Switching Insurance

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PatrickA5
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Switching Insurance

Post by PatrickA5 »

We've been with State Farm for decades. Now that the last kids is off the payroll, we're down to 2 cars, a home and umbrella policy. So, I think it's time to do a little shopping. I've read a lot of the threads on this subject, but have a few questions.

Questions:

Has anyone had success with coming back to your current insurance company with a quote and seeing if they can match it? We've been pleased with our State Farm agency over the years.

Should we let our current agent know we're shopping?

Is it a hassle to get refunds of unused premiums after cancelling?

Who do you recommend we start getting quotes from?

Thanks,
fabdog
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Re: Switching Insurance

Post by fabdog »

Has anyone had success with coming back to your current insurance company with a quote and seeing if they can match it? We've been pleased with our State Farm agency over the years. No, I haven't, but that doesn't mean you can't get a better deal

Should we let our current agent know we're shopping?Sure. They may make you an offer... then you wonder... why have I been overpaying?

Is it a hassle to get refunds of unused premiums after cancelling?No

Who do you recommend we start getting quotes from? Geico, Progressive. We used a local agent who shopped multiple companies and got us a better deal than Geico
Mike
yohac
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Re: Switching Insurance

Post by yohac »

We switched recently. Our old company just processed the cancellation over the phone, no hassles. Maybe a month later, we received a check for unused premiums. That part should be automatic.

It's easy to get online quotes. I won't recommend any particular company, as rates are so location-dependent.

I haven't heard of a company matching someone else's quote, but some may look for discounts they could add (why didn't they do that before??) That's the only reason I would consider telling your agent in advance that you are shopping.
meebers
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Re: Switching Insurance

Post by meebers »

I am in that process at the moment. I have until June 30 to decide. I made copies of my present coverage less the $$ amounts as hand outs. I had been a SF customer ever since I can remember, but about 9 years ago, SF more than doubled my Home insurance. I shopped around and chose another company that were slightly lower than my original policy. Nothing the matter with the present company, ( I have not made a single claim, maybe that would change my mind if I had ??) but felt it is time to at least check around and get some quotes. My present company has like most other companies raised their prices every year. I asked for 4 quotes, (2 in person, 1 over the phone and one talking thru a door hole (not allowing visitors due to virus)). 3 responded almost immediately. One was 2x times what I am paying now, one was slightly higher and one was some what lower) SF was the 4th one ( the door hole people)and has yet to respond or answer their phone?? it is going on 2 weeks now. Bottom line, I believe everyone should check quotes about a month before renewal. :o
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FrankTheViking
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Re: Switching Insurance

Post by FrankTheViking »

Was paying approx $110 a month through State Farm on my parents plan. That includes my wife and I, and two newer vehicles. Got a DUI had to find new insurance. Now paying $95 a month through Geico. The biggest catch? My parents have 25k/50k liability and 10k property. Our new policy is 250k/500k liability, uninsured motorist, underinsured motorist, 100k property, 1k deductible per vehicle. I'd look into progressive / Geico directly. State Farm is to car insurance as Edward Jones is to financial management.
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Topic Author
PatrickA5
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Re: Switching Insurance

Post by PatrickA5 »

meebers wrote: Tue May 26, 2020 7:32 pm I am in that process at the moment. I have until June 30 to decide. I made copies of my present coverage less the $$ amounts as hand outs. I had been a SF customer ever since I can remember, but about 9 years ago, SF more than doubled my Home insurance. I shopped around and chose another company that were slightly lower than my original policy. Nothing the matter with the present company, ( I have not made a single claim, maybe that would change my mind if I had ??) but felt it is time to at least check around and get some quotes. My present company has like most other companies raised their prices every year. I asked for 4 quotes, (2 in person, 1 over the phone and one talking thru a door hole (not allowing visitors due to virus)). 3 responded almost immediately. One was 2x times what I am paying now, one was slightly higher and one was some what lower) SF was the 4th one ( the door hole people)and has yet to respond or answer their phone?? it is going on 2 weeks now. Bottom line, I believe everyone should check quotes about a month before renewal. :o
Does it really matter when you do your shopping? My 4 lines of insurance (2 cars, house, umbrella) come up for renewal at different times of the year.
WhatsIRR
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Re: Switching Insurance

Post by WhatsIRR »

This thread motivated me to double check Geico and Progressive against State Farm. We’ve been with SF for 8 years, I’ve looked at a couple other providers recently to see if anything was a savings so had all of my coverages compiled.

