Shock from my Insurance Company (Non Renewal)

[PenJoe]

[QUOTE=Witch Doctor;1933410]I guess there is always a story. I have never had a problem. In fact I had a dime hole leak in my roof. It was from a branch, I claimed it , I just wanted it repaired. They came out and looked at it, now they said they wouldn't cover just a repair, but would cover a whole new roof installed. They paid 5500.00 for a new roof, they said they didn't want to have a problem down the line. I guess it just don't figure, but I also asked for an adjuster to inspect it. They have been great with me...[/QUOTE)

You are absolutely correct. If they treated their claimants the way they treated us, they would not be in business. Even the people at both glass shops were amazed that the would deny new glass. The difference may be your adjuster in the field that wanted you satisfied and the adjusters on the desk wanting to look good so they could get off the desk and out in the field. The treatment we got over $185 difference gave us a nudge to start shopping. When they gave us a quote double of what another top-rate insurance company was able to do, it was a no-brainer to make the change.

We also have insurance coverage in two states. We have been with the company that gave us the better quote for 13 years. The only claim with either company was for the windshield.

[TitanMike]

When it comes to staying with one company and bundling all your coverage with them I guess it comes down to where you live, overall risk factors (weather, seismic, fire, etc). The longer you stay with some companies you earn longevity discounts as well as multi-policy discounts. Here's another factor that people often fail to take into consideration and that's your credit score. That weighs differently from company to company. I guess the companies figure that those who take care of their finances and pay their bills are among those that don't present as big a risk as those who over extend.

I've been with one company for well over 30 years and every time I shop I find I get less coverage, higher deductibles, and all for either the same or not enough savings to offset the service I get from my agent. The few times I've had to make a claim it's been a single phone call to my local agent and they handled everthing. No waiting in phone ques for a customer service rep who then has to refer me to someone else.

One thing people should always consider, the largest part of your insurance cost is often the Liability coverage. Getting a bargain on that usually means less coverage. Hopefully one never is in a situation where they have a judgement against them that exceeds the limits of their coverage. If you are a property owner, and have any investments for your retirement, make sure you have enough insurance to make sure you don't lose them should anything adverse should happen. No matter how good you drive or how safe you think your home is, "stuff happens" and it can happen to anyone.

No, I don't sell insurance, I have just stepped back and done a careful analysis of what could happen and carry enough insurance to make sure what I've worked hard for isn't at risk.

[garyhopp]

My companies were Good Sam Club RV Insurance, who they wrote the insurance to Allied Insurance who then wrote it with Nationwide and Nationwide is who sent me the non renewal and in the same breathe told me they wanted to keep me as a customer only I found out at a near to 300% bump.
Going to NC Farm bureau, talked to my agent there and got it for about $80 more a year.
Beware of Nationwide, Allied Insurance, and Good Sam

[NMWildcat]

Originally Posted by TitanMike

.....
No, I don't sell insurance, I have just stepped back and done a careful analysis of what could happen and carry enough insurance to make sure what I've worked hard for isn't at risk.

I believe most of us pay extra attention to our insurance coverage details and costs, and try to optimize them.

Used to be, you could stay with a company, or a local agent, indefinitely. I think those days are gone. The internet has replaced the local agent, and in a few minutes I can have multiple quotes and decide who I want to call to further the process for better coverage and/or lower price.

I have had better luck, and faster response, calling an 800 number for a claims adjuster than dealing with locals.

Sometimes you can have excellent credit, low number of claims, and something happens beyond your control to cause an increase in your payments. We had our area reclassified as a high risk area, but not all companies had it classified that way, so we could change companies and get the same coverage for much cheaper.

I'm glad you can stay with the same company for 30 years, but for everyone I know, that is no longer beneficial.

[aceinspp]

Originally Posted by Kaadk

This is why I like that I'm with an independent insurance brokerage. My agent doesn't work for a single company, they shop around for me every year, and let me know if I'm still getting the best rates, or if there are any lower rates. Agents that work directly for an insurance company only want you to stay. They're more interested in keeping you loyal to that company than finding you the actual best rates.

X 2 Later RJD

[TitanMike]

Originally Posted by NMWildcat

We had our area reclassified as a high risk area, but not all companies had it classified that way, so we could change companies and get the same coverage for much cheaper.

