Insurance Companies %*$#&*!

redcoats1976

Senior Member
Joined
Feb 1, 2009
Messages
10,227
Reaction score
7,084
And people ask me how I can justify that using Uber all the time is cheaper.

it's definitely cheaper than owning a vehicle. Tax, tags, title, car payments, insurance, yearly inspection stickers. Vehicles are stupidly expensive and (it seems like) a waste of money.

I sort of miss having my own truck, but I really like Money. :laugh2:
but is uber going to pick me up at 4a.m. and take me to work.or take me to the beach at 545 a.m.(60 mile drive each way)
 

electric head

Just passing thru
Joined
Oct 7, 2013
Messages
7,124
Reaction score
13,547
I have been with USAA since 1986.I have 4 cars insured with them now.A few years ago my daughter had an accident and damaged her car and totaled the other persons car.I was notified my insurance was going up unless I dropped her from the policy,Screw that I called them up and it turned out it only went up 15.00 every 6 months..No problem there.

I just wish the insurance companies would turn up the heat on cops writing tickets for hand held devices. It seems like every other idiot on the road has a phone in their ear or looking at it..
 

Crotch

Triggered
Premium Member
Joined
Jan 13, 2012
Messages
23,196
Reaction score
52,540
but is uber going to pick me up at 4a.m. and take me to work.or take me to the beach at 545 a.m.(60 mile drive each way)
I would say yes. I've taken ubers in an underpopulated area at all times of the night when I am too drunk to drive.
 

Tone deaf

Senior Member
Joined
Apr 12, 2011
Messages
27,137
Reaction score
45,627
Going back to the '80s, Progressive always seemed to be real easy for motorcycles.

Insurance companies are using more and more technology and data to find reasons to jack your rates or discontinue coverage.

I had one ticket, two years ago, which I successfully (so I thought) argued down (only had to pay $35 and no points). However, it still shows up in the records that the insurance companies can access. I know because they still used that to jack up my rates a little. I wasn't really paying attention to my rates, but I think that they are a little too high, right now, so I may look to switch.

From personal experience and those of friends, Chubb might be the best.
 

fett

Senior Member
Joined
Jan 21, 2012
Messages
8,160
Reaction score
7,276
I use Geico for my van. I signed up to have my 2 payments automatically deducted via my Chase debit. Last Feb., no problem. Aug. I got all the paperwork to show I was renewed. The other day, I got a blue envelope from them. Yikes!!!! I was being cancelled for non-payment. I got on the phone to customer service. It only took about 3 minutes to talk to a nice person. Here's a PSA. I was issued a new debit card about 2 years ago because of the new chip tech. They had my old card on file. It worked for the Feb. payment but it had expired on 3-18 and rejected the Aug. payment. My current card expires 4-19. She updated my file and life is good.
 

Tone deaf

Senior Member
Joined
Apr 12, 2011
Messages
27,137
Reaction score
45,627
Shit....... I pay $2000 a year for me and my wifes car in WI. No claims, no tickets. no accidents. And I have 12 companies to choose from in my office and the one I am with is the cheapest. And thats with home and auto discount.
Just for me I am close to that. One ticket in the last 10 years and no accidents in 10+ years.
 

Biddlin

Senior Member
Joined
Aug 21, 2012
Messages
1,749
Reaction score
2,175
Insurance companies make money by not paying out claims and speculating with the premiums.
 

Malikon

He got joo joo eyeballs
V.I.P. Member
Joined
Jan 21, 2010
Messages
76,679
Reaction score
221,076
but is uber going to pick me up at 4a.m. and take me to work.or take me to the beach at 545 a.m.(60 mile drive each way)
Yes.

I've had them take me to the airport at 3am for work. Airport is about 50 miles away? Maybe 45.
 

redcoats1976

Senior Member
Joined
Feb 1, 2009
Messages
10,227
Reaction score
7,084
ok,but im liking my camaro,and this way i go when i want to,no wait,and if i feel like barfing in it i can...
 

HardCore Troubadour

Senior Member
Joined
Nov 17, 2012
Messages
9,634
Reaction score
8,144
I am going to say this because it applies, not because I am a fan of insurance companies.....

I logged in to pay my monthly bill earlier this week and the amount owed was 0......