Both Geico and Progressive saved $200-400 a year on the auto (3 cars) but were about $1500 a year higher on the home policy. I need to look a little more but it seems SF is reasonable all together.
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Cubicle
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Re: Switching Insurance

Post by Cubicle »

PatrickA5 wrote: Tue May 26, 2020 10:37 pmDoes it really matter when you do your shopping? My 4 lines of insurance (2 cars, house, umbrella) come up for renewal at different times of the year.
I don't know if it varies by state, but in Jersey you can switch policies at anytime & you get a prorated refund.
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peetsperk
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Re: Switching Insurance

Post by peetsperk »

As Clark Howard frequently discusses on his radio show, these days insurance companies will raise rates more on loyal customers. They have learned people who are loyal are less likely to switch insurance companies even when they receive higher than average increases. For large insurance companies brand loyalty = higher premiums. According to Clark, it's best to re-shop insurance coverage every 2 to 3 years.
Colorado13
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Re: Switching Insurance

Post by Colorado13 »

WhatsIRR wrote: Tue May 26, 2020 10:41 pm This thread motivated me to double check Geico and Progressive against State Farm. We’ve been with SF for 8 years, I’ve looked at a couple other providers recently to see if anything was a savings so had all of my coverages compiled.

Both Geico and Progressive saved $200-400 a year on the auto (3 cars) but were about $1500 a year higher on the home policy. I need to look a little more but it seems SF is reasonable all together.

This was my experience as well when I obtained quotes a couple of months ago. I could save on auto insurance by switching from State Farm, but would pay much for home owner's insurance at another company. So, switching is off the table for now, but I'm glad I checked out my options.
Topic Author
PatrickA5
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Re: Switching Insurance

Post by PatrickA5 »

My two car insurance premiums (State Farm) have been going down the last few years - primarily on the Liability part. Collision and Comprehensive have been pretty steady.

My Homeowners insurance has increased 5%, 8%, and 7% for the last 3 years.

I've got just about every discount you can get at State Farm - Multiline, Multicar, Accident Free, Low Mileage. Homeowners has discounts for Multiline and Claims Free. I guess I won't know until I try if these kinds of discounts will carry over to a new insurance company.

My daughter has Progressive and hers decreased from State Farm. I'll probably start there. I DO give some value to having all insurance in one place and some value to having a local office to call and ask questions, but I haven't decided what that value is. My total insurance is $4,500/yr, so it would probably need to be 10% savings or more to switch.
Golf maniac
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Re: Switching Insurance

Post by Golf maniac »

Be careful who you deal with, make sure they have a good reputation on customer service and claims payment. Progressive has horrible ratings on customer service and claims paying, they may be the cheapest but never file a claim.
jpelder
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Re: Switching Insurance

Post by jpelder »

It's definitely worthwhile to get some quotes. State Farm has always had great claims service in my experience (my parents are long-time SF customers, and I've been one most of my adult life). I had auto insurance with Geico for a few years, but never had a claim, so I can't speak to their service on that end.
I found that Geico had better rates for car insurance, but higher for homeowner's (I think they contract with a third party for this). The total of both was less at State Farm.
My guess is that some of the other "full service" insurers would have competitive prices and service (Allstate, Progressive, Erie, etc.)
chemocean
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Re: Switching Insurance

Post by chemocean »

We are also now shopping for a bundled auto, home and umbrella policy. With umbrella insurance, my sense is that only a bundled policy is effective, because the umbrella coverage comes into play only when the specified minimums of the underlying auto and home policies standard are reached. So really the only cost to compare is the total cost.

I sent agents my specific line-by-line request for coverages. From this post, I will also add Progressive. Last time I did this, comparison were difficult because of differing coverages of insurance company's cheapest packages.

