You need to shop around and about once every year or two. I got a new bike a few yrs ago and, while it was about the same HP and features as my previous one, my premium quadrupled. I shopped around and got back to where I had been before.

I do final expense life insurance. Actuaries do not at all decide how much one's life is worth. They figure out how much a company needs to charge based on age and health to collect over an insured's life expectancy to be profitable. That's all there is to it. If you make $10k per year on SS disability, live in Section 8 housing , are on Medicaid with low income subsidy and are on food stamps, you really don't need a $500k whole life policy. But if that's what you want and you can afford it, someone out there will write it for you.

I shop around every three years, two years ago when we bought a new Lincoln for Mrs. CP the insurance was cheaper than the car we traded in.

quote:

Originally posted by Rick Lee:
I do final expense life insurance. Actuaries do not at all decide how much one's life is worth. They figure out how much a company needs to charge based on age and health to collect over an insured's life expectancy to be profitable. That's all there is to it. If you make $10k per year on SS disability, live in Section 8 housing , are on Medicaid with low income subsidy and are on food stamps, you really don't need a $500k whole life policy. But if that's what you want and you can afford it, someone out there will write it for you.

When I met w/ some agents to discuss life insurance, they insisted on a financial statement of my income & assets and credit report. I made the same point you did. What difference does it make if I make $50K or $500K per year as long as I pay the premium you set? And how is my credit score relevant? I'm not asking to borrow money. What is the risk in insuring someone w/ low vs high credit? Either way, if they fail to pay their premium, you cancel their policy. What is the risk on the insurers part of insuring someone w/ low or no credit?

Perhaps I didn't shop around enough, but the way the agents explained to me was that someone w/ greater income & assets has more to live for; therefore, his life is worth more in dollar value. Also, it's assumed the more affluent you are, the better health care you can afford.

quote:

Originally posted by SevenPlusOne:
It's an "industry" that literally produces nothing.

It produces peace of mind which, while intangible, is worth a pretty penny to some.

quote:

Originally posted by Gustofer:

quote:

Originally posted by SevenPlusOne:
It's an "industry" that literally produces nothing.

It produces peace of mind which, while intangible, is worth a pretty penny to some.

It produces peace of mind for a huge amount of people. Just looking at all the "CCW Insurance" companies that have popped up in the last decade or so will verify that, just as "extended warranties" and "No BS warranties" do.

quote:

Originally posted by iron chef:

When I met w/ some agents to discuss life insurance, they insisted on a financial statement of my income & assets and credit report. I made the same point you did. What difference does it make if I make $50K or $500K per year as long as I pay the premium you set? And how is my credit score relevant? I'm not asking to borrow money. What is the risk in insuring someone w/ low vs high credit? Either way, if they fail to pay their premium, you cancel their policy. What is the risk on the insurers part of insuring someone w/ low or no credit?

Perhaps I didn't shop around enough, but the way the agents explained to me was that someone w/ greater income & assets has more to live for; therefore, his life is worth more in dollar value. Also, it's assumed the more affluent you are, the better health care you can afford.

Depends on how much you want. Life insurance is a notorious vehicle for money laundering. So people with low income who want or think they need and somehow can afford big policies are a red flag. So if you want $500k whole life for $600/mo and make $15k/year or, worse, you can write a check for a $350k single premium, well, that's a huge red flag and agents have to report it.

Money laundering doesn't really happen in final expense because the dollar amounts are just too low. It'd be like counterfeiting $1 and $5 bills. I suppose, if you're looking at larger face amounts, the agent could also be probing for info to see if you're a good prospect for other financial products.

This is why your insurance rates are so high. Ridiculous. I hope GEICO appeals.

https://www.msn.com/en-us/news...2-million/ar-AAYcmV3

KANSAS CITY, Mo. — The Missouri Court of Appeals has affirmed that an insurance company must pay a $5.2 million settlement granted to a Jackson County woman who claimed she unwittingly caught a sexually transmitted disease from her former romantic partner in his car.

In an opinion issued Tuesday, a three-judge panel found that the judgment entered against GEICO General Insurance Company through earlier arbitration proceedings was valid. The insurance companies sought to undo the action, claiming errors were made in Jackson County Circuit Court and the settlement agreement was not done in line with Missouri law.

According to court papers, the woman, identified in court records only as M.O., notified GEICO in February 2021 of her intention to seek monetary damages, alleging she contracted HPV, the human papillomavirus, from an insured member in his automobile. She contended the man caused her to be infected with the STD despite being aware of his condition and the risks of unprotected sex.