I knew better so I called them....I was informed that the “month in reserve” policy that my insurance had always had as a policy had been removed and that money was then used to pay my current bill.....

I appreciated the fact.......

Just my current experience but I have always had a good relationships with my company....I can call them with most anything (new vehicles, sold vehicles etc.) and they will take care of it over the phone.....

Of course, I have been with the same insurance co. For 25 years......

With the same phone co. With the same number for 20.

Everyone waxing about the price of cell phones, NYU company still gives me free phones...the last was an iPhone se a few years ago.....

But they could all suck tomorrow if they do something stupid......

I am with the same co. As @TheX

JUST SAYIN’
 

rogue3

Senior Member
Joined
Apr 22, 2017
Messages
2,929
Reaction score
3,652
Quick story

I'd been paying a little over a grand per year for my car insurance.

One day, I was in a town I was unfamiliar with.
And I was tasked with finding the Jiffy Lube to get an oil change for the truck I had been given.

I pulled into the parking lot of a seniors living complex & shut the truck off.

I used my phone to get GPS coordinates for the place.
Once located I started the truck & pulled out.
With my phone still in my hand!!

Lights, camera, action.

Cop , who had obviously been watching me, pulls me over and tickets me for......get this......
not using the cell phone but "having it in your hand while driving".
Yes, there is such an offense.

Later on , I went to court to fight it and was told that this offense is accurate whether the phone is turned off or not.
You can NOT have that little black rectangle in your hand while driving.
It's ok to eat cheeseburgers and have your dog sitting in your lap though, apparently.

Now understand, I'm no fan of these idiots who are texting and talking on their phones while driving.
I get it. They're morons.
I use blue tooth in my truck.
My phone stays in my pocket while I'm driving.

The end result of this little narrative?
My insurance company quadrupled my rates.
I went from $1020.00 per year to $3925.00 per year.....for the next three years.
They consider it in the same category as impaired driving.

FFS.........somebody tell me how that's fair.
I'm 64 years old with a pretty good driving record.
One speeding ticket in the last 7 years.
One claim in the last 20 years.....and I wasn't driving or even in the fucking car.

I hate insurance companies.

Rant/
that is...mindblowing.
 

Nicky

On The Road Less Traveled
Joined
Aug 27, 2007
Messages
16,930
Reaction score
25,010
Insurance 101

Insurance companies determine their premiums based upon combined loss ratios. The combined ratio is claims payments + expenses - investment income. The combined ratio must be under 100% to make a profit.

Insurers underwrite to a 60% loss ratio, meaning they expect to pay 60 cents of every premium dollar for claims. That leaves 40 cents for salaries and benefits, rent, utilities, commissions to agents, claims handling, legal fees, general and administrative overhead. What’s left is invested in stocks, bonds, real estate, etc. As we all know, investment income has been weak for more than a decade, despite what you think the stock market has done in the past 3 or 4 years. Insurers generally avoid stocks, and place more surplus investments in real estate, mutual funds and bonds. Those returns are less than 4%.

With low investment income and rising labor costs and overhead, there is great pressure upon underwriting results, meaning they must insure the right people and the right kinds of risks that reduce losses below 60%. Their actuaries keep track of loss trends - older drivers with no tickets are 78% less likely to have accidents than younger drivers with 2 tickets; property in certain geographical areas are more prone to wind and hail damage; motorcyclists with less than 6 years experience are 37% more prone to having accidents (sorry, Freddy, I couldn’t resist!). They have a huge statistical basis of prior experience to make predictive forecasts of losses, and they are very accurate. When losses exceed their projections because of hurricanes, tornadoes, distracted drivers, bigger jury awards, higher medical costs, or more expensive repairs, they have to reduce expenses or change pricing. If losses increase to 65 cents per dollar, they need to make it up somewhere in order to keep their combined ratio under 100%.

So, it’s not necessarily greed that causes you to get an increase in your insurance bill. The insurance company is trying to maintain a profit, and like any company selling a product, they’re entitled to do so.
 
Last edited:

Sct13

Premium Member
Joined
Sep 17, 2011
Messages
18,496
Reaction score
22,778
I agree...They suck …. and they need regulation...Serious regulation.

So here's my question...

Have you Ever seen anyone riding a motorcycle AND texting?
 

