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Old 09-13-2023, 09:10 PM
 
Location: Phoenix, AZ
6,341 posts, read 4,894,516 times
Reputation: 17999

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CrazyChyk, your zip code is near Pierre, SD.

Your state's Division of Insurance provides annual market share reports for all lines of coverage for every insurance company that does business in SD.

Here's the report for homeowners insurance for 2022.

https://dlr.sd.gov/insurance/market_...ulti_peril.pdf

The right hand columns tell the story as to why your homeowners rates skyrocket. Most of the insurance companies listed had terrible losses in SD last year.

As you look down the list you'll see several companies that had loss ratios of less than 100% which means that they had a profitable year and may be the source of competitive rates if you seek them out through independent agents.

Find your homeowners insurance company on the list and see how it did last year.

The main page allows you to access reports of prior years and for other lines of coverage. It will help you spot trends in insurance.

https://dlr.sd.gov/insurance/market_share.aspx

As an alternative to a $3,000 deductible, maybe it's time to shop around.
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Old 10-27-2023, 03:05 PM
 
45 posts, read 34,010 times
Reputation: 199
Quote:
Originally Posted by adjusterjack View Post
CrazyChyk, your zip code is near Pierre, SD.

Your state's Division of Insurance provides annual market share reports for all lines of coverage for every insurance company that does business in SD.

Here's the report for homeowners insurance for 2022.

https://dlr.sd.gov/insurance/market_...ulti_peril.pdf

The right hand columns tell the story as to why your homeowners rates skyrocket. Most of the insurance companies listed had terrible losses in SD last year.

As you look down the list you'll see several companies that had loss ratios of less than 100% which means that they had a profitable year and may be the source of competitive rates if you seek them out through independent agents.

Find your homeowners insurance company on the list and see how it did last year.

The main page allows you to access reports of prior years and for other lines of coverage. It will help you spot trends in insurance.

https://dlr.sd.gov/insurance/market_share.aspx

As an alternative to a $3,000 deductible, maybe it's time to shop around.
I've definitely looked into this already (Licensed P&S).

I won't shop - I've had AmFam for my entire life and worked for them for a number of years.....and don't plan on changing if I don't have to. Insurance companies are in a place where (more than ever) they aren't renewing some policies. The more loyal you are - the more apt you are to get chosen to be renewed.

Also - I don't trust many other insurance companies...insurance is such a slippery slope in some areas.
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Old 10-28-2023, 11:48 AM
 
14,400 posts, read 14,292,176 times
Reputation: 45726
Quote:
Originally Posted by CrazyChyk View Post
I've definitely looked into this already (Licensed P&S).

I won't shop - I've had AmFam for my entire life and worked for them for a number of years.....and don't plan on changing if I don't have to. Insurance companies are in a place where (more than ever) they aren't renewing some policies. The more loyal you are - the more apt you are to get chosen to be renewed.

Also - I don't trust many other insurance companies...insurance is such a slippery slope in some areas.
I've said before some people assume all insurance companies are the same. They are not. Some are just better than others at handling claims. Because I have AmFam and have had made claims with them I am comfortable saying AmFam is better than the average.

You do have to way cost and benefits though. I wouldn't stay with Am Fam if they doubled my rates, but they aren't doing that. They seem to like people in their sixties like me with good driving records, good credit scores and who don't live in urban areas.
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Old 11-29-2023, 06:04 AM
 
17,285 posts, read 22,013,755 times
Reputation: 29617
Quote:
Originally Posted by RobertFisher View Post
My wife and I are pretty independent; we kept what we had before. I just have a SUV as my regular car, then a truck to do the hauling which I often need to do. My last car is a 2000 mustang which is just a souvenir from the old days (only 90k miles; still has a lot of life).

I think my liability-only policy for the 3 cars is already 900 per hear....... I am afraid to ask for full coverage....

If I enquire about full coverage, knowing I have a 16 year old driver, do you think the insurance company will welcome that change or resist?
Without full coverage, Allstate really has no risk of junior costing them money unless its a big bang. Not sure I'd want a 2023 vehicle with no collision/comprehensive, seems short sighted.
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Old 11-29-2023, 06:08 AM
 
17,285 posts, read 22,013,755 times
Reputation: 29617
Quote:
Originally Posted by CrazyChyk View Post
I've definitely looked into this already (Licensed P&S).

I won't shop - I've had AmFam for my entire life and worked for them for a number of years.....and don't plan on changing if I don't have to. Insurance companies are in a place where (more than ever) they aren't renewing some policies. The more loyal you are - the more apt you are to get chosen to be renewed.