On USAA's webpage, I could not find an email to send my request. I just mailed my request, but I don't think I will get a response. Geico would not provide me with a umbrella policy because of a role that I play as a volunteer, even though the organization's policy covers my duties.
fsrph
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Re: Switching Insurance

Post by fsrph »

I had State Farms car insurance for decades. Finally decided to shop around. Went with Geico and it turned out to be a great choice. Saved money and had better coverage. The SF rep probably thought I'd never change, being with them so many years.

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cheese_breath
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Re: Switching Insurance

Post by cheese_breath »

PatrickA5 wrote: Tue May 26, 2020 3:45 pm ... Has anyone had success with coming back to your current insurance company with a quote and seeing if they can match it? We've been pleased with our State Farm agency over the years.

I think the rates are set by the parent companies, and doubt the agents can change them.

Should we let our current agent know we're shopping?

Why not? When I changed from AAA to SAFECO several years ago I told my AAA agent. Even though they couldn't change the rates for the same coverage, they did present me with other options to consider. But none of them could match the SAFECO rates. That was in Michigan. Now I'm in Texas and AAA is cheaper so I'm back with AAA again.

Is it a hassle to get refunds of unused premiums after cancelling?....

Never had any hassles with this
The surest way to know the future is when it becomes the past.
chemocean
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Re: Switching Insurance

Post by chemocean »

chemocean wrote: Wed May 27, 2020 10:29 am On USAA's webpage, I could not find an email to send my request. I just mailed my request, but I don't think I will get a response.
Just looked at my notes from last comparison. USAA has separate departments for each type of insurance. Last time after getting a phone quote for auto insurance, gave up on USAA because it was too much of a hassle to contact two more departments by phone. Suspect that the coordination of a complex claim requiring umbrella might not be that great.
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PatrickA5
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Re: Switching Insurance

Post by PatrickA5 »

Well, I did my first quote with Flo at Progressive. I started online, but called to finish the quote. The online quotes and telephone quotes were wildly different. Flo couldn't tell me why.

Full coverage for 2 newer cars (250/500/250) for a full year: Progressive $1,222, State Farm $2,142. WIN!

Homeowners: Progressive goes through some company I've never heard of. Progressive had higher limits, but higher deductibles too. They couldn't change any of the "minimums". Anyway, Flo quoted $3,995. State Farm is currently $1,977. LOSER!

Of course, if I split things up and went with Progressive for Cars and stayed with State Farm for Homeowners, I'd lose the multiline discount at State Farm which is close to $900. I doubt I'd be able to get umbrella from either if I split coverages.

So, first quote was a wash. Might try Geico next.
ChicagoBear7
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Re: Switching Insurance

Post by ChicagoBear7 »

PatrickA5 wrote: Wed May 27, 2020 11:38 am Well, I did my first quote with Flo at Progressive. I started online, but called to finish the quote. The online quotes and telephone quotes were wildly different. Flo couldn't tell me why.

Full coverage for 2 newer cars (250/500/250) for a full year: Progressive $1,222, State Farm $2,142. WIN!

Homeowners: Progressive goes through some company I've never heard of. Progressive had higher limits, but higher deductibles too. They couldn't change any of the "minimums". Anyway, Flo quoted $3,995. State Farm is currently $1,977. LOSER!

Of course, if I split things up and went with Progressive for Cars and stayed with State Farm for Homeowners, I'd lose the multiline discount at State Farm which is close to $900. I doubt I'd be able to get umbrella from either if I split coverages.

So, first quote was a wash. Might try Geico next.
Yes, definitely get more quotes. I would strongly suggest that you call an independent agent who represents multiple insurers. They would know which of the numerous insurers they represent are competitive in your location and with the coverage you desire.
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PatrickA5
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Re: Switching Insurance

Post by PatrickA5 »

ChicagoBear7 wrote: Wed May 27, 2020 11:50 am
PatrickA5 wrote: Wed May 27, 2020 11:38 am Well, I did my first quote with Flo at Progressive. I started online, but called to finish the quote. The online quotes and telephone quotes were wildly different. Flo couldn't tell me why.

Full coverage for 2 newer cars (250/500/250) for a full year: Progressive $1,222, State Farm $2,142. WIN!

Homeowners: Progressive goes through some company I've never heard of. Progressive had higher limits, but higher deductibles too. They couldn't change any of the "minimums". Anyway, Flo quoted $3,995. State Farm is currently $1,977. LOSER!

