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Old 11-08-2008, 09:30 PM
 
Location: Las Flores, Orange County, CA
26,338 posts, read 93,427,408 times
Reputation: 17827

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There must be a good process out there for performing insurance comparisons.

Quote:
Originally Posted by Caleb30 View Post
Insurance, is not Insurance! It is not just coverage amounts and deductibles. The problem is that most people are uneducated about Insurance. That is why it is important to have a good agent and a good company behind the agent.

How do you determine this? How do you make and apples to apples comparison between insurance providers? How do you measure?

You can have the same $ coverage and deductible and have a completely different policy from one company to another. Some companies don't cover fences or landscape architecture, or even sewage backing up in your house.

This is good information...I don't think I ever thought too much about it myself. So, with that, how does one compare all these detailed coverages between companies? Sounds like a ton of work.
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Old 11-09-2008, 09:14 AM
 
13,768 posts, read 38,052,981 times
Reputation: 10686
I have Farmers Ins. I was pleasantly surprised this year when the agent called to tell me they had gotten me a lower price on auto ins because of where I live. My HOI is a little lower than last year.
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Old 11-09-2008, 09:33 AM
 
Location: Las Flores, Orange County, CA
26,338 posts, read 93,427,408 times
Reputation: 17827
Quote:
Originally Posted by Keeper View Post
I have Farmers Ins. I was pleasantly surprised this year when the agent called to tell me they had gotten me a lower price on auto ins because of where I live. My HOI is a little lower than last year.
What changed? You moved? Or, Farmers adjusted the rates for your location? Or, something else?
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Old 11-09-2008, 12:29 PM
 
262 posts, read 777,933 times
Reputation: 353
Default Credit scoring

Quote:
Originally Posted by Charles View Post
What changed? You moved? Or, Farmers adjusted the rates for your location? Or, something else?

Most do not understand how insurance scoring works. In insurance the differnt elements are given differnt weights which will affect your rates. The interesting fact here is unlike a simple FICO (credit score) your insurance score considers the home but also YOU, your education (for some firms) your marital status (some) the types of cars that you own (Public record that they already know about you), your age and numerous other factors that they may or may not ask you questions on, and of course your credit but your credit is considered differntly than a creditor considers it. In other words it is not simply a debt to income ratio. So all of this info is picked up from public record and/or your answers and input into a logrithym and from this your rate is determined.

So what changed, some element of the poster's life changed and or the logrithym changed. So what is someone to do to get a good rate? In my opinion shop arround.

I have an example, one firm rated education of the home owner (only one) if my wife was listed first with a her PhD the rate was lower than my MBA. Our auto insurance with another firm uses a differnt formula and I am listed first.

Does it make any sense, not to me. Most disappointing is no agent has ever bothered to explain it to me, I don't think that they understand it themselves.
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Old 11-09-2008, 12:42 PM
 
117 posts, read 444,798 times
Reputation: 41
I was asked about education on some companies I called.I did not understand why they asked me....humm, now I know! We have a newly constructed home and other factors came into the equation...do we have security or wiring for security, play equipment.. a trampoline was a big question asked...the distance to the fire station and fire hydrant. After calling many companies we called Costco and they gave us the same coverage as all the other major companies and was far more less expensive.We switched our car insurance to them too. I checked my policy and we got everything we asked for except we need to add flood insurance since we are at the edge of the 100 year flood line.

Does anyone have eathquake insurance?I heard we are close to a fault line. I have heard some folks in Huntsville have this insurance...and some even have sink hole insurance after the house in Madison sunk a bit.

We close on our house on Thursday! It will feel so good to be finally settled in a home again after 7 months!
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Old 11-09-2008, 01:17 PM
 
1,176 posts, read 1,812,652 times
Reputation: 260
When I called State Farm (who I have been with for 40+ years) to report hale damage to my roof, I was asked if I had a dog. I got a good laugh out of the possible damage my dachshund could do to the roof! And before anyone responds, I know that they are trying to come up with a possible hazard if I own a vicious breed of dog.
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Old 11-10-2008, 08:11 PM
 
262 posts, read 777,933 times
Reputation: 353
Some states do not allow 'credit scoring'. Alabama does, having said that I feel that several questions asked by agents are not relevant. But it is what it is. With roof damage in Alabama please be aware of the deductable which MAY NOT be tha same as the 'deductable' that we normally ask about. Note I do not work for or have any invovlment with this industry.
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Old 11-11-2008, 07:25 AM
 
117 posts, read 444,798 times
Reputation: 41
VMH2507, I specifically asked if our insurance covered Hale damage and they said yes.Thanks for bringing this to my attention. How big does the hale get here?
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Old 11-11-2008, 10:05 PM
 
871 posts, read 2,872,219 times
Reputation: 183
Don't forget to buy the sinkhole rider. Sinkhole covereage is not part of a regular policy in Alabama. Sinkholes do happen here. Do a search on the house in Heritage Plantage on County Line Road for example.
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Old 11-12-2008, 10:17 AM
 
Location: Alabama!
6,048 posts, read 18,332,714 times
Reputation: 4835
Agh!
hail - balls of ice from the sky
Hale - counties in central Alabama and Texas, name of Revolutionary War hero, a band from the Phillippines, a maker of fire protection devices etc. etc. (thank you, Google!)
(sorry, it's the English major in me!)
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