Just got ~50 insurance quotes, thought I'd share my results for posterity

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Topic Author
2tall4economy
Posts: 544
Joined: Thu Jan 08, 2015 7:55 am
Location: Global

Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by 2tall4economy »

As title says; I moved states last year and just used the company my new employer got a discount with when I moved because my old insurer would not cover in my new state. Now that renewals came up, went whole hog and contacted every company that consumer reports had a rating on (~50 of them). I'm in Illinois so about 10 wouldn't quote me because they are geographically limited.

Takeaways
My biggest takeaway was to make sure you are exhaustive in your search. After a few days I was through most of the big names and pretty much everyone was in one of two price ranges, +/- $100 per year. I was about to give up and consider the job done. Then I called AAA and it was so wildly different it motivated me to finish up the list and got 1 additional one that was very well priced too. I ended up with 3 low quotes and ~30 that basically fell into 1 of 2 very similar ranges.

My other takeaway was that pricing was usually internally consistent within a given insurer. IE, if they were better on Auto, they were always better on the renter, and they were always better on the umbrella too. The landlord policies were hit or miss.

One watchout for others -- if you need landlord policies, note that not everyone will do them, and those that will insist on writing another policy in addition (usually renters policy) and some wouldn't write a landlord unless you had a home policy (a renters policy was not sufficient), so while it's not required that you do everything with 1 provider, most likely you'll lose the bundle discount if you can't find 1 company to do everything.

Finally, this exercise reinforced that insurance agents are the 2nd most annoying group to work with of all sales people (car sales is the #1 in my book) because even if you tell them not to call and email instead, or just provide an email and no phone #, the first thing they do is email you asking for your phone number so they can hit you with the hard sell and waste hours of your time. And many will lie and say you can't quote over email even though 95% of insurers did exactly that. I ended up forcing them to use email (I developed a detailed info summary which answered every question I was ever asked and sent it to them in my first contact with them) and told them to pound sand if they didn't. All but 2 eventually played ball over email (assuming they responded at all - which a handful never did)


My quote package was:
2 cars, one very high end / expensive if purchased new (I of course bought it used for >50% off sticker price!) that I drive to work, one inexpensive main stream suv that my wife drives kids to school with and we take on family trips.

1 renters policy with a handful of scheduled items (valuable personal property policy to some insurers, just a rider to the renters policy to others)

2 landlord (fire policies) with sewer backup rider

An umbrella policy

In all cases I asked for the minimum liability coverage needed to satisfy the umbrella, and the highest deductible possible (which in all but 1 case was always in the $2000 or less range).

Other info - I have excellent credit and have been consistently employed by various megacorps in progressive roles for 20+ years.

Here are the resulting highlights. Didn't include all ~35 quotes I ended up with for brevity, just the ones that stood out:

AAA – hands down cheapest (25% of the cost of USAA for similar coverage), and consumer reports gives them a “good” rating (my translation of their relative rating - if you want specifics, go sign up for consumer reports) in terms of being nice to you on claims and $ paid
Travelers – 2nd best price, but more than AAA. And rated borderline “Mid” vs “Good” at AAA
Metlife, Safeco – currently what I have and 3rd best price. Mid to Poor rating
Chubb – good rating, same cost as metlife, but only with a $10k deductible. If you change deductible to normal levels it’s the same as the next two.
Amica, Erie– not horrible but another 50% higher than those above. Good to very good rating. Almost went with Amica until I called AAA.
State Farm – same price as Amica, Erie, Chubb but a Mid rating
Allstate / Farmers – off the charts horrible pricing and also among the worst ratings
USAA – top rating in the industry, and sadly off the charts horrible pricing to match.

This last one was a bizarre learning for me; when I lived in Michigan and overseas, USAA was always the best pricing and I vividly recall trying a similar "quote everybody" exercise at the time and when I spoke with agents they heard I was with USAA and didn't bother quoting because they knew they couldn't beat it.

Oh how times have changed!