In that respect the only "high risk" where I live is Earthquakes and for that I choose to pay extra. Not all that expensive, just a huge deductible but I'll take 80% of my loss any day versus getting nothing.

I think a lot of insurance companies are going to have huge rate increases and maybe even pull totally out of some markets due to some of the latest natural disasters. With the storm damage in the eastern half of the country and the humongous fire damage out west, I would guess that rate increases for all are in the future. That's the very nature of insurance, everyone pays some to cover the smaller number that have losses. However when the losses keep occurring in some areas year after year, good risk management practices say "get out while you can".

[jimmackeysc]

Happened to me a couple of months ago. Had camping world (nationwide). I was paying $500, and when I called them, they told me I could stay with them for $1100. I thanked them, called the local nationwide agent in my town, fort mill sc, and got the same coverage. Cost an additional $8!
Call around until you get the rate you need!!

Jim

[TraileringTexans]

I had something like this with a small company for our homeowners. No other agent would pick it up. Ended up bundling all my policies with Allstate. Glad I did.

[daetrip]

The sad part is no matter what the price; if ever needed you will fight tooth, and nail to get a fair settlement.

[waybeck2018]

I strongly suggest you look elsewhere rather than USAA for RV insurance unless all you want is collision and comprehensive. They do not offer replacement cost or any other . When I found that out, headed to Progressive.

[SSteinmetz]

Originally Posted by garyhopp

I have been with a large club insurance provider for a number of years, had great service. .

Did you call the “club” to find out if they had a new provider? Often “programs” move from one company to another.

Sorry if I’m misunderstanding. It sounds like you contacted the insurance company directly rather than the “club”.

[Cabinfever97]

Originally Posted by formerFR

as an agent, there are many times that I've had situations where a particular company decides to 'leave' the market, in a certain state, because they either can't get the rate they think they need, for the risk, or the regulations become prohibitive compared to the business they have there. Like any business, it's up to them to decide what to do, and any current customers have to be made aware that their policy will not be renewing.

If you are a 'member' of some club that offers insurance, what you might really be saying is that your 'club' is no longer using this insurance company, and therefore all the customers what that company are being non-renewed. The club, itself, can continue to offer plans from other companies. Your club is acting as an 'agent', just like any insurance agency, on any corner of downtown America.

No 'company' is 'ripping you off'...but your 'agency' is simply giving you what they can do for you, with the other companies that they deal with.... you are certainly welcomed, and encouraged, to seek quotes elsewhere. You may even find that other companies have a better 'deal' than even the club 'deal' that you originally had. The ONLY way to know is to price around.

GREAT Answer!!!

[cadman99]

I have been tracking car insurance for about 7 years. The last two or three years rates have seen crazy increases. I insure two cars, a Cadillac with full cverage, and a truck witn minimum coverage. This year I shopped at least 10 companies. Many quotes well over $1000 yearly. Finally settled with Texas Farm Bureau for about $750 yearly.

In almost all cases expect a 30% increase at your first renewal. Allstate ( they are also Esurance) has been the worst, I have 6 quotes from $900 to $2300 for the same coverage. I would like to be a loyal customer but I will absolutely not tolerate 30% increases. I just plan on changing every 6 months to get the initial cheap teaser rate.

[horton022003]

Originally Posted by garyhopp

I have been with a large club insurance provider for a number of years, had great service. Today out of the Blue I get a letter in the mail stating they will not be renewing my insurance. After a call to the company I was told yes the agent for your policy is no longer with the company and as a result we are not renewing any policies. "But" we would like to keep you with our company and provide you insurance so you don't have a lapse of coverage. You breath a sigh of relief so they transfer you to their sales dept.
After sometime on the phone you are told we can continue your same coverage at near the same price you were paying. So you agree and hang up. In the next few days you receive a email stating they have approved your "NEW Policy" and the rate will be, this is where the boom falls. They will renew my police at just short of 300% of my old rate.
I have done some investigating and found that in my state North Carolina they are regulated as to the amount they can raise your policy each year. If you decide or are required to take out a new policy all bets are off.
This is how the company is ripping us off. Has anyone else seen this happening to them? Beware it occurs about 1 month before your renewal. Mine went from $600 to almost $1700.

In California, we have a Insurance Commissioner, if you have the equivalent, call them directly. Sounds fishy to me.