Nicky

On The Road Less Traveled
Joined
Aug 27, 2007
Messages
16,930
Reaction score
25,010
I agree...They suck …. and they need regulation...Serious regulation.

So here's my question...

Have you Ever seen anyone riding a motorcycle AND texting?
Insurance rates are regulated in every state. Complain to your legislature.
 

Subterfuge

Senior Member
Joined
Aug 18, 2017
Messages
1,439
Reaction score
2,118
on the topic of car insurance .. I am under the assumption that when North America switches to Self-driving cars that we will no longer require collision insurance because we are no longer piloting the vehicle ? therefore, as an accident could not ever be our fault ..... car insurance will not be necessary ??
 

Sct13

Premium Member
Joined
Sep 17, 2011
Messages
18,496
Reaction score
22,778
Insurance 101

Insurance companies determine their premiums based upon combined loss ratios. The combined ratio is claims payments + expenses - investment income. The combined ratio must be under 100% to make a profit.

Insurers underwrite to a 60% loss ratio, meaning they expect to pay 60 cents of every premium dollar for claims. That leaves 40 cents for salaries and benefits, rent, utilities, commissions to agents, claims handling, legal fees, general and administrative overhead. What’s left is invested in stocks, bonds, real estate, etc. As we all know, investment income has been weak for more than a decade, despite what you think the stock market has done in the past 3 or 4 years. Insurers generally avoid stocks, and place more surplus investments in real estate, mutual funds and bonds. Those returns are less than 4%.

With low investment income and rising labor costs and overhead, there is great pressure upon underwriting results, meaning they must insure the right people and the right kinds of risks that reduce losses below 60%. Their actuaries keep track of loss trends - older drivers with no tickets are 78% less likely to have accidents than younger drivers with 2 tickets; property in certain geographical areas are more prone to wind and hail damage; motorcyclists with less than 6 years experience are 37% more prone to having accidents (sorry, Freddy, I couldn’t resist!). They have a huge statistical basis of prior experience to make predictive forecasts of losses, and they are very accurate. When losses exceed their projections because of hurricanes, tornadoes, distracted drivers, bigger jury awards, higher medical costs, or more expensive repairs, they have to reduce expenses or change pricing. If losses increase to 65 cents per dollar, they need to make it up somewhere in order to keep their combined ratio under 100%.

So, it’s not necessarily greed that causes you to get an increase in your insurance bill. The insurance company is trying to maintain a profit, and like any company selling a product, they’re entitled to do so.

Good info...but when laws are created that Mandate certain insurances ….its no longer a competitive market or Free market. You HAVE to "buy" their product. Sure there is "fair" competition...State Farm, AAA, Citizens....and so on....but a lot of it is mumbo jumbo and in the end makes no real difference, its all figured out. They did their math. In fact THEY lobbied in our state capitols to make insurance the Law....now they can charge whatever they want.

There is something fundamentally wrong with the whole system.
 

Sct13

Premium Member
Joined
Sep 17, 2011
Messages
18,496
Reaction score
22,778
on the topic of car insurance .. I am under the assumption that when North America switches to Self-driving cars that we will no longer require collision insurance because we are no longer piloting the vehicle ? therefore, as an accident could not ever be our fault ..... car insurance will not be necessary ??

Good point!

It'll be Ford or GM or whoever will make an even bigger killing.....but FEAR not....they WILL find a way to make you pay …

The more I think about this the more interesting the argument will be....
 

Subterfuge

Senior Member
Joined
Aug 18, 2017
Messages
1,439
Reaction score
2,118
the thing I don't understand is that in Ontario if you go longer than 45 days without car insurance you are automatically re-classified as a "new driver" and your rates will be astronomical, if a person had 50 years ticket and accident free it doesn't matter, you become a new driver with zero experience... talk about Legalized Extortion, as bad as the Mafia
 

Sct13

Premium Member
Joined
Sep 17, 2011
Messages
18,496
Reaction score
22,778
the thing I don't understand is that in Ontario if you go longer than 45 days without car insurance you are automatically re-classified as a "new driver" and your rates will be astronomical, if a person had 50 years ticket and accident free it doesn't matter, you become a new driver with zero experience... talk about Legalized Extortion, as bad as the Mafia

they "Punish" you ….

Hey Luigi...Break his knee caps for not payin'
 




Top