Of course, if I split things up and went with Progressive for Cars and stayed with State Farm for Homeowners, I'd lose the multiline discount at State Farm which is close to $900. I doubt I'd be able to get umbrella from either if I split coverages.

So, first quote was a wash. Might try Geico next.
Yes, definitely get more quotes. I would strongly suggest that you call an independent agent who represents multiple insurers. They would know which of the numerous insurers they represent are competitive in your location and with the coverage you desire.
I will. Thanks.
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PatrickA5
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Re: Switching Insurance

Post by PatrickA5 »

PatrickA5 wrote: Wed May 27, 2020 11:38 am Well, I did my first quote with Flo at Progressive. I started online, but called to finish the quote. The online quotes and telephone quotes were wildly different. Flo couldn't tell me why.

Full coverage for 2 newer cars (250/500/250) for a full year: Progressive $1,222, State Farm $2,142. WIN!

Homeowners: Progressive goes through some company I've never heard of. Progressive had higher limits, but higher deductibles too. They couldn't change any of the "minimums". Anyway, Flo quoted $3,995. State Farm is currently $1,977. LOSER!

Of course, if I split things up and went with Progressive for Cars and stayed with State Farm for Homeowners, I'd lose the multiline discount at State Farm which is close to $900. I doubt I'd be able to get umbrella from either if I split coverages.

So, first quote was a wash. Might try Geico next.
Well, Geico was nice to me as well. $923 per year for 2 cars, compared to $2,142 at State Farm for a whopping $1,219 savings per year. BUT, Geico won't quote Homeowners until you PURCHASE the auto insurance. Not going to do that. Anybody know a different route?
Topic Author
PatrickA5
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Re: Switching Insurance

Post by PatrickA5 »

PatrickA5 wrote: Wed May 27, 2020 12:36 pm
PatrickA5 wrote: Wed May 27, 2020 11:38 am Well, I did my first quote with Flo at Progressive. I started online, but called to finish the quote. The online quotes and telephone quotes were wildly different. Flo couldn't tell me why.

Full coverage for 2 newer cars (250/500/250) for a full year: Progressive $1,222, State Farm $2,142. WIN!

Homeowners: Progressive goes through some company I've never heard of. Progressive had higher limits, but higher deductibles too. They couldn't change any of the "minimums". Anyway, Flo quoted $3,995. State Farm is currently $1,977. LOSER!

Of course, if I split things up and went with Progressive for Cars and stayed with State Farm for Homeowners, I'd lose the multiline discount at State Farm which is close to $900. I doubt I'd be able to get umbrella from either if I split coverages.

So, first quote was a wash. Might try Geico next.
Well, Geico was nice to me as well. $923 per year for 2 cars, compared to $2,142 at State Farm for a whopping $1,219 savings per year. BUT, Geico won't quote Homeowners until you PURCHASE the auto insurance. Not going to do that. Anybody know a different route?
Well, my multiline discount on my current Homeowners policy is $1,013, so losing that pretty much wipes out the big auto discounts. Back to the drawing board.
bbqguru
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Re: Switching Insurance

Post by bbqguru »

PatrickA5 wrote: Wed May 27, 2020 12:36 pm
PatrickA5 wrote: Wed May 27, 2020 11:38 am Well, I did my first quote with Flo at Progressive. I started online, but called to finish the quote. The online quotes and telephone quotes were wildly different. Flo couldn't tell me why.

Full coverage for 2 newer cars (250/500/250) for a full year: Progressive $1,222, State Farm $2,142. WIN!

Homeowners: Progressive goes through some company I've never heard of. Progressive had higher limits, but higher deductibles too. They couldn't change any of the "minimums". Anyway, Flo quoted $3,995. State Farm is currently $1,977. LOSER!

Of course, if I split things up and went with Progressive for Cars and stayed with State Farm for Homeowners, I'd lose the multiline discount at State Farm which is close to $900. I doubt I'd be able to get umbrella from either if I split coverages.

