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The $1 just means that it is $1 more than the approved rate allowed by the state of NC. Chances are your premium increased by much more than $1last year. If one or two of the big companies go this route it will just be a matter of time before they all do. Not only does the consent to rate allow for discounts(don't expect your premium to go down). But it also allows for surcharges due to claims made. Big surcharges based on the type of claim..It does pay to shop around.
The $1 just means that it is $1 more than the approved rate allowed by the state of NC. Chances are your premium increased by much more than $1last year. If one or two of the big companies go this route it will just be a matter of time before they all do. Not only does the consent to rate allow for discounts(don't expect your premium to go down). But it also allows for surcharges due to claims made. Big surcharges based on the type of claim..It does pay to shop around.
Yes but the significance is that signing off on the 1$ increase now also means you are agreeing to future increases without notification of up to 250%. It's almost too obvious the 1$ change is like a bait and switch. You'd think they would make it some random number. It's a pain but shop it around, you'll get better pricing that way. Check out Amica if you don't have an in with USAA.
I respectfully disagree. The insurers are mailing those stink-bombs to each homeowner policyholder as their renewal date approaches. If you haven't received one yet, that is no assurance that you won't get it.
First, I've had my policy renewed several times since I first heard of this, and haven't (yet) received one.
I've read here (this and previous threads) that my national firm has sent forms out to some, and not others. It would be nice to figure out a pattern so we could anticipate one coming, if it was.
Next, I made no assurances. I asked a question.
Anyone "fight" these forms? IE: not sign, but still found a way to keep their previous coverage and/or insurance company?
Yes but the significance is that signing off on the 1$ increase now also means you are agreeing to future increases without notification of up to 250%. It's almost too obvious the 1$ change is like a bait and switch. You'd think they would make it some random number. It's a pain but shop it around, you'll get better pricing that way. Check out Amica if you don't have an in with USAA.
^^^^^^ THIS!!!!!!!!
What Kids_Dentist mentioned above is what upset me more than having to sign the form OR the 14% increase that it meant to our rates. I personally appreciate that they're required by law to notify us that their rates are above the allowable limit. However, there's NO WAY I'm signing a letter that says your insurance company can keep my rates above the NCRB allowable rates indefinitely (even if I change policies) without you having to notify me. The letter also lists no way for you to rescind the consent in the future if you'd like to do so. State Farm, you're losing me and my six policies over one dollar. If they would've said my signature was only good for one year I probably would've signed it and dealt with it next year. I've been wanting to quote out my insurance for a while and this is exactly what I needed to do so.
You'll get the letter ~3m before your insurance has to renew. If you don't sign by 45 day before your insurance is due then, according to my agent, "...your mortgage company will be notified that you are canceling so we were just trying to follow up so that your mortgage company won’t be after you to force-place really expensive coverage on you." Force play? Scare tactic anyone?
My agent then goes on to tell me, "This is simply a regulatory issue that all insurance companies are being forced into by the insurance commissioner. Your policy has not been singled-out for a rate increase. It is across the board for everyone in NC including myself." Another interesting comment from my agent considering there are so many above that have not received this letter.
If anyone has an agent they recommend then I'd be interested in a PM recommendation. I have one working on my quote right now but would love to get a second or third opinion.
Last edited by jjg39069; 12-13-2014 at 09:57 AM..
Reason: Formatting
Talk directly to Amica for a quote. It will give you a point of comparison from what an agent is telling you. My policy with Amica just came up for renewal and I did not receive a letter although my rate went up due to an adjustment on cost to rebuild my house.
If anyone has an agent they recommend then I'd be interested in a PM recommendation. I have one working on my quote right now but would love to get a second or third opinion.
As the previous poster mentioned, call Amica directly. With anything financial the more people between you and the end product, the more upcharge there will be. You can get the quotes directly from the companies.
As the previous poster mentioned, call Amica directly. With anything financial the more people between you and the end product, the more upcharge there will be. You can get the quotes directly from the companies.
Not 100% sure, but I don't think you can do that with Erie. A lot of things can affect your rate including payment terms and how the policy is structured. I have a good agent that takes great care of me so he's worth whatever percentage he may be making off my policies with the added assurance he's only a phone call away and knows me by name.
I find that insurance rates are largely proportional to the amount of advertising an insurance company does. Which is precisely why Amica, USAA and Erie are typically much cheaper than the other players. Seriously, whether it's TV or Radio, there's seemingly not 5 or 10 minutes that go by without a GEICO or Progressive commercial. Right behind them are Allstate, State Farm and Nationwide. The production time and air time for this advertising is hugely expensive. And it comes right out of your rates.
You guys need to ignore the $1 portion of the rate increase. What you are doing is giving your insurance company permission to raise your rate above the legal limit. THAT's what is going on here. They want you to sign the paper work giving them the authority to raise your rate as much as they want. The $1 has nothing to do with it.
You guys need to ignore the $1 portion of the rate increase. What you are doing is giving your insurance company permission to raise your rate above the legal limit. THAT's what is going on here. They want you to sign the paper work giving them the authority to raise your rate as much as they want. The $1 has nothing to do with it.
This is exactly what is so appalling to me. You sign this letter and they can indefinitely charge you up to 250% of the NCRB approved rate without ever again having to notify you that they're doing so. Even if you change policies. And there is nothing in my letter stating how you can revoke this consent. It's an evergreen contract giving State Farm your consent to charge you more than what the NCRB feels is reasonable.
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