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Rising Insurance Rates

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Rob in Mo.

01-01-2005 07:33:19

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I just got my bill from my insurance company and to my dismay it had increasd 60 percent. My insurance agent tells me that is because all companys are having to pay for the hurricane disasters in Florida.To my knowledge my Insurance company doesn't even do business in that state.While I symphasize with the victims of this disaster,I don't feel like it should be the responsibility of other Insurance companys to bail out those companys that are responsible.
Has anyone else noticed thier Farm and Home insurance rates raising this much or am I being taken in by my company. This is rediculas.

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cannonball

01-03-2005 06:46:37

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Re: Rising Insurance Rates in reply to Rob in Mo., 01-01-2005 07:33:19

hey this was election year..you must pay for their contributions....money talks..... .have nice day may god bless this old usa and people

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MarkB_MI

01-02-2005 16:02:39

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Re: Rising Insurance Rates in reply to Rob in Mo., 01-01-2005 07:33:19

There are two factors driving up insurance rates: First, interest rates have been very low for the past several years, and the stock market has been fairly stagnant. Since insurance companies make their real money on investments, not premiums, they're trying to make up for the poor investment returns by jacking up premiums.

The second reason premiums are going up is that 2004 was one of the worst years on record for insurance claims. The Florida hurricanes are a big part of that. Naturally, if you ask the insurance companies why rates are going up, they're going to blame natural disasters, since acts of god are out of their control, while lousy investments decisions aren't.

The only solution is to shop around. Make sure the agent actually delivers on the price he quoted. And make sure your "replacement value" insurance will truly replace your home; many policies won't cover improvements required to bring a house "up to code", even if the original house is completely destroyed.

One last comment: The insurance industry is the only major industry in this country that is totally free of federal regulation. All regulation is at the state level. In many states that ain't much.

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Rob in Mo

01-02-2005 17:31:38

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Re: Rising Insurance Rates in reply to MarkB_MI, 01-02-2005 16:02:39

Thank you for your comments.I believe my insurance company is trying to cover its poor investments and blaming the hurricanes in Florida
for thier increase in rates.I have never filed a claim against them and I consider this increase
unacceptable. I will be shopping for another insurance company starting tomorrow. Hope they are not all doing the same thing. Thanks again.

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Dug

01-01-2005 20:17:35

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Re: Rising Insurance Rates in reply to Rob in Mo., 01-01-2005 07:33:19

Lots of advice, some good, some questionable. Here's the short version. An insurance company plays in a competitive field just like any other business. Premiums are based on actuarial projections of expected losses based on historical claims. To stay competitive, premiums must be kept in line with what the market charges. It is often the case that an insurance company will expect claims and admin costs to approach 100% (or slightly more) of premiums collected and count on investment returns for their profit. Now, combine a sluggish investment market and exceptional claims and we find ourselves in a position of rising claims to keep the insurance company in business. Afterall, they have certain financial solvency requirements mandated by the states in which they operate.

With all that said, if your insurance company is raising your premiums 60% you have one of two things occuring, either you have a large number of claims and they are politely telling you to go away, or they have a lousy investment strategy or did not properl reinsure and need your premiums to make up for bad investments/business choices. Either way, I would shop the market for a different insurance company.

Gotta luv them slick insurance fellas!

Dug

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CRUSADER

01-01-2005 17:16:15

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Re: Rising Insurance Rates in reply to Rob in Mo., 01-01-2005 07:33:19

Hello Rob in Mo,
At this time, I don't have home owners insurance due to the fact that I don't own a home. I do however have content or renters insurance. Thank God it hasn't risen in cost yet, but then again it'll be a few more months before the policy comes up for renewal. My car insurance went down a few dollars. Don't remember all of the particulars why, but it had something to do with rates/options/???. Not complaining at all because $18.00 less to pay on car insurance is a lot nicer than having an increase of $18.00 especially when a 6 month policy is running almost $1,300.00. But with four cars and three drivers I guess it could be worse, and two of the cars are full coverage and one of the drivers being under the age 21 and she has a speeding ticket that all but doubled the insurance that she was under. Not wanting to sound like a commercial, and not too crazy about advertising especially for an insurance company. But USAA has treated me quite well. I've been with them since 1998, and have had a car and house broke into (when I was in England) they took care of everything without any problems. Just my personal experiences with my current insurance provider for whatever it's worth.

later days mates,
Jim

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Jet9N

01-01-2005 16:24:54

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Re: Rising Insurance Rates in reply to Rob in Mo., 01-01-2005 07:33:19

It seems the insurance companies like to play games. You get a real good rate for a year or two and it goes up like crazy. Then you go to a different company and get a good rate and the same thing happens. I just went through that a month ago. My rates went up quite a bit. My agent shopped around and got a much better rate from the same company we left because of high rates five ago. Same thing goes on with health coverage at work, need to change every couple years.

Jet

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RWK in WI

01-01-2005 16:14:47

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Re: Rising Insurance Rates in reply to Rob in Mo., 01-01-2005 07:33:19

My notice just arrived a week ago Friday. Total increase is close to 70%. Talked to agent and the story goes that all are going up. He would check other companies. When he called back several days later he said my present company was the cheapest he could find. All others were much higher to take on new rural customers. I think they know we need insurance and will try to bleed us to get it. P. S. He said "show insurance" was going up almost 300% - having the public near old machines is dangerous.

