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Old 02-29-2016, 07:58 PM   #1
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I have to whine about Progressive

We took out an Agreed Value policy with Progressive in Spring, 2010 for our Overlander for $11,000. $1000 deductible. Standard stuff.

Over the last 6 years, our policy premium has nearly tripled. Anybody else seeing increases like this? We have excellent credit scores, no claims on any insurance policy of any kind and very clean driving records (no tickets, blah, blah). In other words, no obvious reason for the high price increases. Age maybe? We're gettin' up there. Though neither of us has reached "retirement age" yet.

Any ideas?

Jim
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Old 02-29-2016, 08:25 PM   #2
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I have State Farm, and my homeowners has taken a big jump over the past few years.

I've never made a claim, never missed a premium, have excellent credit, etc.

I questioned it, they never did adequately explain it, in my opinion.

The computers apparently generate rates, pulling in all kinds of information from a multitude of sources.

It seems to be a trend, from what I have been able to find out.


Maggie
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Old 02-29-2016, 08:46 PM   #3
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Further whinning

Thanks Maggie.

Just by way of comparison, refrigerators don't cost 300% more now than 6 years ago. Or couches. Or tires or car batteries. Or bird seed. And of course, my salary hasn't increased 3x. Maybe I need need to dump 'em. Tell Flo "I luv ya babe, but yer price gun whatchamacallit is busted".

Jim
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Old 02-29-2016, 08:53 PM   #4
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Yeah, insurance rates are a real mystery. It seems like the only way to protect yourself is to shop around every few years. I just "saved 15% or more" by shifting my truck insurance to Geico. But that is more complicated with an Airstream agreed value policy.
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Old 02-29-2016, 09:03 PM   #5
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Insurance is based on your credit and income to some degree. It's a scam for sure. Mine has gone done every year my credit has improved. Since hitting 820 it's at it's lowest ever in my life.
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Old 02-29-2016, 09:08 PM   #6
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Insurance is based on your credit and income to some degree. It's a scam for sure. Mine has gone done every year my credit has improved. Since hitting 820 it's at it's lowest ever in my life.
Yup. Ours is 800 +. Maybe the vehicle insurance people are taking a clue from the (health care) insurance industry in general. RAISE PRICES, RAISE PRICES!!!!!!!!!!!!!!!!!

Sorry. I need a beer.

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Old 02-29-2016, 09:09 PM   #7
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Quote:
Originally Posted by Jim & Susan View Post
We took out an Agreed Value policy with Progressive in Spring, 2010 for our Overlander for $11,000. $1000 deductible. Standard stuff.

Over the last 6 years, our policy premium has nearly tripled. Anybody else seeing increases like this? We have excellent credit scores, no claims on any insurance policy of any kind and very clean driving records (no tickets, blah, blah). In other words, no obvious reason for the high price increases. Age maybe? We're gettin' up there. Though neither of us has reached "retirement age" yet.

Any ideas?

Jim
Just Google Progressive and Peter Lewis to find out why.
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Old 02-29-2016, 09:11 PM   #8
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Just Google Progressive and Peter Lewis to find out why.
Yup, clued in about that. I don't care too much for the company. But the prices were originally reasonable. Today, not so much.

Jim
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Old 02-29-2016, 09:14 PM   #9
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Yup, clued in about that. I don't care too much for the company. But the prices were originally reasonable. Today, not so much.

Jim
They have to pay for all of their advertising somehow.
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Old 02-29-2016, 09:14 PM   #10
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Mine went down on first renewal with better coverage and full timers.
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Old 02-29-2016, 09:22 PM   #11
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Rates mostly match the insurer's experience. Underwriting is a complicated math problem that attempts to forecast loss exposure based on chosen indicators while also providing a profit. If the company underwrites policies for too many folks who have a loss rate worse than predicted, then rates will go up. However, the reverse never seems to be true...
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Old 03-01-2016, 11:51 AM   #12
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Progressive and Geico are third tier insurers. It is common for their initially-low premiums to skyrocket in later years.

Each of you should write a letter of complaint to your state insurance commissioner. It may do little good for you individually but makes a record of predatory pricing practices. If enough people complain...

Jay & Lisa
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Old 03-01-2016, 11:58 AM   #13
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Insurance is simply put a legal ponzi scam. For the most part we all need it and usually do not use it but we have to have it.
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Old 03-01-2016, 12:02 PM   #14
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Consumer Reports had a great article on insurance in general. They are trying to get states to require insurers to release info on how rates are established. One take away was that staying with a company for years did not result in lower prices, so it's good to shop around every year. Also California is one of 2 states where insurers cannot use credit scores to establish insurance fees.

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