,462 Oregon
H2ORat
trapper
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trapper
Joined: Jul 2009
Posts: 2,462
Oregon
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The longer you're with an insurance company, the more expensive it is. Sort of like boiling a frog...
My rule is: shop around every 3 years. But, I've gotten lax lately. Definitely time to get some prices. I thought it was the other way around if you don’t have any wrecks or infractions that it became cheaper if you spend a number of years with the same company. nope-- legalized extortion companies are greedy.
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Re: Insurance Companies
[Re: SGT. C]
#7328079
08/12/21 05:37 AM
08/12/21 05:37 AM
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Joined: Dec 2009
Posts: 20,337 The Hill Country of Texas
Leftlane
"HOSS"
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"HOSS"
Joined: Dec 2009
Posts: 20,337
The Hill Country of Texas
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Yall need to remember that insurance is a financial product and that, in many cases, you get what you pay for. When I say that, what I mean is that until you have a claim you aren't using it.
I get a lot of offers to work for huge companies that have expensive commercials on TV but I decline these offers because I am not fond of the way they pay their adjusters or their policy holders. Instead? I do a lot of work for Farm Bureaus and small mutual companies who treat me great when they see that I treat their policy holders great.
The premium you pay in is only half of that equation, never forget that.
“What’s good for me may not be good for the weak minded.” Captain Gus McCrae- Texas Rangers
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Re: Insurance Companies
[Re: headache73]
#7328194
08/12/21 08:41 AM
08/12/21 08:41 AM
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Joined: Dec 2014
Posts: 2,477 Tug Hill, NY
Squash
trapper
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trapper
Joined: Dec 2014
Posts: 2,477
Tug Hill, NY
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Insurance is one of the biggest rackets in the country Agreed, it’s a legalized protection racket. You pay for protection or you cannot function in this country.
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Re: Insurance Companies
[Re: headache73]
#7328209
08/12/21 09:01 AM
08/12/21 09:01 AM
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Joined: Jul 2016
Posts: 296 NE Wisconsin
DecoyMacoy
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trapper
Joined: Jul 2016
Posts: 296
NE Wisconsin
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Insurance is one of the biggest rackets in the country Insurance used to be a pool in which you pay a very small amount to be covered in event of a very unlikely catastrophe. For the most part, what we now call insurance is something completely different.
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Re: Insurance Companies
[Re: SGT. C]
#7328272
08/12/21 10:34 AM
08/12/21 10:34 AM
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Joined: Aug 2010
Posts: 10,833 Asheville, NC
charles
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trapper
Joined: Aug 2010
Posts: 10,833
Asheville, NC
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Insurance is not a racket. These companies compete with about 2000 other companies, for a piece of the market. In times of disaster, they eat a lot of losses. They must invest premiums in ultra conservative instruments, and they answer to 50 different state commissioners.
There are many large insurance companies you can buy shares of, thus you can share in their riches. With hundreds of millions in your pocket, you can start your own insurance company and provide coverage against product and employee liabilities, earth quakes, forest fires, arsonist, vehicle thefts and accidents, hurricane winds, and damage and theft caused by drug users who will steal from your policyholders to fund a drug habit. Does this sound like a risk you would like to assume? You must also purchase large computers. programmers and software, hire skilled underwriters to evaluate those who wish to be insured by you, have specialized lawyers to defend you, pay commissions to agents, purchase office buildings, and pay for advertising. I am sure I left out a lot of significant expenses such as stationery and postage and clerical support. Many years you will not make a profit. If you increase prices, customers will leave. If you lower your prices to attract customers, you may not be profitable anymore and have to close your business. You must always have reserves and claims paying abilities to satisfy rating agencies and state commissioners.
It is a misunderstood business, but it is not a scam. It serves a vital need. All home and business borrowing would cease if lenders were unable to insure the collateral behind their loans.
Last edited by charles; 08/12/21 10:43 AM.
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Re: Insurance Companies
[Re: 080808]
#7328335
08/12/21 11:56 AM
08/12/21 11:56 AM
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Joined: Dec 2006
Posts: 15,718 MN, Land of 10,000 Lakes
Trapper7
trapper
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trapper
Joined: Dec 2006
Posts: 15,718
MN, Land of 10,000 Lakes
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First deal with an independent agent. Not a wholly one company agent. Second a good agent should be shopping your policy every 3 years and informing you the customer. I used to be with a captive insurance company. Captive means the agent can only write for that company. I went independent and now write insurance for 16 different companies. It's hard to know if an insured's price goes up because most companies don't inform the agent that an insured's rates went up. Every person we insure, are told if their rates ever go up or they have an issue with the company, please let us know so we can look into it. We strive to give the best price we can find for the best coverage. Every accident reported to us by an insured, I follow up to make sure they are being helped after two days from when we reported it. Or, if they have any problems or questions with the claim. Let me know and I will look into it for them. Sometimes it's just a misunderstanding between the insured and the adjuster that is easily worked out.
The difference between animals and humans is that animals would never let the dumbest ones lead the pack.
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Re: Insurance Companies
[Re: headache73]
#7328342
08/12/21 12:03 PM
08/12/21 12:03 PM
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Joined: Dec 2006
Posts: 15,718 MN, Land of 10,000 Lakes
Trapper7
trapper
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trapper
Joined: Dec 2006
Posts: 15,718
MN, Land of 10,000 Lakes
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Insurance is one of the biggest rackets in the country I had a guy whose home burned to the ground because he admitted he fell asleep smoking a cigarette. He escaped with bad burns. His house was a total loss. The insurance company paid $350,000 for his home, $160,000 for personal property, and $20,000 in additional living expenses which included food, temporary housing, clothing, etc. Tell him insurance is a racket.
The difference between animals and humans is that animals would never let the dumbest ones lead the pack.
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