The insurance company declined the settlement, sending the case to arbitration.

In May 2021, the arbitrator found that the man and woman had sex inside his vehicle that “directly caused, or directly contributed to cause” the HPV infection. The man was found liable for not disclosing his infection status and the woman was awarded $5.2 million for damages and injuries to be paid by GEICO.

The insurance company filed motions seeking a new hearing of the evidence and for the award to be tossed out, saying the judgment violated the company’s rights to due process and the arbitration agreement was unenforceable. The company appealed after those requests were denied.

The three-judge panel tasked with reviewing the case found that the lower court did not make a mistake by denying the company’s motions, saying GEICO did not have a right to “relitigate those issues” once damages had been determined and a judgment was entered.

Judge Tom Chapman concurred in a separate opinion, though, saying he believes GEICO was offered “no meaningful opportunity to participate” in the lawsuit and existing law “relegat(es) the insurer to the status of a bystander.”

Reviving this thread, b/c I got my semi-annual renewal notice from my auto insurance provider this week. No tickets, accidents, nor claims, but my premium is being raised 19.2%.

As Q originally questioned, do insurance companies do this seeing if their customers will notice? I suspect many customers let their autopay go through and don't question it.

Carriers are perfectly happy if you leave and go elsewhere. They keep your money and no longer have your risk on their books. What's not to like for them? There's always a steady stream of new customers to replace the old ones.

quote:

Originally posted by iron chef:
Reviving this thread, b/c I got my semi-annual renewal notice from my auto insurance provider this week. No tickets, accidents, nor claims, but my premium is being raised 19.2%.

As Q originally questioned, do insurance companies do this seeing if their customers will notice? I suspect many customers let their autopay go through and don't question it.

Same chef. TX, and I made no claims concerning the week long freeze in ‘21. No pipe bursts here, and over my ownership of this pos, I’ve done structural upgrades. Foundation, efficiency via windows, insulation, nuts and bolts, nuts and bolts. Choosing structural upgrades to cosmetic ones. Those upgrades saved me from having to make a claim yet the cosmetic foo like new kitchen/bathrooms, I haven’t done. If those were done this place would be prime for sale. But doing those upgrades to keep me out of claims, I sure don’t get a fucking discount. Instead I get massive increases in cost.

I’ve never made a motorcycle claim in my life. But my bike policy is going up 33% for 2024.
My auto policy is going up 20%. My homeowners is going up 33%. I added it up, and didn’t include my watercraft policy. Auto, bike, and homeowners policy, 2024 = $1700 increase in price across all. Homeowners alone for 2024 is a $1,116 increase. And keep in mind for 2023 it went up $1000. Back to back years of four figure increases.

Welcome to the new Texas brother. All these millions of mother fuckers invaded here, moved from other states, with one particular state leading the statistics, and all we are getting is massive increases in traffic, property tax, and insurance costs. I’ve already bought 6 acres out of state and want the fuck out of here as soon as I can pull it off. I’ve fucking had it.

I just had meetings with broker for all my policies as bike, auto, and homeowners all renew Jan/Feb. I got a nice lil excerpt from him, concerning the auto insurance. The biggest factor of them all is EV repairs. Now I’ve driven one for 10 years, a Nissan Leaf. I’ve never made a claim on it and I can take it to any body shop for repair if need be and it isn’t more expensive than a gas car to fix. It has no ADAS. No cameras, radar, etc. It’s actually a very simple car. A Tesla on the other hand is overly complicated. All sorts of sensors and technology and Tesla makes their owners go to designated, Tesla approved body shops in the event of repair. And the parts on them are bank, repair bills bank. My broker says the carriers underestimated the repair bills on EV’s but he meant Teslas. They are industry leader in sales, by far. And we all have to pay for that in TX, no matter if you have a little Leaf like mine, my Ridgeline, my Corolla, irrelevant. Gets spread to all.

Wait until you get that homeowners increase as it’s coming for everyone in TX upon renewal. Just get ready for it. That auto policy increase will seem like fucking peanuts.

Around here, it seems you’re lucky if they just raise your rates. There must be price collusion; hard to believe that different actuaries reach the same numbers.

How difficult would it be to create a Sigforum insurance group?
Covering autos for sig forum members to start and after a year or so looking into home and other insurance?