Special mention if you have some higher end stuff (I know a number on this board do): try PURE; they weren't in consumer reports list but they came very highly recommended by the people in a car forum i frequent. They wouldn't quote me because you need to be a homeowner with a house worth $1M or more and I'm a renter at the moment. They were very courteous and responsive and the least annoying people to deal with even though they never quoted me. I'm willing to give them another try when I buy a house.
Last edited by 2tall4economy on Wed Aug 12, 2020 3:02 pm, edited 1 time in total.
You can do anything you want in life. The rub is that there are consequences.
sailaway
Posts: 2223
Joined: Fri May 12, 2017 1:11 pm

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by sailaway »

Glad to see someone putting their time to good use for the rest of us.
User avatar
Abe
Posts: 2160
Joined: Fri Sep 18, 2009 5:24 pm
Location: Earth in the Milky Way Galaxy

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by Abe »

Thank you for taking the time to do this research. Another thing to keep in mind is that some companies will give a low quote initially and then gradually start increasing their rates until they get to the point where they are not so good anymore.
Slow and steady wins the race.
Ping Pong
Posts: 594
Joined: Fri Feb 20, 2009 12:51 pm

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by Ping Pong »

Keep in mind, some of these companies give some of your premium back to you at the end of the year, so you can’t go solely by the quote.
User avatar
cheese_breath
Posts: 9852
Joined: Wed Sep 14, 2011 7:08 pm

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by cheese_breath »

Ping Pong wrote: Wed Aug 12, 2020 11:21 am Keep in mind, some of these companies give some of your premium back to you at the end of the year, so you can’t go solely by the quote.
Also some renew every six months, others a year. Every time they renew they get another chance to raise your rates.
The surest way to know the future is when it becomes the past.
petulant
Posts: 1901
Joined: Thu Sep 22, 2016 1:09 pm

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by petulant »

Why no quotes from GEICO and Progressive? No coverage for one of your specific policy requirements?
User avatar
batpot
Posts: 1173
Joined: Thu Jul 11, 2013 8:48 pm

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by batpot »

Thank you for sharing!

I got a quote from Amica that was a little less than my current rate with Safeco.
Home and Umbrella were a tad higher, but auto was lower.

Might see what Pure and AAA have to offer...
ctfish
Posts: 32
Joined: Thu Aug 08, 2013 6:52 pm

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by ctfish »

Nationwide?
runner3081
Posts: 3569
Joined: Mon Aug 22, 2016 3:22 pm

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by runner3081 »

There hasn’t been a year gone by without AAA hammering us on renewal increases of multiple digits with no claims.

If they pass another along this year, we are leaving.
User avatar
arcticpineapplecorp.
Posts: 6207
Joined: Tue Mar 06, 2012 9:22 pm

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by arcticpineapplecorp. »

Policygenius: Compare and Buy Insurance Online

[link formatted by admin LadyGeek]
It's "Stay" the course, not Stray the Course. Buy and Hold works. You should really try it sometime. Get a plan: www.bogleheads.org/wiki/Investment_policy_statement
rich126
Posts: 1999
Joined: Thu Mar 01, 2018 4:56 pm

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by rich126 »

I know very little about the business but it seems to me, some (many?) will give you a low price to get your business and then start increasing it based on the theory that customers are lazy and won't shop around or go to the hassle of changing insurers.

I'm definitely the lazy type of person but shortly after moving into my MD house a large insurer I was using sent me a "nasty" letter telling me something had to be fixed on my garage. IMO it was a minor thing (nothing was leaking, it wasn't foundation related, not electrical, etc.) and since I was working on the interior of the main house I wasn't going to fix it for a while. So they canceled my insurance. That obviously forced me to price a new policy and in doing so, I ended up savings hundreds of dollars.

Also what insurers are allowed to hold against you varies from state to state. I had some hail damage in Arizona and they put it into some kind of catastrophic category (?). Anyhow it wasn't held against me. Once I moved to MD, they said they are allowed to hold it against me so my rate was higher.

