Amica Umbrella Insurance - major rate hike

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strafe
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Amica Umbrella Insurance - major rate hike

Post by strafe » Tue Apr 16, 2013 10:28 pm

I just received my renewal for my Amica umbrella insurance policy. Have been insured with them since 2010. The premium increased from $183/yr to $323/yr. Am in NC. Anyone else have a similar rate hike? I added a 3rd vehicle to my auto policy, which perhaps is the source of some of the increase. I like Amica but am not willing to accept 75% annual rate increases.

livesoft
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Re: Amica Umbrella Insurance - major rate hike

Post by livesoft » Tue Apr 16, 2013 10:33 pm

And what kind of vehicle was it? :)
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Quasimodo
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Re: Amica Umbrella Insurance - major rate hike

Post by Quasimodo » Tue Apr 16, 2013 10:51 pm

Getting an insurance premium increase you feel is excessive is probably a good time to explore quotes from other insurers.

It's generally best to keep homeowners, auto and umbrella with the same company in order to avoid possible claims problems in the event of a large loss as well as to obtain optimum pricing, but here's one website that discusses umbrella policies from insurers who don't require you place the underlying insurance with them;

http://www.irmi.com/expert/articles/201 ... ement.aspx

I have no connection with this site nor with any of the companies they list and offer the connection only as a possible source of information.

Good luck!

John
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ram
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Re: Amica Umbrella Insurance - major rate hike

Post by ram » Tue Apr 16, 2013 11:06 pm

A few years ago my Umbrella rate more than doubled at Amica. The only difference was addition of 2 teenage/young drivers. I assumed that was a justified hike . Did not do any comparison shopping. I have been very happy with their service. Let us know if you find other better rates.
Ram

strafe
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Re: Amica Umbrella Insurance - major rate hike

Post by strafe » Tue Apr 16, 2013 11:16 pm

livesoft wrote:And what kind of vehicle was it? :)
It was a 1985 Mercedes. The liability coverage for that car on the auto policy is the least expensive of my vehicles.

I carry all my insurance including some term life with amica. If i can get the total package for substantially less elsewhere, they may lose a lot of business from this!

stlutz
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Re: Amica Umbrella Insurance - major rate hike

Post by stlutz » Tue Apr 16, 2013 11:39 pm

If you happen to call them up and ask why the increase, please share the answer--that would be useful information for others going forward.

letsgobobby
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Re: Amica Umbrella Insurance - major rate hike

Post by letsgobobby » Wed Apr 17, 2013 12:57 am

I just upped my umbrella with Amica and I pay less than $100 per $M even before the dividend.

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Van-Guard23
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Re: Amica Umbrella Insurance - major rate hike

Post by Van-Guard23 » Wed Apr 17, 2013 1:44 am

I live in Hawaii and my umbrella policy thru RLI costs me over $579 for $2 million coverage...I looked at Amica but they don't seem do business here in Hawaii. I am looking at other options now...can anyone suggest something else for umbrella policy for those living in Hawaii? I have checked the major insurance companies and most, if not all, require all your insurance products to be purchased from them to be even considered for umbrella coverage.

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wageoghe
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Re: Amica Umbrella Insurance - major rate hike

Post by wageoghe » Wed Apr 17, 2013 11:57 am

Do you have any young drivers on your auto policy?

strafe
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Re: Amica Umbrella Insurance - major rate hike

Post by strafe » Wed Apr 17, 2013 1:56 pm

stlutz wrote:If you happen to call them up and ask why the increase, please share the answer--that would be useful information for others going forward.
I contacted Amica. The rate hike is due (a) changes in their rate schedule / underwriting and (b) the addition of the 3rd vehicle.

Time to start comparison shopping.
wageoghe wrote:Do you have any young drivers on your auto policy?
No, just my wife and me.

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plannerman
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Re: Amica Umbrella Insurance - major rate hike

Post by plannerman » Wed Apr 17, 2013 2:27 pm

I live in western NC and just got my Amica umbrella policy renewal yesterday. My premium for $1m excess liability went up $10--from $230/yr to $240/yr. If I remember correctly, I have been getting a 25% rebate

plannerman

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Re: Amica Umbrella Insurance - major rate hike

Post by Amica Insurance » Wed Apr 17, 2013 3:08 pm

Strafe, we came across this discussion thread. We don't want to lose you as a customer, so we'd like to have someone reach out to you to discuss your policy further. If you are interested, please email your contact information to us at socialmedia@amica.com. Thank you! - Jess H

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Re: Amica Umbrella Insurance - major rate hike

Post by LadyGeek » Wed Apr 17, 2013 3:47 pm

FYI - We have verified the identity of Amica Insurance. We do not consider it solicitation when company reps confine themselves to answering direct questions about their products.
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OverTheHill
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Re: Amica Umbrella Insurance - major rate hike

Post by OverTheHill » Wed Apr 17, 2013 6:27 pm

I too have Amica umbrella coverage in NC, along with our autos. I've been happy up to now, but a huge rate increase would cause me to look around. I find it interesting that the Amica social media dept found this topic and responded so quickly. I wonder if it's just fluff, or whether it's substance.

ieee488
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Re: Amica Umbrella Insurance - major rate hike

Post by ieee488 » Wed Apr 17, 2013 7:43 pm

My homeowner's policy is going up 11% in May.
The reason cited was that the dwelling coverage increased.
Not a happy camper.
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Blues
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Re: Amica Umbrella Insurance - major rate hike

Post by Blues » Wed Apr 17, 2013 7:51 pm

I'm in NC and insured with Amica as well. I won't know for another month or two if the rates have changed for us.
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Padlin
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Re: Amica Umbrella Insurance - major rate hike

Post by Padlin » Thu Apr 18, 2013 12:09 am

Amica Insurance wrote:Strafe, we came across this discussion thread. We don't want to lose you as a customer, so we'd like to have someone reach out to you to discuss your policy further. If you are interested, please email your contact information to us at socialmedia@amica.com. Thank you! - Jess H
Very interesting, they've got folks that spend at least part of the day looking for and responding to bad online reviews.
Regards | Bob

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Re: Amica Umbrella Insurance - major rate hike

Post by Maid of the Mist » Thu Apr 18, 2013 6:22 am

We are with Amica. Our renewal was in March for Umbrella and auto. Auto went up 3.5%. Umbrella went down 3.6%.

