SecondRow
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It was 50 years ago, see. But it definitely happened.You are too kind. That's the classiest way of saying I think you are full of shti.
It was 50 years ago, see. But it definitely happened.You are too kind. That's the classiest way of saying I think you are full of shti.
Ha! I wish I were that clever, but no, I wasn't trying to say I thought he was lying.You are too kind. That's the classiest way of saying I think you are full of shti.
Don't forget the government's role in this as well. If the taxed value of the house goes up, the insurance has to go up as well. In some states there are caps on how much a tax can increase per year. I know my property tax is capped at NMT 3% a year...so, you guessed it, it's gone up 3% every year I've owned the property regardless of the actual value.My State Farm Home Owners I just paid went up more than $200; 500 something to 700 something.
I asked why, they said inflation and the cost of repairing or replacing your home. I don't recall it going up over the last 10 years at all, maybe a few 10s or 20s but not something I noticed.
Say it again brother, say it again.Health insurance is ridiculous, auto insurance isn't far behind. Just got the bill with a 25% hike. Now it's $499.26 for six months' coverage. Deductibles, $250 comprehensive, $500 collision (ending those two immediately). And this is State Farm which appears to be the lowest-cost option for most people. I'm not in the military or I'd go with USAA.
No doubt most of you pay a lot more than that...but compare: This is for a twelve-year-old Honda Civic valued around $9,000. That's over 11% of the car's value, per year, for insurance.
[Strange that UNinsured Motor Vehicle Bodily injury was just $31, while UNDERinsured Motor Vehicle Bodily injury, same limits, is over four times that.]
Like most drivers I think I'm/we're somewhat safer than average, but you be the judge. One major accident (admittedly my fault, totaled a $7500 pickup about eight years ago, no other vehicles and no one was hurt). Four or five fender benders that didn't involve State Farm at all. That's a half-century and a half-million miles of driving. Wife: one major accident in 40 years, not her fault. I talk on the phone while driving maybe once every other month; it makes me very uncomfortable to do so. Have never seen Geniece do so at all. We both pull over if we need to read or send a text.
An ABC report posited two important reasons why auto insurance has spiked over the last 3-4 years. Vehicles are getting safer and smarter, so naturally drivers are paying less attention to what they're SUPPOSED to be doing. And distracted driving, especially with phones but also with the new-and-improved (sarcasm intended) touch displays on most new vehicles. U.S. drivers were said to spend approximately four times as much time texting/reading texts (while driving) vs Europeans. A study showed that talking on the phone, hands-free or not, increases 4X the probability of accident.
Waiting to see what happens with my homeowner's insurance...
That, and the increase in fraud.I think most of the cost of increase is for the cost of repair.
That's the nature of insurance- first rule of business is insurance companies have a lot of money and they never lose money. Our car insurance went up so my wife switched companies. Insurance on my 17 year old Cadillac is higher than my 6 year old Jeep. Of course if your car is old enough you could drop collision coverage, or you could look into raising your deductibles. Our house insurance also went up so we are shopping around for that too. An insurance company will continue to raise rates on existing customers hoping they will hang on and pay it. Your only choice is to shop around for another company that will give you lower rates as a new customer.Health insurance is ridiculous, auto insurance isn't far behind. Just got the bill with a 25% hike. Now it's $499.26 for six months' coverage. Deductibles, $250 comprehensive, $500 collision (ending those two immediately). And this is State Farm which appears to be the lowest-cost option for most people. I'm not in the military or I'd go with USAA.
And the worst part? Insurance companies often can't prove a fraudulent claim is fraudulent (in a cost effective way), so they pay it out anyway.A few days later I get follow-up call from my insurance company, and I ask the claims agent how often does she run across fraudulent claims. In her own words - about 1 in 8 claims are deeply suspicious.
Dashcam.That, and the increase in fraud.
I was paying for long-term airport parking at a large parking lot that shares space with a hotel a few months ago. In Park, trying to get the ticket recognized by the scanner. An older SUV pulls up and taps me from behind. Was he blind?
The driver gets out of the SUV and demands payment in cash, because he *saw* me at the hotel bar, and can *smell* alcohol on my breath, and I would not *want to* involve cops in my condition. Are you kidding me, right?
So I call the cops, and my insurance company, and they get on the case.
A few days later I get follow-up call from my insurance company, and I ask the claims agent how often does she run across fraudulent claims. In her own words - about 1 in 8 claims are deeply suspicious.
So yeah, there is also that.
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P.S.: My auto policy rates are holding steady, but my home owners is due to go up by 30% for the next annual renewal cycle (got a letter a few months ago). No hurricanes, landslides, wild fires, or recent Godzilla attacks around these parts. Still +30%. I shopped around - mine is still the cheapest.
I've already done so, with the help of Consumer Reports and Geniece. For us, State Farm is less expensive than any company available to us.I'd shop around for lower rates. You can do it yourself or have an agent help you (I can PM you the name of my agent if you're interested).
Back when I was on the BoD, Pat G summarized the insuranceracket game conindustry with wisdom that I've never forgotten:
"Insurance companies don't make money by paying claims. They make money by not paying claims."
Rocket-related P.S.: Pat deserves a huge thank-you from every rocketnut out there. His overall knowledge, business savvy, and bargaining ability kept TRA's insurance premiums manageable, back when we were hip-deep in an expensive lawsuit. (If memory serves he even wrangled a reduction in premiums at one point.) Perhaps we'd have been able to handle lawyers' fees plus insurance premiums plus TRA's other expenses anyway......but I'm heartily glad that we never had to find out! Thanks, Pat!!
That is great advice. Dash cams are well worth having. I guess they are a "double edge sword" but on balance, they are well worth it. I have them in all my cars. Even gave them to both of my children for their cars....Now there is a dash cam in all three of our cars. The Mustang and the Explorer are front and rear facing. Somebody does something stupid and hits me I'm going to sue their pants off.