It is like if you call in to an insurance company asking if they cover something, even if you actually don't get any money, it can be held against you. I can't recall the details here. Sometimes people make life more complicated than it has to be.
Nyarlathotep
Posts: 73
Joined: Thu Jan 17, 2019 2:24 pm

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by Nyarlathotep »

petulant wrote: Wed Aug 12, 2020 11:43 am Why no quotes from GEICO and Progressive? No coverage for one of your specific policy requirements?
I'm wondering the same thing. Also, what about Esurance (owned by Allstate, I believe)? I use Progressive for auto and Esurance for homeowner's, and I've found their rates to be the lowest for the past few years in my area.
Maverick3320
Posts: 629
Joined: Tue May 12, 2015 2:59 pm

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by Maverick3320 »

2tall4economy wrote: Wed Aug 12, 2020 11:01 am As title says; I moved states last year and just used the company my new employer got a discount with when I moved because my old insurer would not cover in my new state. Now that renewals came up, went whole hog and contacted every company that consumer reports had a rating on (~50 of them). I'm in Illinois so about 10 wouldn't quote me because they are geographically limited.

Takeaways
My biggest takeaway was to make sure you are exhaustive in your search. After a few days I was through most of the big names and pretty much everyone was in one of two price ranges, +/- $100 per year. I was about to give up and consider the job done. Then I called AAA and it was so wildly different it motivated me to finish up the list and got 1 additional one that was very well priced too. I ended up with 3 low quotes and ~30 that basically fell into 1 of 2 very similar ranges.

My other takeaway was that pricing was usually internally consistent within a given insurer. IE, if they were better on Auto, they were always better on the renter, and they were always better on the umbrella too. The landlord policies were hit or miss.

One watchout for others -- if you need landlord policies, note that not everyone will do them, and those that will insist on writing another policy in addition (usually renters policy) and some wouldn't write a landlord unless you had a home policy (a renters policy was not sufficient), so while it's not required that you do everything with 1 provider, most likely you'll lose the bundle discount if you can't find 1 company to do everything.

Finally, this exercise reinforced that insurance agents are the 2nd most annoying group to work with of all sales people (car sales is the #1 in my book) because even if you tell them not to call and email instead, or just provide an email and no phone #, the first thing they do is email you asking for your phone number so they can hit you with the hard sell and waste hours of your time. And many will lie and say you can't quote over email even though 95% of insurers did exactly that. I ended up forcing them to use email (I developed a detailed info summary which answered every question I was ever asked and sent it to them in my first contact with them) and told them to pound sand if they didn't. All but 2 eventually played ball over email.


My quote package was:
2 cars, one very high end / expensive if purchased new (I of course bought it used for >50% off sticker price!) that I drive to work, one inexpensive main stream suv that my wife drives kids to school with and we take on family trips.

1 renters policy with a handful of scheduled items (valuable personal property policy to some insurers, just a rider to the renters policy to others)

2 landlord (fire policies) with sewer backup rider

An umbrella policy

In all cases I asked for the minimum liability coverage needed to satisfy the umbrella, and the highest deductible possible (which in all but 1 case was always in the $2000 or less range).

Other info - I have excellent credit and have been consistently employed by various megacorps in progressive roles for 20+ years.

Here are the resulting highlights. Didn't include all ~35 quotes I ended up with for brevity, just the ones that stood out:

AAA – hands down cheapest (25% of the cost of USAA for similar coverage), and consumer reports gives them a “good” rating (my translation of their relative rating - if you want specifics, go sign up for consumer reports) in terms of being nice to you on claims and $ paid
Travelers – 2nd best price, but more than AAA. And rated borderline “Mid” vs “Good” at AAA
Metlife, Safeco – currently what I have and 3rd best price. Mid to Poor rating
Chubb – good rating, same cost as metlife, but only with a $10k deductible. If you change deductible to normal levels it’s the same as the next two.
Amica, Erie– not horrible but another 50% higher than those above. Good to very good rating. Almost went with Amica until I called AAA.
State Farm – same price as Amica, Erie, Chubb but a Mid rating
Allstate / Farmers – off the charts horrible pricing and also among the worst ratings
USAA – top rating in the industry, and sadly off the charts horrible pricing to match.

This last one was a bizarre learning for me; when I lived in Michigan and overseas, USAA was always the best pricing and I vividly recall trying a similar "quote everybody" exercise at the time and when I spoke with agents they heard I was with USAA and didn't bother quoting because they knew they couldn't beat it.

