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IHT Insurance Agency Group / They increased my insurance

1 United States Review updated:

I had insurance with IHT Insurance Agency Group when I found out that they are owned by farmer insurance group. My daughter was in an accident and we got no help but then they increased my insurance by $800 a year and my daughter doesn't even live with me.

Apr 3, 2013
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  • In
      9th of Oct, 2014
    0 Votes

    it appears from your statement that your daughter was driving your car, had an accident, the insurance company paid out claim & loss dollars towards the premium you paid and your renewal rate increased. This is exactly how insurance works. It is a business of profit and pricing for exposure. If you allow the exposure, your daughter, you allow the carrier to underwrite accordingly - sadly, many folks commit insurance fraud by not informing their agent of EVERY exposure (all drivers and all household residents), so we all pay inflated rates to make up for this. We also do it with uninsured/underinsured coverage. If your carrier paid out a claim from the premiums you paid them to protect you, why shouldnt they be allowed to price for profit henceforth? Our country, a Republic, is the very very best form of government known to mankind. We have a limited form of capitalism (heavily burdened and controlled by excessive government intrusion) which allows our system to operate for profit businesses - you have every right to have your agent move your business elsewhere but you will quickly learn, all carriers underwrite. Your statement mentioned nothing I can see where your agent is to blame at all. The carrier (insurance company) prices for exposure and for profit - the fact they raise your rates is 100% how it should work - if you (or your policy, via claims or losses) reduce their profit, they have every right in the world to rate and price and review you as a risk every renewal cycle. Alternately, if your accident, loss, driving record and many other underwriting factors improve over time, your rate, in-turn will reflect your exposures to loss via a lower rate - carriers are very fair on both sides.

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