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Irv

01-01-2005 12:54:30

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Re: Rising Insurance Rates in reply to Rob in Mo., 01-01-2005 07:33:19

My hometown here is (was) the HQ for a large Ins. co. A couple of neighbors work there. They have been bought out 3 times in 10 years. Each time by a larger ins. co. During this process, they have outsourced all there computer work and a lot of the clerical work. They built a 200 million state of the art HQ, gave execs lots of bonuses, but got rid of half of thier employees. And they have 4 times as many clients as when they started. My insurance rates have done nothing but go up. No claims either. Now if you call, you are talking to India Inc. Seems a little out of line to me. Irv

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Midwest redneck

01-01-2005 11:00:34

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Re: Rising Insurance Rates in reply to Rob in Mo., 01-01-2005 07:33:19

Insurance premiums SUCK!!!! What ticks me off is that the US federal government can give piles of OUR money to south asia because of a Tidal wave but wont give piles of money to people hit by tradgedys in this country. Earlier this year I called my insurance agent that I wanted my homeowners policy reduced in the event of a total fire loss, She said that they have a formula that calculates the $/square foot and I had to have my home insured for $240,000, Even though it didnt cost that much to build.

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bigg all

01-01-2005 15:11:30

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Re: Rising Insurance Rates in reply to Midwest redneck , 01-01-2005 11:00:34

that is because the bank has told them to do it and since they have the mortgage what they say goes.

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Joel Harman

01-01-2005 10:32:09

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Re: Rising Insurance Rates in reply to Rob in Mo., 01-01-2005 07:33:19

we need to remember companies are in the business of making money. The insurance part is just a side business?

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Mike(inWiscon)

01-01-2005 09:40:34

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Re: Rising Insurance Rates in reply to Rob in Mo., 01-01-2005 07:33:19

Well, the story you are getting is definitely BS.

The truth is that they all charge premiums WELL in excess of what they need to cover the risks undertaken. Then--come some disaster like 9/11 or hurricanes--and they just raise their rates to cover and make up their loss.

You definitely need to start shopping around. A sixty percent increase to someone with no claims (if that is the case) IS excessive and unnecessary.

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paul

01-01-2005 08:55:18

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Re: Rising Insurance Rates in reply to Rob in Mo., 01-01-2005 07:33:19

Not defending a 60% increase, but like the other said, insurance is about sharing risks, or else insurance would not work at all.....

Also, insurance companies make money from interest rates. They operate much like a savings plan, taking our premiums & investing them until they need to be used. With the low interst rates of the past several years, all insurance cos are hurting, as they are getting much less investment income & paying out much larger premiums the past decade.

It's like Social Security, it's a broken system at the moment.

Not defending it tho.

--->Paul

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Burrhead

01-01-2005 15:48:18

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Re: Rising Insurance Rates in reply to paul, 01-01-2005 08:55:18

Paul I see Rush and Bill suckered you too. That"s sad.

The only ones who will do alright with Social Security privitization are the investment firms that Bush gets to run his scam. Maybe his buddy Ken Lay can help.

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will in Tx./Mn./ USA

01-01-2005 10:45:40

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Re: Rising Insurance Rates in reply to paul, 01-01-2005 08:55:18

Paul,

You said insurance companies are "hurting"? i will not ever believe that one!

Best wishes unto All in this upcommi'n New Year!

~Will

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paul

01-02-2005 05:30:27

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Re: Rising Insurance Rates in reply to will in Tx./Mn./ USA, 01-01-2005 10:45:40

Insurance co's mis-calculated the cost of paying out overly generous awards (with little money spent on fraud control) vs the income from investments in the current financial climate. Thus, they are passing on the cost over-runs to their consumers.

Not exactly 'hurting' before or after....

--->Paul

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bub

01-02-2005 18:18:27

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Re: Rising Insurance Rates in reply to paul, 01-02-2005 05:30:27

Paul what is the problem insurance companys are poor investors. I have a life ins policy and if it makes 1% they think it is good but my IRA has been doing8/10 times that amount and I don,t know anything. Some of it is that they do have to try and save orignal investment but I do too. Maybe too many bonus

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Mike (WA)

01-01-2005 08:13:33

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Re: Rising Insurance Rates in reply to Rob in Mo., 01-01-2005 07:33:19

Not defending your company, but all companies do share in large losses like Florida- they all "reinsure" their risks with each other- otherwise, the regional companies would all go broke when something like that hits (or, more realistically, no one would insure in Florida and other risky places).

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Van in AR

01-01-2005 07:57:18

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Re: Rising Insurance Rates in reply to Rob in Mo., 01-01-2005 07:33:19

Just got my latest bill from Farm Bureau. Mine went up 28%, I called the agent and he said that mine goes from Oct to Oct and last year I was locked in by the Nov increase due to error, said it should have gone up about 12% the previous year and didn't and they were playing catchup. Its all BS I think, but 60%, I would find me a new agent or company.
Van

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HUSKY

01-01-2005 18:37:39

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Re: Rising Insurance Rates in reply to Van in AR, 01-01-2005 07:57:18

I RECIEVED MY CAR INSURANCE BILL IN NOV WENT FROM 700.00 TO 766.00 WITH NO ACCIDENTS FROM MAY TILL NOVEMBER BUT IT WENT UP 66.00 MY AGENT WOULD NOT RETURN CALLS I GUESS HE DID NOT HAVE THE "BALLS" CALLED ANOTHER AGENT GOT MUCH BETTER COVERAGE AND 180.00 LESS

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