I just got a letter from Travelers stating that they are removing the glass deductible endorsement from my account for the following reasons: (they list times since 2019 when I actually used it- less than once per year!)

I'm going to tell them to go fuck themselves if they want to remove one of their OFFERED policies from me because I actually used it. They can either get a lot of money for me every year or ZERO.

I had two vehicles on one policy with an insurance company.
I sold one vehicle, and my rate went up!

PC

You can't win with Insurance companies . They spends tons of money advertising and then act like they really don't want your business .
Homeowners Insurance is an even bigger pain in the ass ...

The insurance business tends to be cyclical. A company embarks on a marketing campaign in particular market areas, offering policy types and coverages at premiums that will develop a level of business and revenue. Within that market area and roster of policy holders a history of claims develops, and that history dictates future offerings and premium rates.

In most US states a government agency regulates the insurance industry, usually mandating certain forms of policies, coverages that must be included (or are not allowed), and frequently placing caps on premiums for different coverages. This can affect the insurance company's decisions on what policies to offer, what coverages to retain, and whether or not to remain active within those states or market areas.

We are currently experiencing a number of states in which insurance companies are withdrawing completely from the market, significantly reducing coverages offered, or drastically raising premiums because of casualty loss histories.

An aside to the general operations of casualty insurance companies is the growing uses of data mining in addition to the broad range of claims frequency and history in determining underwriting standards for new policies and policy renewals. This can be good in the larger sense of serving the needs of a broad pool of insured persons, but can be detrimental to some potential or existing customers.

Most insurance companies are corporations owned by thousands (or millions) of shareholders, which usually includes both private and public pension funds and retirement accounts. Such investors require and expect a return on investment, which can only be achieved by the generation of profits (revenues in excess of claims and operating costs).

Some are mutual companies in which the individual policy holders fill the roll of shareholders. Profits (revenues in excess of claims and operating costs) are returned to policy holders in the form of reduced premiums, and losses (claims and operating expenses in excess of income) are passed along in the form of increased premiums (or the elimination of some lines of coverage or policies).

Either way, it is always a matter of shared risk among the pool of policy holders and investors.

The worst examples are those states in which mandated policy forms and coverages result in public companies withdrawing from the marketplace, leaving the state government as the surety to dictate policy coverages and premiums without recourse for the customer (other than moving to another state).

quote:

Originally posted by LoboGunLeather:

We are currently experiencing a number of states in which insurance companies are withdrawing completely from the market, significantly reducing coverages offered, or drastically raising premiums because of casualty loss histories.
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This is the problem where I live . My wife called our Insurance Broker a week ago because our premium had gone up a couple of hundred dollars .She usually hits him up every year to check for better deals , etc. He said right now , if you have Insurance and you can afford to pay for it , you better hang on to it .Insurance companies are doing inspections and mandating expensive repairs or upgrades before they will insure your home .It's best not to stir the pot ..

quote:

Originally posted by selogic:
You can't win with Insurance companies . They spends tons of money advertising and then act like they really don't want your business .
Homeowners Insurance is an even bigger pain in the ass ...

Like a good neighbor, State Farm is there! LMAO. Whatever his name is (to use Charles Barkley quote, love you Charles!), the guy that took over for Leno is now on the commercials. Patrick Mahomes. These clowns get paid millions by this insurance carrier to do ads and bam, the homeowners are really paying for the shit. Loathe it. I don’t watch commercials at all normally, as I detest them, but Max has TNT Basketball now on Tues/Thurs night and I only watch it to see Shaq, Ernie, Kenny, and especially Barkley break balls. I mute the commercials and avert my ads but I did see that Leno replacement on State Farm ads and know Mahomey does them too.

And yeah my homeowners for 2023, went up a full $1000 compared to 2022. My meeting with my broker is in the next two weeks for my homeowners and main auto policy. I’m already in fear!

It seems best to deal with insurance as little as possible. Years ago I ran the numbers on what we paid for auto insurance on our rather old vehicles and cancelled everything but liability.

For home insurance, we pushed the deductible to a percent of the value of the home instead of a set number. The person on the phone said we're actually asking for catastrophic insurance instead of how most people use it.

While I'm sure this isn't for everyone in every location, dealing with insurance companies less is definitely good.

quote:

Originally posted by bryan11:
It seems best to deal with insurance as little as possible. Years ago I ran the numbers on what we paid for auto insurance on our rather old vehicles and cancelled everything but liability.

I looked at that on my wife's 2012 Mazda . She carries full coverage on it . She pulled out the policy and said that the collision coverage was next to nothing . Like $160 q year with 1k deductible . The liability coverage was the biggest portion of the bill .

All these illegals flooding our country are not helping either. You think someone who broke the law to get here is going to follow the law when they get a car? PFFFFFTTT