Yes, that's true. But the bulk of most insurance companies' profits aren't the premiums. It's the investment returns they earn off those investments. So if they pay a $10,000 claim, it's not the $10,000 they lose that bothers them the most. It's the fact that they now have $10,000 less to invest and earn a profit from.Back when I was on the BoD, Pat G summarized the insuranceracket game conindustry with wisdom that I've never forgotten:
"Insurance companies don't make money by paying claims. They make money by not paying claims."
Rocket-related P.S.: Pat deserves a huge thank-you from every rocketnut out there. His overall knowledge, business savvy, and bargaining ability kept TRA's insurance premiums manageable, back when we were hip-deep in an expensive lawsuit. (If memory serves he even wrangled a reduction in premiums at one point.) Perhaps we'd have been able to handle lawyers' fees plus insurance premiums plus TRA's other expenses anyway......but I'm heartily glad that we never had to find out! Thanks, Pat!!
State Farm in California has dropped many insurance policies (especially fire and flood insurance) in certain areas due to heavy payouts. They are in it to make money and if the needle points in the other direction changes like this happen. CA has no fault (accident) which even makes the rates higher….they don’t really fight in court anymore over payback for accident damage, only body injury claims….this has also brought up rates due to everyone sueing everyone…..otherwise they just seem to like to share the blame instead of keeping your rates low. Many other insurance companies do the same.Health insurance is ridiculous, auto insurance isn't far behind. Just got the bill with a 25% hike. Now it's $499.26 for six months' coverage. Deductibles, $250 comprehensive, $500 collision (ending those two immediately). And this is State Farm which appears to be the lowest-cost option for most people. I'm not in the military or I'd go with USAA.
No doubt most of you pay a lot more than that...but compare: This is for a twelve-year-old Honda Civic valued around $9,000. That's over 11% of the car's value, per year, for insurance.
[Strange that UNinsured Motor Vehicle Bodily injury was just $31, while UNDERinsured Motor Vehicle Bodily injury, same limits, is over four times that.]
Like most drivers I think I'm/we're somewhat safer than average, but you be the judge. One major accident (admittedly my fault, totaled a $7500 pickup about eight years ago, no other vehicles and no one was hurt). Four or five fender benders that didn't involve State Farm at all. That's a half-century and a half-million miles of driving. Wife: one major accident in 40 years, not her fault. I talk on the phone while driving maybe once every other month; it makes me very uncomfortable to do so. Have never seen Geniece do so at all. We both pull over if we need to read or send a text.
An ABC report posited two important reasons why auto insurance has spiked over the last 3-4 years. Vehicles are getting safer and smarter, so naturally drivers are paying less attention to what they're SUPPOSED to be doing. And distracted driving, especially with phones but also with the new-and-improved (sarcasm intended) touch displays on most new vehicles. U.S. drivers were said to spend approximately four times as much time texting/reading texts (while driving) vs Europeans. A study showed that talking on the phone, hands-free or not, increases 4X the probability of accident.
Waiting to see what happens with my homeowner's insurance...
why? what does it say? can you summarize it please?Folks, watch this video, its worth your time.
You're thinking of homeowner's insurance... yes, companies are pulling out of CA, but it's because of people who insist on living in high-risk areas to the detriment of us suburbanites. After their quaint mountain homes burn down for the 4th time, or their cliffside house overlooking the ocean slides down the hill again, something is going to give. I gotta believe that there are places in the country that get flooded out all the time and have similar insurance challenges.Also, places like the Republik of Kalifornia where the state has limited insurance premium increases, while the cost of things the insurance must pay for when there is a claim goes up and up and up. Insurance companies are simply pulling out of the state, not writing new policies and looking for any excuse to cancel old ones. I guess they're also increasing what everyone else pays to cover their losses where they're still stuck doing business in Utopia.
To elaborate, my guilty pleasure is watching YouTube dashcam videos. I am astounded by the number of hit & runs, and situations where the other driver claims fantasy causes for an accident. Any dashcam you use must be able to resolve license plates. The channel I watch regularly is Wham Bam Dash Cam, which is well-curated, even though the narrator is a bit of a dork. The comments section of their videos recommends some of the best dashcams. I know it's a bit of a cliche, but I really think that watching these has made me a better driver. (There are several other good Wham Bam channels too.)Dashcam.
thanksShort answer, auto theft rates (resulting in auto insurance claims) are through the roof.
To elaborate, my guilty pleasure is watching YouTube dashcam videos. I am astounded by the number of hit & runs, and situations where the other driver claims fantasy causes for an accident. Any dashcam you use must be able to resolve license plates. The channel I watch regularly is Wham Bam Dash Cam, which is well-curated, even though the narrator is a bit of a dork.
What insurance company was that Ken? Sounds like one to avoid.Insurance companies suck.
Yes, they are filling orders. Chop shops are where the big money is in stolen cars, it's not just kids going for a joy ride or some desperate soul that needs a car.If you like dash cam footage watch some from Russia. They don't even try not to hit each other. $3000 for a catalytic converter. That's unbelievable. No wonder they are getting stolen in such huge numbers. I wonder how much the crooked recyclers pay for them. As for car thefts, I have seen a few videos about how criminals steal cars with push button start. It blew my mind. They have a flexible antenna that boosts the fobs signal and another crook is able to open a door and push the start button. It takes less that a minute to steal a car that way. Not only does it happen in the US it happens in the UK too. When I saw the first video I asked myself, how did they know how to do that. I know that all criminals aren't stupid. But that method of stealing cars seems high tech. Also what do they do with the stolen car? Is it like Gone in Sixty Seconds? Are they filling orders?
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