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We've had a long term relationship for a long time, ever since I started driving, in fact. I've felt for a long time that the relationship has been very one sided, I have been keeping her going for years and while she occasionally would pay out the odd claim, when she did she took so very long and never to my satisfaction. Still, I am a faithful and patient man, even with the occasional flirtation with others I never summoned the resolve, until now.
She came out of nowhere, this Liberty Mutual. It started off with an ill timed and impulsive purchase of a fine Bavarian motorcar. The enabler of this particular transaction mentioned that Liberty was also fond of these motorcars and often looked favorably on their owners, so I let her whisper in my ear and such things did she whisper, so seductively did she murmur that I asked "that quote is for all the cars? right?"
When I finally let State Farm know, there were the usual protestations and questions....and an offer to requote my coverage. Which is where I am really going with this overly dramatic tale. If in fact there was room in the requote, why have I not been offered this before? Is it a last ditch attempt or an admission that they have been ripping me of over the years? It's a bit late now, State Farm. The pain of change has come in well under the pain of remaining the same. Long story short, I added coverage, another car, one went to full coverage, and it's stil a good 20% under where I was before. Over the years, I'd say State Farm has made a pretty nice profit from my responsible behaviour and pay history and all they can offer is a requote .
You really need to compare like for like in policy coverage. Guy I know changed to save a few buck. His previous had 50 dollar deductible for glass at 20 bucks a year. Sure enough he broke a rear glass on his truck. Deductible was standard 500 on the glass. A friend who sells insurance told me a agent should show the Cadillac plan with all add-ons with cost of each; then let you decide what you can do without. Its easy he said to quote a cheaper price as most states regulate cost.
You really need to compare like for like in policy coverage. Guy I know changed to save a few buck. His previous had 50 dollar deductible for glass at 20 bucks a year. Sure enough he broke a rear glass on his truck. Deductible was standard 500 on the glass. A friend who sells insurance told me a agent should show the Cadillac plan with all add-ons with cost of each; then let you decide what you can do without. Its easy he said to quote a cheaper price as most states regulate cost.
Exactly this. Make sure your coverages are equivalent, as they may have been through the roof with State Farm, but less with Liberty. Both are great companies, and will pay your claims, but it is on you to make sure you are covered.
I have always felt insurance is a racket. I think you pay your premiums, and dont get in any accidents, or file any claims. You should get your money back, or at least a portion of it.
It's pretty much standard in the insurance industry to not "re-quote" customers unless they inquire about their policy/rates.
The best advice I got from a (then retired) insurance agent was to shop my coverage quotes every year, effectively putting my agent on notice that they needed to earn my business at every policy renewal rather than me assuming I was getting the best offer I could from the agent getting his residual business.
I'd been with State Farm for 46 years. Hadn't made a claim since 1969, and that was a very small one. After they fouled up processing my last premium payment, I decided to check other providers.
Good-bye, State Farm. I'll probably switch companies for my homeowners policy and my other vehicle, too.
I used State Farm for years and had a small accident. They jacked my premiums nearly 60% for a claim that was less than $1500 bucks (my fault though).
I found comparable coverage with a competitor for 20% less than my pre jacked premiums per month. After 3 years and with the accident rolling off my report, the premiums went even lower.
Currently paying $114 for 2010 Toyota 2006 Honda, full coverages $0 comp, $100 collision deductibles 100/300 in coverages, 1k medical payments, rental car etc
Of course it's a racket. When I was young, car insurance was optional. Then the insurance co's lobbied hard in all the states, until they got what they wanted -- mandatory coverage for everyone. I lived through it.
Same with ACA. Has nothing to do with Obama (though I am not an apologist for him). It's about the insurance co's lobbying Congress for mandatory coverage for everyone.
If folks don't want to buy insurance, well...they'll have to be forced into it! (Sigh...).
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