So, first quote was a wash. Might try Geico next.
Well, Geico was nice to me as well. $923 per year for 2 cars, compared to $2,142 at State Farm for a whopping $1,219 savings per year. BUT, Geico won't quote Homeowners until you PURCHASE the auto insurance. Not going to do that. Anybody know a different route?
That's odd. When we quoted GEICO they were able to transfer me on the phone to the company they use for homeowner's and gave me a quote after about 10 minutes of various questions.
WhatsIRR
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Re: Switching Insurance

Post by WhatsIRR »

PatrickA5 wrote: Wed May 27, 2020 12:36 pm
PatrickA5 wrote: Wed May 27, 2020 11:38 am Well, I did my first quote with Flo at Progressive. I started online, but called to finish the quote. The online quotes and telephone quotes were wildly different. Flo couldn't tell me why.

Full coverage for 2 newer cars (250/500/250) for a full year: Progressive $1,222, State Farm $2,142. WIN!

Homeowners: Progressive goes through some company I've never heard of. Progressive had higher limits, but higher deductibles too. They couldn't change any of the "minimums". Anyway, Flo quoted $3,995. State Farm is currently $1,977. LOSER!

Of course, if I split things up and went with Progressive for Cars and stayed with State Farm for Homeowners, I'd lose the multiline discount at State Farm which is close to $900. I doubt I'd be able to get umbrella from either if I split coverages.

So, first quote was a wash. Might try Geico next.
Well, Geico was nice to me as well. $923 per year for 2 cars, compared to $2,142 at State Farm for a whopping $1,219 savings per year. BUT, Geico won't quote Homeowners until you PURCHASE the auto insurance. Not going to do that. Anybody know a different route?
I was able to get a Geico home loan quote online last night. It was more expensive than Progressive.

https://propertysales.geico.com/Landing?lob=Homeowners
illumination
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Re: Switching Insurance

Post by illumination »

I'd start with getting a quote from a place like Geico and see if it's worthwhile. It really is an easy platform to use and get a quote. I found them to be the cheapest.

Insurance companies almost seem to penalize you the more loyal you are, don't be afraid to jump ship.
bryansmile
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Re: Switching Insurance

Post by bryansmile »

PatrickA5 wrote: Wed May 27, 2020 12:36 pm
Well, Geico was nice to me as well. $923 per year for 2 cars, compared to $2,142 at State Farm for a whopping $1,219 savings per year. BUT, Geico won't quote Homeowners until you PURCHASE the auto insurance. Not going to do that. Anybody know a different route?
Double check that 923/yr rate. At least in my state, Geico auto insurance quote is for 6 month. And of course you get a rate increase at renewal.
Topic Author
PatrickA5
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Re: Switching Insurance

Post by PatrickA5 »

bryansmile wrote: Wed May 27, 2020 1:32 pm
PatrickA5 wrote: Wed May 27, 2020 12:36 pm
Well, Geico was nice to me as well. $923 per year for 2 cars, compared to $2,142 at State Farm for a whopping $1,219 savings per year. BUT, Geico won't quote Homeowners until you PURCHASE the auto insurance. Not going to do that. Anybody know a different route?
Double check that 923/yr rate. At least in my state, Geico auto insurance quote is for 6 month. And of course you get a rate increase at renewal.
The actual quote was 461. I doubled it to get the annual amount. I like to look at things on an annual basis.
xerxes101
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Re: Switching Insurance

Post by xerxes101 »

PatrickA5 wrote: Wed May 27, 2020 12:36 pm
PatrickA5 wrote: Wed May 27, 2020 11:38 am Well, I did my first quote with Flo at Progressive. I started online, but called to finish the quote. The online quotes and telephone quotes were wildly different. Flo couldn't tell me why.

Full coverage for 2 newer cars (250/500/250) for a full year: Progressive $1,222, State Farm $2,142. WIN!

Homeowners: Progressive goes through some company I've never heard of. Progressive had higher limits, but higher deductibles too. They couldn't change any of the "minimums". Anyway, Flo quoted $3,995. State Farm is currently $1,977. LOSER!

Of course, if I split things up and went with Progressive for Cars and stayed with State Farm for Homeowners, I'd lose the multiline discount at State Farm which is close to $900. I doubt I'd be able to get umbrella from either if I split coverages.

