Insurance Comparison Strategy

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boogiehead
Posts: 42
Joined: Wed Sep 27, 2017 11:45 pm

Insurance Comparison Strategy

Post by boogiehead » Wed May 16, 2018 11:09 am

I've recently took over my family's (older parents) insurance needs as their old broker didn't do anything for them, but only continually increased their rates and even had my parents who are retired estimating them driving 12k a year when in fact they drive closer to half of that, so i quickly changed our auto insurance, but am now looking to consolidate everything together since I just found out that they don't have umbrella insurance either :shock:
With that said I know state farm, usaa, and a few others all have pretty good reputations, but how do you guys go about comparing them (is there like priceline for insurance :) ? Also I know state farm and allstate have independent reps, are all the quotes from the reps pretty much the same price and the only difference would be their service and knowledge? And should I be engaging in independent broker and should I be looking into the newer online only insurance (i.e. esurance). Thanks for any input!

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dm200
Posts: 18298
Joined: Mon Feb 26, 2007 2:21 pm
Location: Washington DC area

Re: Insurance Comparison Strategy

Post by dm200 » Wed May 16, 2018 11:34 am

boogiehead wrote:
Wed May 16, 2018 11:09 am
I've recently took over my family's (older parents) insurance needs as their old broker didn't do anything for them, but only continually increased their rates and even had my parents who are retired estimating them driving 12k a year when in fact they drive closer to half of that, so i quickly changed our auto insurance, but am now looking to consolidate everything together since I just found out that they don't have umbrella insurance either :shock:
With that said I know state farm, usaa, and a few others all have pretty good reputations, but how do you guys go about comparing them (is there like priceline for insurance :) ? Also I know state farm and allstate have independent reps, are all the quotes from the reps pretty much the same price and the only difference would be their service and knowledge? And should I be engaging in independent broker and should I be looking into the newer online only insurance (i.e. esurance). Thanks for any input!
I (and a few years later) and my wife have had State Farm for 46 years (auto) and 40 years (Homeowners) and are very satisfied with coverage, service and costs. We do review coverage with the State Farm agent on a regular basis to make sure our coverage and costs are "optimized".

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flossy21
Posts: 430
Joined: Sun May 27, 2007 2:04 pm

Re: Insurance Comparison Strategy

Post by flossy21 » Wed May 16, 2018 11:45 am

I had State Farm for years and my parents did before me. Rates would be increased every so often and the agent really couldn't do much for us. We never made any claims or had anything more than the occasional speeding ticket every 2 or 3 years.

I finally had enough and went out to an independent broker who got me set up with New York Life after comparing a whole bunch of quotes for Auto, Home & Umbrella. I went with that for a few years and then rates started going up with them.

Next I got some quotes from Progressive and Geico and found Progressive to be cheapest so I went with Progressive. After a few years the rates started to creep up again and by now I have a spreadsheet of historical and current premiums. Still no claims or anything noteworthy.

I recently got few up with Progressive's rate increases so I went to another independent broker who couldn't do much for me on Auto but found some Homeowners Insurance that was much cheaper (~$400). I switched the Homeowners to this new outfit and still have cars and umbrella with Progressive.

The moral of the story is that it varies state to state, agent to agent, broker to broker, etc. The insurance providers are going to raise your rates on an ongoing basis. They will make vague excuses as to why (hurricanes, fires, floods, el nino, volcanoes, sunspots, etc.) You should get multiple quotes and go with the one that provides you with the coverages you need at the best price.

boogiehead
Posts: 42
Joined: Wed Sep 27, 2017 11:45 pm

Re: Insurance Comparison Strategy

Post by boogiehead » Wed May 16, 2018 5:48 pm

flossy21 wrote:
Wed May 16, 2018 11:45 am
I had State Farm for years and my parents did before me. Rates would be increased every so often and the agent really couldn't do much for us. We never made any claims or had anything more than the occasional speeding ticket every 2 or 3 years.

I finally had enough and went out to an independent broker who got me set up with New York Life after comparing a whole bunch of quotes for Auto, Home & Umbrella. I went with that for a few years and then rates started going up with them.

Next I got some quotes from Progressive and Geico and found Progressive to be cheapest so I went with Progressive. After a few years the rates started to creep up again and by now I have a spreadsheet of historical and current premiums. Still no claims or anything noteworthy.

I recently got few up with Progressive's rate increases so I went to another independent broker who couldn't do much for me on Auto but found some Homeowners Insurance that was much cheaper (~$400). I switched the Homeowners to this new outfit and still have cars and umbrella with Progressive.

The moral of the story is that it varies state to state, agent to agent, broker to broker, etc. The insurance providers are going to raise your rates on an ongoing basis. They will make vague excuses as to why (hurricanes, fires, floods, el nino, volcanoes, sunspots, etc.) You should get multiple quotes and go with the one that provides you with the coverages you need at the best price.
Thanks for the sage advice! Reminds me of how I need to haggle my cable and internet bill soon or else they gonna start raising the prices again, I'll just add this as part of the process going forward.

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