[bobcat]

Take those insurance guys to task!

Your States Insurance Commission would most likely want to hear from you about this. I've used the Commission of New Hampshire a number of times with great results. Auto, home, rates etc over the last 40 or so years.

One thing you want to check for sure is your credit rating. It turns out they use your Credit Report and a raft of "other" things to rate your insurability. I had no idea about this and the NH Commission explained some of the things to look for.

So get this... About 15 years ago my rates took a 10-20% jump and when asked, the insurance company said I had not established a long enough credit history and that I seemed to have no credit history on or before the age of 30. Really? Well I'm 75 years young now, so back then I would have been 60. I bought my first real car at age 18 with loan and all. I have no idea why that did not show on my rating but they (Ins. Co.) were not listening and were sticking with the increase.

As I was hanging up, I just happened to mumble that I was about to call the I-Commission and put things in their hand. Wouldn’t you know within 2 days they saw things my way.

BTW, I used the NH I-Commission to resolve a couple of low-ball buyouts for my totaled vehicles. Neither were my fault and I dealt with the other drivers insurance. But that’s another story. Regards, Bobcat

[nrkmann]

Have not found anyone who can beat USAA, especially after the yearly rebate of cash and the USAA savings account. I have had several other companies give me quotes over the 40+ years I have been a member but none have come close to what I pay. My 28’ Springdale TT costs me $37.02 for the current six months as part of my auto policy for comprehensive and collision.

[TNYHWZ]

Originally Posted by garyhopp

I have been with a large club insurance provider for a number of years, had great service. Today out of the Blue I get a letter in the mail stating they will not be renewing my insurance. After a call to the company I was told yes the agent for your policy is no longer with the company and as a result we are not renewing any policies. "But" we would like to keep you with our company and provide you insurance so you don't have a lapse of coverage. You breath a sigh of relief so they transfer you to their sales dept.
After sometime on the phone you are told we can continue your same coverage at near the same price you were paying. So you agree and hang up. In the next few days you receive a email stating they have approved your "NEW Policy" and the rate will be, this is where the boom falls. They will renew my police at just short of 300% of my old rate.
I have done some investigating and found that in my state North Carolina they are regulated as to the amount they can raise your policy each year. If you decide or are required to take out a new policy all bets are off.
This is how the company is ripping us off. Has anyone else seen this happening to them? Beware it occurs about 1 month before your renewal. Mine went from $600 to almost $1700.

Change companies. There are many to choose from.

[bfhammer]

I am an insurance adjuster for properties.

Rate isn't what you should pay attention to. I write claims for numerous insurance carriers and the differences are quite vast.
The best ones are chubb, and USAA. They have great respect for their clients and want estimates to fix whatever went wrong without nickel and diming everything.

Middle of the road is state farm, farmers, amfam.

Allstate, foremost, UPC, universal, ASI(progressive), are garbage. They fight tooth and nail to avoid paying out claims. They may be different on the auto side.

My flagstaff runs $6 a month with USAA bundled in with all my other insurance. My total bill for my truck, old Porsche, RV, condo, and a 2 million umbrella is $154/mo, $14 more than just the truck was with American family after being with them for 20 years.

High deductibles are generally a loser if you even have one claim with 20 years to break even with the "savings". Read your policy, question the agent and know what you have.
I add every endorsement possible on my insurance because when you need it, you need it. A few dollars a month vs having to spend a lot more when you are already in a bad situation and under stress.

[twdenman]

Originally Posted by waybeck2018

I strongly suggest you look elsewhere rather than USAA for RV insurance unless all you want is collision and comprehensive. They do not offer replacement cost or any other . When I found that out, headed to Progressive.

Yep, very true. When I tried to bundle my insurance, my homeowners insurance agent wanted to know what an "awning" was, on my RV. Headed to Progressive for replacement options.

[Chuck_S]

$40.04 annually ($3.34/monthly) for my Roo 23SS. A Big Mac costs $3.99, swill like Bud Light is $14.99 for a 12-pack in Richmond so, to put this in terms we can all understand, my annual insurance cost is less than a dozen Big Macks or 36 bottles of undrinkable beer.

This is a trailer, of course, not a self-propelled vehicle, so it doesn't need liability.

Keep in mind an insurance salesman pockets 5% to 20% of your premium every year.

-- Chuck