So, first quote was a wash. Might try Geico next.
Well, Geico was nice to me as well. $923 per year for 2 cars, compared to $2,142 at State Farm for a whopping $1,219 savings per year. BUT, Geico won't quote Homeowners until you PURCHASE the auto insurance. Not going to do that. Anybody know a different route?
If you get a Homeowners quote from Travelers and Liberty Mutual you will get a pretty good idea what Geico will offer you. Geico works directly with those two insurers for Homeowners. Expect to get additional discount with Geico (3-5%) since you would have your auto insurance with them as well.
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PatrickA5
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Re: Switching Insurance

Post by PatrickA5 »

Well, Geico's homeowners quote (Travelers) was even worse than Progressives. For same coverage, Travelers was $4,300 compared to the $1,933 I'm paying at State Farm. Yuck! Seems Geico and Progressive are for people with cars - but not houses. I will have my 21 year old son get a quote on his car I just had removed from my policy. He'll probably save some money.

Onward to the next. Not looking good.
WhatsIRR
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Re: Switching Insurance

Post by WhatsIRR »

Liberty Mutual came in lower than SF for me today but wouldn’t let me adjust and fine tune the home policy online. I read a thread on here that LM is Bad about introductory rates and raises so I’m trying to decide if I want to pursue it anymore.
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PatrickA5
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Re: Switching Insurance

Post by PatrickA5 »

Made contact with an independent agent with high ratings. We'll see what they come up with. It looks like they have about a dozen insurance companies they deal with. If I could just find homeowners insurance that was even close to State Farm, I would probably take up either Geico or Progressive on their auto, but so far it hasn't even been close. Wish me luck!
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PatrickA5
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Re: Switching Insurance

Post by PatrickA5 »

WhatsIRR wrote: Wed May 27, 2020 5:21 pm Liberty Mutual came in lower than SF for me today but wouldn’t let me adjust and fine tune the home policy online. I read a thread on here that LM is Bad about introductory rates and raises so I’m trying to decide if I want to pursue it anymore.
I hear you. It's hard going with an unknown. In my case, I've always been pleased with the service from my agency and the few claims we've done over the years have been fine. I don't plan on changing unless there is a decent discount. Since I pay $4500 per year on insurance, I'd like to at least save $300-$500 total.
pshonore
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Re: Switching Insurance

Post by pshonore »

PatrickA5 wrote: Tue May 26, 2020 3:45 pm We've been with State Farm for decades. Now that the last kids is off the payroll, we're down to 2 cars, a home and umbrella policy. So, I think it's time to do a little shopping. I've read a lot of the threads on this subject, but have a few questions.

Questions:

Has anyone had success with coming back to your current insurance company with a quote and seeing if they can match it? We've been pleased with our State Farm agency over the years.

Should we let our current agent know we're shopping?

Is it a hassle to get refunds of unused premiums after cancelling?

Who do you recommend we start getting quotes from?

Thanks,
In most cases, insurance companies have to file their rates and abide by them. They can't just arbitrarily lower or increase them. Now they may be able change a rating factor to determine which of the many rates they use, but that's a long shot. Believe it or not, many State Insurance Departments do random checks on this.
afan
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Re: Switching Insurance

Post by afan »

We have had SF for many years. I keep stubbornly shopping rates every few years. It has been a very long time since anyone else has even come close. At least for our coverage, auto and home, own area and risk profile and longevity with the company its rates have been by far the best.
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cheese_breath
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Re: Switching Insurance

Post by cheese_breath »

afan wrote: Thu May 28, 2020 11:49 am We have had SF for many years. I keep stubbornly shopping rates every few years. It has been a very long time since anyone else has even come close. At least for our coverage, auto and home, own area and risk profile and longevity with the company its rates have been by far the best.
When I switched last year SF was about $10 less than AAA on the auto, renters and umbrella package. But I went with AAA because their rates are good for a year. It was only 6 months with SF.
The surest way to know the future is when it becomes the past.
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PatrickA5
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Re: Switching Insurance

Post by PatrickA5 »

Got quotes back from the independent agent. Her best quote was from Progressive and was in line with what I got yesterday when I called Progressive myself. We would save $1,100 (per year) on our autos for same coverage. They also came up with a much better homeowners quote than I got by calling them. It was only $550 more than State Farm which was great compared to what the lady told me yesterday from a different Progressive affiliated company.