Also - I don't trust many other insurance companies...insurance is such a slippery slope in some areas.
Your opening line makes no sense: I've definitely looked into this already, followed by I won't shop?!?!?!

I've found if you don't shop around you are getting killed after a few years.

I'll price shop every other renewal. Last go around, policy with identical coverage/cars/drivers was $3200 cheaper with a competitor.
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Old 11-29-2023, 07:05 AM
 
15,407 posts, read 7,472,574 times
Reputation: 19339
Quote:
Originally Posted by City Guy997S View Post
Without full coverage, Allstate really has no risk of junior costing them money unless its a big bang. Not sure I'd want a 2023 vehicle with no collision/comprehensive, seems short sighted.
The liability is going to be the biggest cost for Allstate, since it could involve hundreds of thousands of dollars in personal injury claims when Junior hits a Mercedes SUV and injures the soccer Mom and her little ones.. Full coverage just means there's comp and collision on the vehicle, in case you have an accident or a tree falls on it, etc.

Yeah, not having full coverage on a new vehicle doesn't make a lot of sense. It's cheap compared to the liability.
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Old 11-29-2023, 11:52 AM
 
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,550 posts, read 81,117,303 times
Reputation: 57750
Quote:
Originally Posted by WRM20 View Post
The liability is going to be the biggest cost for Allstate, since it could involve hundreds of thousands of dollars in personal injury claims when Junior hits a Mercedes SUV and injures the soccer Mom and her little ones.. Full coverage just means there's comp and collision on the vehicle, in case you have an accident or a tree falls on it, etc.

Yeah, not having full coverage on a new vehicle doesn't make a lot of sense. It's cheap compared to the liability.
Also, the most likely claims, and the only ones for us in the last 20+ years have been under Comprehensive and Uninsured Motorist. That's for things like broken windshield, theft, accident where the other is at fault and is not insured (0 deductible). On my 2017 F150, for 6 months it's $53.14 and $1.95 for those.
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Old 11-29-2023, 12:08 PM
 
45 posts, read 34,010 times
Reputation: 199
Quote:
Originally Posted by City Guy997S View Post
Your opening line makes no sense: I've definitely looked into this already, followed by I won't shop?!?!?!

I've found if you don't shop around you are getting killed after a few years.

I'll price shop every other renewal. Last go around, policy with identical coverage/cars/drivers was $3200 cheaper with a competitor.
I'd already looked into the rates skyrocketing and why. I am licensed in insurance to sell in my state....so I understand it a little deeper. And, no, I won't shop. I have seen other companies and how they fail their insureds. I'm not risking it.

Also, loyalty means a lot to your insurance company.....especially one that isn't a brokerage. The relationships you develop with your agent, your continued patronage, etc......all gets taken into account when you're OFFERED a renewal. Now that the insurance industry is in a hard spot....I'm relieved to know that I am covered by my insurance, and I'm glad they are as loyal to me as I to them.
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Old 01-24-2024, 05:22 AM
 
18,547 posts, read 15,577,181 times
Reputation: 16230
Quote:
Originally Posted by Rabrrita View Post
Get that in writing!

Usually the kid is covered as a user while they have their learner's permit, but once the GDL is issued, they should be on the policy as an operator.
This exactly. It doesn't make sense that an insurance company would give a new driver "free insurance" knowing that the risk is quite high due to inexperience. You need written confirmation that (1) The company acknowledges being informed that the teen driver will regularly be driving the vehicle, (2) The date that the company received this information, and (3) That the coverage applies continuously.

Keep the documents in a safe place until such time as all drivers are actually named on the policy.
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Old 01-24-2024, 05:42 AM
 
4,834 posts, read 3,264,426 times
Reputation: 9445
Quote:
Originally Posted by CrazyChyk View Post
I'd already looked into the rates skyrocketing and why. I am licensed in insurance to sell in my state....so I understand it a little deeper. And, no, I won't shop. I have seen other companies and how they fail their insureds. I'm not risking it.

Also, loyalty means a lot to your insurance company.....especially one that isn't a brokerage. The relationships you develop with your agent, your continued patronage, etc......all gets taken into account when you're OFFERED a renewal. Now that the insurance industry is in a hard spot....I'm relieved to know that I am covered by my insurance, and I'm glad they are as loyal to me as I to them.

I had State Farm for 30 years and used to feel the same way. Now I have the independent agent shop every two years.
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