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HardKnocker
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Re: Amica Umbrella Insurance - major rate hike

Post by HardKnocker » Thu Apr 18, 2013 6:44 am

strafe wrote: I added a 3rd vehicle to my auto policy, which perhaps is the source of some of the increase.
That's what it's about. Every vehicle added increases your premium. You have increased your risk.
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carolinaman
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Re: Amica Umbrella Insurance - major rate hike

Post by carolinaman » Thu Apr 18, 2013 7:16 am

I live in NC. My $2M umbrella policy with State Farm was $295, renewal date was 12/2012. No change from prior year. I am a long term State Farm customer and have auto and homeowners with them as well.

Ed 2
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Re: Amica Umbrella Insurance - major rate hike

Post by Ed 2 » Thu Apr 18, 2013 7:30 am

We have Amica for 3 years. Last year they raised our policy a lot, even thought our cars are getting older and we never had any claims. If next time they will have hike like this I will Bouglehead them all the way. ))) Rule #1-Never have any loyalty to any Ins. company.
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Ed 2
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Re: Amica Umbrella Insurance - major rate hike

Post by Ed 2 » Thu Apr 18, 2013 7:36 am

Amica Insurance wrote:Strafe, we came across this discussion thread. We don't want to lose you as a customer, so we'd like to have someone reach out to you to discuss your policy further. If you are interested, please email your contact information to us at socialmedia@amica.com. Thank you! - Jess H
I did as a result that I wasted my time listening lame excuses why my rates were increased like 20%.But I like you service overall compare other Ins. company's I had before.
"The fund industry doesn't have a lot of heroes, but he (Bogle) is one of them," Russ Kinnel

ieee488
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Re: Amica Umbrella Insurance - major rate hike

Post by ieee488 » Thu Apr 18, 2013 8:02 am

Ed 2 wrote:
Amica Insurance wrote:Strafe, we came across this discussion thread. We don't want to lose you as a customer, so we'd like to have someone reach out to you to discuss your policy further. If you are interested, please email your contact information to us at socialmedia@amica.com. Thank you! - Jess H
I did as a result that I wasted my time listening lame excuses why my rates were increased like 20%.But I like you service overall compare other Ins. company's I had before.
Amica does get ratings for service, but when the premium keeps going up 11% each year, I will shop around.
I wish I had access to USAA.
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Blues
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Re: Amica Umbrella Insurance - major rate hike

Post by Blues » Thu Apr 18, 2013 8:06 am

ieee488 wrote:Amica does get ratings for service, but when the premium keeps going up 11% each year, I will shop around.
I wish I had access to USAA.
As I recall when checking ratings via Consumer Reports and J.D. Power, Auto-Owners was also rated nearly as highly as Amica (as was USAA).

I'll be sticking with Amica barring any unforeseen circumstances. Customer service does matter when the proverbial muck hits the fan.
“Tactics without strategy is the noise before defeat.” - Sun Tzu | "Everybody has a plan until they get punched in the mouth." - Mike Tyson

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Re: Amica Umbrella Insurance - major rate hike

Post by Amica Insurance » Thu Apr 18, 2013 3:25 pm

ieee488 wrote:My homeowner's policy is going up 11% in May.
The reason cited was that the dwelling coverage increased.
Not a happy camper.
ieee488, we were following up on this discussion thread and saw your comment. We’re sorry to hear about your experience and certainly do not want to lose you as a customer. We’d like to offer our assistance by having someone reach out to you to discuss your policy. If you are interested, please email your contact information to us at socialmedia@amica.com. Thanks so much! – Jess H.

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Re: Amica Umbrella Insurance - major rate hike

Post by Amica Insurance » Thu Apr 18, 2013 3:35 pm

OverTheHill wrote:I too have Amica umbrella coverage in NC, along with our autos. I've been happy up to now, but a huge rate increase would cause me to look around. I find it interesting that the Amica social media dept found this topic and responded so quickly. I wonder if it's just fluff, or whether it's substance.
Padlin wrote:Very interesting, they've got folks that spend at least part of the day looking for and responding to bad online reviews.
OverTheHill and Padlin, being there for our customers will always be our top priority. As such, we make sure to take the time to listen to their feedback, no matter where it comes from. If you have any questions or additional feedback to share, please let us know. Thanks! – Jess H.

letsgobobby
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Re: Amica Umbrella Insurance - major rate hike

Post by letsgobobby » Thu Apr 18, 2013 4:24 pm

one thing about Amica to remember is it is a mutual company. So like Vanguard you have at least some assurance that your interests are aligned with the company's and the costs are more or less zero margin net of all expenses. Now for some reason their life insurance quotes are always super high, so this analysis is far from perfect, but the home, auto, liability stuff that I have is more or less comparable and maybe cheaper after the non-guaranteed dividends, and I get excellent customer service too.

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