So, I would save roughly $500 total per year for auto, home, umbrella.

Sounds like a no brainer - but my concerns:

1) Will I jump ship only to have premiums skyrocket next year?

2) Is Progressives customer service and claims processing on par with State Farm - which has been good in my experience

3) The homeowner insurance is through American Strategic Insurance (a subsidiary of Progressive). Anybody know anything about them? My google search shows mostly bad reviews concerning claims and customer service - but I imagine I would find that with any company.

I don't know, it's not a slam dunk.
Topic Author
PatrickA5
Posts: 533
Joined: Mon Jul 28, 2014 1:55 pm

Re: Switching Insurance

Post by PatrickA5 »

One interesting item came up in my search for new insurance concerning roof replacement.

According to the independent insurance agent I'm working with, all of the companies that she represents will have some kind of depreciation factor if they write a policy after a roof is over a certain number of years old (usually 10 years). My current homeowners company (State Farm) maintains full replacement cost (less deductible) for the life of the policy regardless of the age of the roof. For people like me that live in an area that experiences high winds and large hail, this could potentially make a huge difference in payouts.

So, far I haven't found any homeowners even close to my premium at State Farm and State Farms coverage is better. It's making my shopping difficult. Called a Farmers agent yesterday and it was more than double.
afan
Posts: 5203
Joined: Sun Jul 25, 2010 4:01 pm

Re: Switching Insurance

Post by afan »

Sounds like you may not be doing and apples to apples comparison for rates. If SF gives you considerably more coverage then you need to look at the cost of getting the same from other companies. If they will not sell such coverage, then would SF cut back to be comparable to what others are proposing?
The simple observation that you could pay a lower premium for lesa coverage does not answer your question about which company to choose.
We don't know how to beat the market on a risk-adjusted basis, and we don't know anyone that does know either | --Swedroe | We assume that markets are efficient, that prices are right | --Fama
Topic Author
PatrickA5
Posts: 533
Joined: Mon Jul 28, 2014 1:55 pm

Re: Switching Insurance

Post by PatrickA5 »

afan wrote: Fri May 29, 2020 11:41 am Sounds like you may not be doing and apples to apples comparison for rates. If SF gives you considerably more coverage then you need to look at the cost of getting the same from other companies. If they will not sell such coverage, then would SF cut back to be comparable to what others are proposing?
The simple observation that you could pay a lower premium for lesa coverage does not answer your question about which company to choose.
I've been trying to do apples to apples and thought I was until I found out the roof replacement cost issue. State Farm has MORE coverage at a lesser cost, so it will be hard for me to find anything close to matching it - but I'll keep trying. According to my State Farm agent, they are one of the only companies that maintain full replacement costs on old roofs. The independent agent thinks she knows of a couple of "premium" insurers that do this and is going to give me a quote.
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cowdogman
Posts: 594
Joined: Sat Dec 16, 2017 7:44 pm
Location: Washington State

Re: Switching Insurance

Post by cowdogman »

Also with State Farm--30+ years. I shopped around 2-3 years ago. It took a surprising amount of time and effort.

After all the work, the State Farm coverage was cheaper and better.

Plus if you like your SF agent, think twice before trading him/her for an 800 number.

I did end up having a face-to-face meeting with our SF agent to talk in detail about coverage and cost. It was very helpful and we ended up tweaking our coverages here and there. I never told him I had shopped around.

Good luck.
Topic Author
PatrickA5
Posts: 533
Joined: Mon Jul 28, 2014 1:55 pm

Re: Switching Insurance

Post by PatrickA5 »

I REALLY like this lady at the independent agency. She spent a couple of hours on the phone with me yesterday going over my current policy and options she has. Unfortunately, it doesn't look like she can offer anything better.

Like I said upthread, I've only talked to my actual State Farm agent once when I was in the office needing help with a claim (back when the office handled claims). He popped his head in the door trying to sell me an IRA. Ha! But, I've been very happy with the staff over the years.

I'll keep searching. Based on my results so far at least it doesn't appear I've been throwing away great sums of money.

I'm getting ready to start using the State Farm Drive Safe and Save app. Maybe that will lower the car premiums a little.
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