Well, I guess every situation is different. I just got my renewal for my auto insurance. Guess what, It went up $50.00. Ihaven't had a claim of any kind for over 10 years.
Haven't even had any tickets. I called Geigo, I asked them why my premium went up, since I had done nothing to cause this. Their answer: "We have paid out more in premiums in your area, so we had to increase." Fine, I understand that. But, increase the premiums on those that caused the payouts, don't increase it on the ones that saved you money. Yes this is different from my other posts. Because what I DO HAS A DIRECT EFFECT ON WHAT I AM CHARGED. I don't take the chances that most people do. By that I mean: If the speed limit is 75, I don't do 80. Someone wants to cut me off at an intersection, I let them. It only takes once to get a ticket, or have an accident, I don't plan on being that one. So, when Geigo told me my premium was going up to $454.00 for the next 6 months ($900.00 for the year) I called AIG. Now, with Geigo, I had no "Frills". I had just what the state required. I have a 1994 vehicle so I don't need full coverage. When I called AIG and told them my situation look at what I received:
15/30,000 per person per accident $143.00
10,000.00 property damage 99.00
Comprehensive w/$250.00 ded. 59.00
Total cost $301.00
I got the comprehensive because with it I get FREE OF CHARGE:
Road side service (Towing, flat repair, etc)
Extended Transportation expenses
per day/max amount $30.00/$900.00
My advise: When it comes time to renew your policies, CALL AIG! They will give you what you earn.
The complaint has been investigated and resolved to the customer’s satisfaction.
I find it very unusual that ANY company this day and age can dropped a driver off the plan because of 'underwriting reviews' but then REFUSES to produce that review, or any facts on HOW they came to the conclusion to drop a driver, or much less let you talk to underwriting! If any other company did that, they would have to show underwriting guidelines...but not the lizard! So easy a caveman can do it...I think cavemen run the company. I will be switching ins companies.
I hate Gieco. They refused to let me take my 18 year old son off my insurance when he moved out saying I needed proof that he moved out. As I did not know exactly where he moved and with no way to get in touch with him (he moved out because he did not want to live by my rules, I felt this way punishing me. Then they jacked up my insurance from 109.00 a month to 349.00 every month. When I asked them why I could not sign a waiver release them from any liability should my son drive my car (yeah when hell freezes over! he wrecked his 2 months after he got it) they said they did not have waivers. BS BS BS.
I flat refused to pay them and went back to Farmers, who by the way let me sign a waiver, the very next day. My insurance premium for full coverage insurance is ... 74.98 a month!
It took them three weeks and FIVE progressively nasty emails ( the last one stated in caps: your fired. what part do you not understand?) to get a prorated refund from them.
THE LIZARD LIES!
A couple of things.
All insurance companies lost money or didn't make as much as they were used to in 2007 due to a vast increase in medical claims costs.
Think about this: let's say you get into an accident. Let's say it's a hit-and run. Let's say that you and a passenger (your mom, your boyfriend/girlfriend, your kid) have $20,000 in medical bills, and let's say your $12,000 vehicle is totaled. Obviously, this wasn't your fault, because it was a hit-and-run. Due to the severity of the accident, you can only recall that it was a dark colored SUV or truck. It's obviously not much help.
Your insurance company will pay you $32,000 dollars if you have gap coverage and uninsured motorist liability limits of at least 20,000 per accident, minus your let's say, $500 deductible. So all in all, it wasn't that bad, was it? It was $500 out of pocket and the rest was paid. What a load off your mind.
Now... where is the insurance company getting the money to pay that off? Let's say you've been with this company for 3 years, and you pay them $400 every 6 months. That means in the 3 years you've been with them, you've paid $24,000 dollars. Uh oh, you paid them $24,000 and they paid you $31,500! That's right, they're out $7,500. They have to make up that $7,500 someplace, and they actually have to end up with a profit or their company will go under. That would be convenient for no one.
So now you're up $7,500. Okay. For the next term, you'll pay the regular $400, plus $7,500 to make up for losses. Your new premium is $7,900.
You're not too happy about that, are you? Wellllll... instead of raising your premium however much you cost the company, they divide that amount amongst everyone they insure, so that everyone only pays maybe $10-$100 more each term.
You get it finally? If an insurance company pays out $65,000,000 in claims and only earned $60,000,000 in premium, they have to divide the remaining cost of $5,000,000 amongst all the policyholders, or else there would be no point in having insurance to begin with, and we'd all just put that amount into a savings account we could keep.
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