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Tractor Talk Discussion Forum

Insurance company ratings

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n8terry

09-25-2007 19:59:58




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I insured some of my tractors today. I got to visiting with the insurance agent and she told me that they had a rating system built into their computer program. Each applicant is rated from A to Z with A being the highest. My rating was a C. I asked her how come my rating wasn't an
A and she said cause I had a record of switching Insurance Company's occasionally. She could tell if I had any debt, if I was slow or delinquent on any payments, what claims I had applied for.

I asked her if her data showed a record of me tapping the foot of the guy in the adjacent bath room stall. She said that wasn't in the program yet.

Just thought I would share this with you.

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Steven f/AZ

09-26-2007 08:44:33




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 Re: Insurance company ratings in reply to n8terry, 09-25-2007 19:59:58  
After going through a period of high risk auto insurance that just about broke me, I have been a very careful driver and worked hard to pay everything on time for several years. Now I have a good credit rating, insurance with almost all of the discounts available, and a good relationship with my agent.

Those ratings don"t bother me at all... those of us who are responsible with our money and belongings should get the lower rates.

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sbin

09-25-2007 20:59:58




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 Re: Insurance company ratings in reply to n8terry, 09-25-2007 19:59:58  
Customers need a system to rate insurance companies on how quickly and completely they honor policies sold to customer.
Seems a bit like the fox holding chicken to an exacting standard.



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noncompos

09-25-2007 20:16:41




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 Re: Insurance company ratings in reply to n8terry, 09-25-2007 19:59:58  
Insurance companies often run in cycles--a period of lowering rates or adding more coverage, to gain market share, until losses mount becuse of loosend requirements, when they decide to cut losses by tightening requirements or dropping less profitable lines or customers.
They got into credit ratings supposedly because some actuary or psychologist decided people who didn't pay on time were also careless about accidents, fires, battening down before windstorms, etc., and therefor were greater insurance risks (and because they could, since there was no law against using credit info).
With the heavy losses they've suffered, they're looking under rocks for ways to raise rates or cut coverage, and while penalising you for changing companies might seem to come under an illegal restraint of trade, they make lots of campaign contributions.

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Eric SEI

09-26-2007 19:40:23




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 Re: Insurance company ratings in reply to noncompos, 09-25-2007 20:16:41  
The insurance companies may even be right. I saw that someone did a study and farmers that trimmed around their bins and buildings were less likely to have a fatal accident. The thought was that they insisted on doing things the "right" way and were less likely to cut corners on maintenance or operations.

I guess I had better get some trimming done myself.



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