Oh how times have changed!

Special mention if you have some higher end stuff (I know a number on this board do): try PURE; they weren't in consumer reports list but they came very highly recommended by the people in a car forum i frequent. They wouldn't quote me because you need to be a homeowner with a house worth $1M or more and I'm a renter at the moment. They were very courteous and responsive and the least annoying people to deal with even though they never quoted me. I'm willing to give them another try when I buy a house.
10-15 years ago USAA was the best on pricing. I'm not sure what happened, but a lot of people I know have also noted that it's no longer the case.

I wonder if that was their business model (dumping?): start off with low price and get a bunch of clients, provide good customer service, and then slowly boil the frog?
Topic Author
2tall4economy
Posts: 544
Joined: Thu Jan 08, 2015 7:55 am
Location: Global

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by 2tall4economy »

Maverick3320 wrote: Wed Aug 12, 2020 12:39 pm

10-15 years ago USAA was the best on pricing. I'm not sure what happened, but a lot of people I know have also noted that it's no longer the case.

I wonder if that was their business model (dumping?): start off with low price and get a bunch of clients, provide good customer service, and then slowly boil the frog?
I haven't been with them for about 4 years and they're still quoting very high when I check back. I think it's just a business model change, for Greed or otherwise.
You can do anything you want in life. The rub is that there are consequences.
Topic Author
2tall4economy
Posts: 544
Joined: Thu Jan 08, 2015 7:55 am
Location: Global

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by 2tall4economy »

petulant wrote: Wed Aug 12, 2020 11:43 am Why no quotes from GEICO and Progressive? No coverage for one of your specific policy requirements?
GEICO, Progressive, Nationwide, eSurance (and probably a few others):

Their website wouldn't quote me (because it didn't or because my car wasn't in their dropdown) and emails went unanswered. They required me to follow up with them, on the phone. Based on their consumer reports rating they are the bottom of the barrel (Geico is the best at below-average) and I wasn't interested in putting in multi-hour phone marathon effort to get a quote from a below average company.
You can do anything you want in life. The rub is that there are consequences.
BruDude
Posts: 3427
Joined: Thu Dec 30, 2010 12:28 am
Location: Las Vegas

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by BruDude »

RIP your mailbox, which will now be a never-ending series of insurance offers.
Jack FFR1846
Posts: 12658
Joined: Tue Dec 31, 2013 7:05 am
Location: 26 miles, 385 yards west of Copley Square

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by Jack FFR1846 »

Interesting.

My son just bought a car. He went through the agent I use and has Mapfre and the price seems good. AAA discount.

He contacted a number of companies online. Despite being double the price, Geico won't leave him alone. Multiple texts, emails and phone calls a day. Geico has the reputation that if you even say the word "claim", they drop you like a rock. They only want clients who never have a claim. I'd love if you all buy Geico, as I hold some Berkshire Hathaway stock. :wink: I would never use them myself.
Bogle: Smart Beta is stupid
User avatar
cheese_breath
Posts: 9852
Joined: Wed Sep 14, 2011 7:08 pm

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by cheese_breath »

I tried the online quote method once, and that was enough. Just like others have said, once they got my Email they wouldn't leave me alone. Now I just check a few local agents, and accept the best one.
The surest way to know the future is when it becomes the past.
BruDude
Posts: 3427
Joined: Thu Dec 30, 2010 12:28 am
Location: Las Vegas

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by BruDude »

Jack FFR1846 wrote: Wed Aug 12, 2020 1:15 pm Interesting.

My son just bought a car. He went through the agent I use and has Mapfre and the price seems good. AAA discount.

He contacted a number of companies online. Despite being double the price, Geico won't leave him alone. Multiple texts, emails and phone calls a day. Geico has the reputation that if you even say the word "claim", they drop you like a rock. They only want clients who never have a claim. I'd love if you all buy Geico, as I hold some Berkshire Hathaway stock. :wink: I would never use them myself.
My car was totaled 6 months after I signed up with GEICO and they paid me more than the car was worth. Other person was at fault, but I had no issues with the claims process (they paid me out then subrogated). GEICO in my area is half the price of every other insurance company, it's not even close.
petulant
Posts: 1901
Joined: Thu Sep 22, 2016 1:09 pm

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by petulant »

BruDude wrote: Wed Aug 12, 2020 1:49 pm
Jack FFR1846 wrote: Wed Aug 12, 2020 1:15 pm Interesting.

