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Old 07-23-2013, 12:53 PM   #29
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Hi Tim, mind sharing what your agreed value and premium is?
Thanks,
Barry

BTW ours is $21,000, and the new premium is $224
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Old 07-23-2013, 12:56 PM   #30
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I use Country Companies, this is a farm bureau members only ins. co in Il. no hassle with policy & 2 claims on A.S. pd. in full. I use them for farms, crop ins. liability, boat, motorcycles, home ins. trucks 2 claims same pd.in full, autos. I can not find ins. co. with cheaper rates or better service.
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Old 07-23-2013, 01:46 PM   #31
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Since my last post, we switched from Progressive. Last summer they sent us a letter saying they were increasing our rates on the trailer, truck and SUV something like 30% or more (after a year, I'm am unsure of the exact amount). I called them and they said it was because we had only one credit card and owed no money. I replied that we had 2 credit cards, a superior credit rating and it seemed a good idea to not owe money. They didn't care.

I shopped around and choose Good Sam which was actually GMAC. Now they've changed the name from GMAC to some forgettable name. You got though Good Sam anyway on the internet then a phone call. The advantages were a lower premium, replacement coverage based on purchase price (easy to prove with the original invoice if there is a dispute) and we can suspend the policy during the winter. This cut the premium to about 60% of the quoted price, though there is a $35 reinstatement fee—we're still way ahead. We pay about $300/year this way for a more recent and expensive trailer than some of those quoted above. No agents, but you can call someone in a call center and they were easy to deal with. A rebuilt trailer may be harder to set a price on, but I didn't need to investigate that.

We also saved quite a bit on the auto coverage by going with Farmer's on that. The savings for all policies were based on the previous Progressive premium, not the increases, so I should thank Progressive for being so dumb. Some companies look at your credit rating and credit agencies reports (which are frequently wrong, especially if you have a common name) and use strange computer programs to determine whether you fit. Progressive does this frequently, Farmer's does it once when you first apply for insurance. We already had homeowners with them, so they didn't check again, thought the results would have been the same as years ago if they had. Progressive also spends a lot on advertising (all that makeup for Flo is expensive), so that boosts rates. They were cheap when we first went with them, but that changed. When we first bought Progressive, we owed no money either and had the same credit cards, so their system changed. We haven't had any claims, so I don't know how they handle them.

Goshawks, you are victim of being put in a small pool. Insurance companies set premiums based on a pool of customers. They can start a new pool anytime and if you are in a small, older one with a lot of claims, your rates will go up fast. This is done a lot with health insurance—you get into a pool of similar aged customers and as everyone ages, rates go way up because they've started a new pool of younger ones who have fewer claims. Thus they can sell insurance in the new pool at cheap rates and in a few years as the pool is closed and average age foes up, rates go up and up. I believe the Affordable Care Act solves some of this for health insurance, but not vehicle insurance. Vehicle insurance pools are traditionally determined by where you live. If you are in a big city or near one, you'll have higher rates because of more accidents and theft than if you are in rural area. But with credit ratings added to the mix, they use that to increase premiums too. The formulas they use may make some sense generally, but are often based on wrong information and bad assumptions and individuals can get screwed. We were able to get new insurance without problems because other companies are not so wedded to bad assumptions and poor facts.

Gene
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Old 07-24-2013, 09:24 AM   #32
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Quote:
Originally Posted by featherbedder View Post
I use Country Companies, this is a farm bureau members only ins. co in Il. no hassle with policy & 2 claims on A.S. pd. in full. I use them for farms, crop ins. liability, boat, motorcycles, home ins. trucks 2 claims same pd.in full, autos. I can not find ins. co. with cheaper rates or better service.
Do they provide Stated or Agreed Value policies?
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Old 07-24-2013, 09:25 AM   #33
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Foremost has a very good reputation with vintage owners for standing behind their agreed value policies. The rates I got were very competitive with other quotes I received. I hope I never have to test them, but I think they will be easy to deal with if the need comes up.
My Foremost policy when I read the fine print was Actual Cash Value.
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Old 07-24-2013, 09:51 AM   #34
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We just got our policy on our 77 argosy with Farm & City after appraisal with pics. The cost is about $30 year more than state farm BUT my coverage has tripled over what state farm had us valued at. I hope I don't have to revisit my policy in a year like goshawks00.
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Old 07-24-2013, 02:54 PM   #35
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We just got our policy on our 77 argosy with Farm & City after appraisal with pics. The cost is about $30 year more than state farm BUT my coverage has tripled over what state farm had us valued at. I hope I don't have to revisit my policy in a year like goshawks00.
Interesting that Progressive would not give me an agreed value policy so I went to Farm and City and they wrote my agreed policy through guess who..... Progressive.
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Old 07-24-2013, 05:22 PM   #36
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Interesting that Progressive would not give me an agreed value policy so I went to Farm and City and they wrote my agreed policy through guess who..... Progressive.
Proving that trying to make sense of the insurance industry will drive you batty.

Gene
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