Better Insurance Options?

[tp308]

After 31 years w State Farm I'm ready to move on. Home Owners, Life and 4 lines of car insurance. A week ago I found out that my 20 yr old daughter's (driving a 2004 Honda Accord) premium will be increasing to $1,469/ 6 mos. She has a clean driving record with no tickets or incidents. Contrast that to my 17 son driving a 2004 Camry @ $669/6 mos. When I pressed my agent of the difference I couldn't get a callback for a week till finally I insisted on an answer. I finally heard back from his assistant that "underwriting says it's because her yr/model of Honda Accord has a high % of claims". Not because of her driving record... it's not like she's driving a Porsche! Lol. As a family we have a 100% clean driving record. The only 2 claims I've had (Theft/Storm damage) were handled pitifully by State Farm. I'm done and plan to start shopping next week. Open to suggestions on what has worked for you... thanks.

#likeagreedyneighbor...

 

[swavescatter]

I shop around every few years.

First step - create a spreadsheet showing all your coverages, deductibles and premiums (life, home, auto, etc.) This is a bit of a PITA, but is useful every few years when they jack rates for no reason.

Next, call up a few other local agents and share the spreadsheet. If they can make it worthwhile I switch (not just a few bucks). Tell them I'm shopping around others as well.

I also usually give the Costco Insurance a shot.

 

[MuleyFever]

If you arent shopping for insurance every coupe of years you are probably paying too much. Call around. What is best for one random stranger on the internet may not be best for you just because its so regional. Gotta get out there and get quotes. Hit up a good broker in your area.

 

[Geewhiz]

We recently switched from State Farm to progressive. Saved a significant amount.

 

[Steve300xcw]

Insurance broker. Let him do the shopping around. It will be cheaper than anything you can find

 

[MuleyFever]

One thing about a broker though is they will try and get you the lowest price because that is how they get people to switch to them. Make sure you go over the policy and get all the insurance/deductables you want. It may be cheaper because its missing or has less coverage on something you need/want.

 

[PredatorSlayer]

Geico seems to be the least expensive option for teenage drivers. They also partner with Travelers for home owners and they have been awesome to work with. I had to do some shopping around 4 years ago when my daughter got her drivers license. We are only paying $382/month for my family of 4 which includes Myself (2020 1794 tundra) wife (2021 Highlander Limited) 20 yr old Daughter ( 2016 Honda CRV) and my 17 yr old son (2015 Tacoma)

 

[mainbeam pursuit2]

I agree with the insurance broker, let them shop for then compare that to what you can do on your own.

 

[YellCoAR]

Sorry for the answer you received from your current company. The truth is most insurance companies don't assign a driver to a vehicle. They do what I call bag rating. Best way I can explain it is. They place all the vehicles on a wall then throw all the drivers in a bag. Shake the bag of drivers up and throw them on the wall. As an agent it is hard to explain rating. There are so many factors and most are unknown. Example: You have two new vehicles in your household with physical damage (full coverage). The current drivers are husband and wife. Along comes JR. You buy him an older starter vehicle which is liability only (no full coverage). Lets say you were paying $450.00 per vehicle prior to JR. Now you add him and the additional vehicle. Now you are probably paying $675.00 for the current 2 vehicles and $450.00 for the added vehicle. It appears that JR's insurance is $450.00, but his true cost is $900.00.
Then there are some companies that assign the highest rated driver in the household to the vehicle that generates the highest premium. If you have youthful drivers you will want to avoid these type companies.
Hope this helps.

 

[Haggin]

Third/fourth agree on the insurance broker (maybe even knowing two who will quote you). I simply print or email by coverages to them after redacting the cost lines so they don't know what to beat, and ask for a quote on the same coverage. It takes a little leg work every 24-26 months, but its worth it (generally).

I do struggle with changing as I prefer loyalty to an agent so he/she works harder for you when there's a claim, but getting a quote then discussing with your current agent never hurts.

 

[kkp005]

I had Germania home and auto. Last year Germania DOUBLED the rate on my home insurance.
Recently switch the auto to progressive and home to Garfield. I’m saving a bunch of money.

 

[Bearded Bowhunter]

Matic.com. Have used them multiple times. Commission free brokers and look at over 30 providers at once.

 

[Eleven]

First thing I do when I shop around (which is every couple of years) is look up my state's minimum required coverage. Our state Department of Financail Regulation (DFR) has compiled a PDF with the minimums which makes this a bit easier. Then I can compare apples to apples between providers.

I currently use Geico for auto with travelers for home.

 

[fngTony]

Man, this sounds like all of the reasons we’ve left farmers and went to State Farm years ago. It really came down to the agents themselves for us. I would have them double check how they’re writing the policy and make sure that it is listed correctly when it comes to the engine size and soft model of the car. They might be looking at it as statistically a street racing car but again that stuff kinda comes down to the very particular of the vehicle. Things will obviously vary from state to state, but we’re paying 400 a month total for three drivers and two cars.

 

[TheGrayRider]

Snake Farm?

 

[YellCoAR]

Matic.com. Have used them multiple times. Commission free brokers and look at over 30 providers at once.

So they work for free?

 

[Bearded Bowhunter]

So they work for free?

The company takes a commission from the provider if you switch policies, but the brokers themselves are all salaried to prevent any conflicts of interest. Hasn't ever cost me anything.

I would also add I always ask a few local brokers for quotes as well and they have never even come close to the coverages and cost of the policies that I have gotten using the Matic service.

 

[7mm-08]

I likely differ from most folks and their approach to insurance coverage in that I don't shop for cheap insurance. I shop for good insurance (that is not a PITA to deal with when you have have a claim), which is fairly priced. I have a really good friend who had a major fire in a barn at his farm. This barn contained antique cars, tools and all sorts of projects he and his kids were working on at the time it occurred. He's been fighting with his "cheap" insurance company for three years. Not an experience I want to go through.

If you can afford it, high deductibles are your friend from a pricing perspective.

 

[AZ8]

Problem with switching, is that they'll give a nice rate to sign up, but after a year or two, they pull the rug out from under you and raise the rates significantly.

Which means shopping around every 2-3 years. I'd rather have a root canal!

It's all a racket. 40+ years, no accidents, yet my rates increase, regardless which insurance company I go with.

 

[Steve300xcw]

is that they'll give a nice rate to sign up, but after a year or two, they pull the rug out from under you and raise the rates significantly.

They are going to do that if you dont shop around as well....