My son just bought a car. He went through the agent I use and has Mapfre and the price seems good. AAA discount.

He contacted a number of companies online. Despite being double the price, Geico won't leave him alone. Multiple texts, emails and phone calls a day. Geico has the reputation that if you even say the word "claim", they drop you like a rock. They only want clients who never have a claim. I'd love if you all buy Geico, as I hold some Berkshire Hathaway stock. :wink: I would never use them myself.
My car was totaled 6 months after I signed up with GEICO and they paid me more than the car was worth. Other person was at fault, but I had no issues with the claims process (they paid me out then subrogated). GEICO in my area is half the price of every other insurance company, it's not even close.
Yeah, I haven't had any issues with GEICO either, including claims. The only problem I've ever had is that when I went to buy my own insurance as an adult separate from my family--which happened right after a claim--GEICO balked until my family gave proof that I had bought my insurance separately.
ralph124cf
Posts: 2596
Joined: Tue Apr 01, 2014 11:41 am

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by ralph124cf »

BruDude wrote: Wed Aug 12, 2020 1:09 pm RIP your mailbox, which will now be a never-ending series of insurance offers.
Most email providers will allow you to have multiple email accounts. Set up a new email account for the insurance quotes, then delete it when you are done with the project.

Ralph
HobbesMB
Posts: 50
Joined: Mon Sep 18, 2017 1:36 pm

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by HobbesMB »

2tall4economy wrote: Wed Aug 12, 2020 11:01 am I ended up forcing them to use email (I developed a detailed info summary which answered every question I was ever asked and sent it to them in my first contact with them) and told them to pound sand if they didn't. All but 2 eventually played ball over email.
I plan to undertake a similar exercise in the near future. Would you mind sharing the list of questions you pre-answered in the summary you sent them? I’d love to generate that ahead of time before starting the process.
afan
Posts: 5212
Joined: Sun Jul 25, 2010 4:01 pm

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by afan »

Don't some of those companies have different coverages at base? Not your problem but I think some don't offer guaranteed replacement cost on homeowners. Others do.
Some, but I thought not all, offer agreed value for cars and OEM replacement parts.

How were you able to configure the quotes so that you were buying the same coverage?
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
2tall4economy
Posts: 544
Joined: Thu Jan 08, 2015 7:55 am
Location: Global

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by 2tall4economy »

HobbesMB wrote: Wed Aug 12, 2020 2:28 pm
2tall4economy wrote: Wed Aug 12, 2020 11:01 am I ended up forcing them to use email (I developed a detailed info summary which answered every question I was ever asked and sent it to them in my first contact with them) and told them to pound sand if they didn't. All but 2 eventually played ball over email.
I plan to undertake a similar exercise in the near future. Would you mind sharing the list of questions you pre-answered in the summary you sent them? I’d love to generate that ahead of time before starting the process.
sure. trying to scrub it but also include enough info to make it useful.

-----

Current Carrier - xyz

Actual cash value on all (not stated / agreed value)
Car1: YYYY Make Model VIN miles/yr
Car2: YYYY Make Model VIN miles/yr
Car3: YYYY Make Model VIN miles/yr
Desired collision / comprehensive deductible
Minimum liability coverage to meet umbrella policy requirements
Desired property coverage
Glass coverage, if it covers *replacement* as well as repair. If repair only then I don't want
No other coverages (ie medical, roadside, rental, etc)

Please break out the premium of each of the vehicles separately

2 Adult drivers from 16, husband and wife, licensed in state X, no violations in past decade
Name1 / License # / DOB / Job / Education Degrees
Name2 / License # / DOB / Job / Education Degrees

Renters policy
Address
It's a house, it's my primary residence
Desired personal property
Desired deductible
Minimum liability coverage to meet umbrella policy requirements

