I have to whine about Progressive

[Jim & Susan]

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

[Lily&Me]

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

[Jim & Susan]

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

[Siegmann]

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.

[BoldAdventure]

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.

[Jim & Susan]

Originally Posted by BoldAdventure

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.

Jim

[mojo]

Originally Posted by Jim & Susan

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.

[Jim & Susan]

Originally Posted by mojo

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

[PaulnGina]

Originally Posted by Jim & Susan

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.

[Tincampers]

Mine went down on first renewal with better coverage and full timers.

[SeeMore]

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...

[splyb]

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

[graysailor]

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.

[dennis3751]

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.

Dennis

[mccrosti]

Insurances rates are driven by many factors, I've seen a few addressed in the notes above, one factor not addressed is that you're in a pool of people, and while credit score is meaningful - how that pool performs overall carries more weight.


Sent from my iPhone using Airstream Forums

[Lily&Me]

My homeowners insurance took a jump the year my husband died, then again last year.

Vehicle insurance has remained the same.

I made some phone calls to see if I could get better rates, and found that I could for the house but vehicle rates would jump quite a bit because of my decades with State Farm.

One representative told me I would probably not get a good answer from SF for the homeowners rate increase, and I didn't.

It seems a racket, to me, but we've got to have it.


Maggie

[jimstream]

If any of you guys are armed forces veterans, the child of a vet, or active duty, USAA Insurance is the company to go to. I have all my insurance, home ,auto, life with them. They are top rated with Consumer Reports and they are a coop so you get dividends at the end of each year. You can't beat them. If not a vet, join the Army just so you can get this insurance. It's worth it. GO ARMY !

[Cleareye]

Essentially "insurance" may be the biggest scam going. I carry no insurance on anything I'm not required to carry; car liability (state req), house fire (bank req). I like to calculate how much I save by not sending money for life insurance, product insurance, pet health insurance, and on and on. I simply invest that money in real estate or other commodity that I know will increase in value. Result: I have earned over $1.5 million from that program alone and I am 77! Have a backup plan and say goodbye to all insurance brokers.

[Hittenstiehl]

Allstate, several years ago divided the company or plans and offered/invited us to participate in the newer plan. We were hesitant to switch because we had used the same agent and then his son for several generations of my DH family.

They explained that this plan was being offered to their better driver, better credit score, more established customers. They said pooling their customers into like groups could keep our rates lower.

We did the switch, not sure of any actual long term savings. Interestingly enough when I call for insurance advice they never seem to be willing to explain the industry.

Gotta have it. Arrrgh.

[Cleareye]

USAA is the best if you must have insurance at all. I agree.