VPP
item 1, value
item 2, value
item 3, value

Umbrella
Desired deductible
Desired coverage

Two rental properties
Address 1
Address 2

Replacement value $X each
desired deductible
$10k sewer/flood w/ $1k deductible
Minimum liability coverage to meet umbrella policy requirements
You can do anything you want in life. The rub is that there are consequences.
Topic Author
2tall4economy
Posts: 544
Joined: Thu Jan 08, 2015 7:55 am
Location: Global

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by 2tall4economy »

afan wrote: Wed Aug 12, 2020 2:53 pm Don't some of those companies have different coverages at base? Not your problem but I think some don't offer guaranteed replacement cost on homeowners. Others do.
Some, but I thought not all, offer agreed value for cars and OEM replacement parts.

How were you able to configure the quotes so that you were buying the same coverage?
Generally yes because my communication was detailed. Biggest differences were the deductibles but in those cases they were within a range and I had an idea of what moving up or down would do when I spoke to the agent.

Tweaks may happen but should be around the median as opposed to coming away with a completely different conclusion.

Also, for the ones that came back the most inexpensive I deep dived to make sure there wasn't any gotchas. I found a few, but even after they adjusted them they remained much cheaper.
You can do anything you want in life. The rub is that there are consequences.
Rayandron
Posts: 118
Joined: Fri Jan 17, 2014 4:48 pm

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by Rayandron »

HobbesMB wrote: Wed Aug 12, 2020 2:28 pm
2tall4economy wrote: Wed Aug 12, 2020 11:01 am I ended up forcing them to use email (I developed a detailed info summary which answered every question I was ever asked and sent it to them in my first contact with them) and told them to pound sand if they didn't. All but 2 eventually played ball over email.
I plan to undertake a similar exercise in the near future. Would you mind sharing the list of questions you pre-answered in the summary you sent them? I’d love to generate that ahead of time before starting the process.
I am also interested in your question list if you're willing to share it. I promised myself I would re-do our major insurance once our re-fi closed and that time is upon me so your post is very timely for me. I know I'm paying too much at USAA and they canceled my umbrella policy and told me to appeal the decision if I wanted it back.

Edit: I was writing my post while you were posting your list. Thanks!
GoodOmens
Posts: 25
Joined: Thu Aug 06, 2020 12:54 pm

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by GoodOmens »

Yea I moved and did a rate assessment (one mid-tier car and one lower mid-tier) and was surprised how much other insurance companies beat my USAA insurance. Progressive was nearly half on the car insurance alone.

Although I've been forced to make two no-fault claims (one no insurance progressive is suing the other driver over and one rock thrown at the panoramic glass roof) since switching (after 15+ years of no claims), so we will see how long that lasts...
Golf maniac
Posts: 560
Joined: Wed Dec 27, 2017 2:02 pm
Location: Florida

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by Golf maniac »

Not sure where some of you live but I am in Florida and USAA gives me the best quotes Or very close to the lowest quotes every year for homeowner and auto. I have priced all the others and they can’t match what I get from USAA. Plus the end of year dividend is a nice bonus. I price check annually when my homeowners renews. I would never go with the low customer service and claim rated companies. Yea, you may get a lower price but if they fight you when you have a claim is it really worth it for a few bucks?
talzara
Posts: 1131
Joined: Thu Feb 12, 2009 7:40 pm

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by talzara »

2tall4economy wrote: Wed Aug 12, 2020 11:01 am AAA – hands down cheapest (25% of the cost of USAA for similar coverage), and consumer reports gives them a “good” rating (my translation of their relative rating - if you want specifics, go sign up for consumer reports) in terms of being nice to you on claims and $ paid
2tall4economy wrote: Wed Aug 12, 2020 1:05 pm Based on their consumer reports rating they are the bottom of the barrel (Geico is the best at below-average) and I wasn't interested in putting in multi-hour phone marathon effort to get a quote from a below average company.
GEICO is about as good as AAA. It isn't any worse.

There is a lot of year-to-year variation in the rankings. In the magazine, Consumer Reports used to publish a footnote that said "Differences of fewer than 5 points aren't meaningful." It's harder to notice that footnote online.

Here are the Consumer Reports rankings of auto insurers, averaged over 1992 to 2014. Amica and USAA are on top. GEICO ranks about average, between two of the AAA insurers (Auto Group and CSAA). https://www.consumerreports.org/car-ins ... e-surveys/

J.D. Power gives the edge to GEICO. You can see how much year-to-year variation there is. Sometimes GEICO ranks higher than two AAA insurers , and sometimes it ranks higher than all three AAA insurers.
prairieman
Posts: 337
Joined: Thu Mar 01, 2018 3:17 pm

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by prairieman »

I am a bit jaded by going with the cheapest company that has good ratings. I ran through a similar exercise in my earlier years and was wowed by the savings I could expect by switching to a new company. It was a bit of work, though. I switched but felt bad leaving my previous agent who had been good to work with.
It turned out that the new agent was, more or less, a computer ... and the rates went up fast after I had been captured. A few years later, I called my old agent and found that his rates were now cheaper than the rates I was getting from the computer and also, surprisingly, cheaper than I had been getting.
I think you have to be cautious of companies that offer you low rates that entice you with low rates. They might increase quickly and leave you searching again. If you want to do the work of getting quotes each year, fine. As I became wealthier and more strapped for time, I became less a bottom feeder (price-wise) and more a quality and long-term stability/honest pricing seeker. Ultimately, I wound up at Amica until I see reason to move away.
“As long as the roots are not severed, all is well.” Chauncey Gardner
radiowave
Posts: 2402
Joined: Thu Apr 30, 2015 5:01 pm

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by radiowave »

OP, just out of curiosity what companies were the top 3 ratings?
Bogleheads Wiki: https://www.bogleheads.org/wiki/Main_Page
Ron Ronnerson
Posts: 1721
Joined: Sat Oct 26, 2013 6:53 pm
Location: Bay Area

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by Ron Ronnerson »

I switched insurance three weeks ago. I called 5 companies that sent me invitations in the mail and will include my findings to this thread. This is in Northern California and the insurance is for two cars, homeowner’s, and umbrella policy. This is the monthly cost, rounded to the nearest dollar:

State Farm (whom I previously had insurance with): $218
AAA - $219
Travelers - $220
California Casualty - $215
Geico - $146
Amica - $171 for auto insurance only, which was higher than the other companies so I didn’t finish getting the quote for the other policies from them

I switched to Geico and the savings are $72/month over what I was paying with State Farm. I paid the entire premium in advance but $146 is the cost it comes to on a monthly basis. I also received a $20 Visa gift card from AAA and $25 gas card from California Casualty for shopping for insurance with them. Lastly, the premium was charged onto a new credit card that provides a $500 cash back bonus once the minimum spending requirement is met.
User avatar
FrugalInvestor
Posts: 5649
Joined: Fri Nov 07, 2008 12:20 am

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by FrugalInvestor »

rich126 wrote: Wed Aug 12, 2020 12:31 pm I know very little about the business but it seems to me, some (many?) will give you a low price to get your business and then start increasing it based on the theory that customers are lazy and won't shop around or go to the hassle of changing insurers.
That's my impression too, mainly from reading posts here and elsewhere. Maybe you could follow up in 1,3 & 5 years with your experience. :beer
Have a plan, stay the course and simplify, but most importantly....Ignore the Noise!
Topic Author
2tall4economy
Posts: 544
Joined: Thu Jan 08, 2015 7:55 am
Location: Global

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by 2tall4economy »

prairieman wrote: Wed Aug 12, 2020 3:49 pm I am a bit jaded by going with the cheapest company that has good ratings. I ran through a similar exercise in my earlier years and was wowed by the savings I could expect by switching to a new company. It was a bit of work, though. I switched but felt bad leaving my previous agent who had been good to work with.
It turned out that the new agent was, more or less, a computer ... and the rates went up fast after I had been captured. A few years later, I called my old agent and found that his rates were now cheaper than the rates I was getting from the computer and also, surprisingly, cheaper than I had been getting.
I think you have to be cautious of companies that offer you low rates that entice you with low rates. They might increase quickly and leave you searching again. If you want to do the work of getting quotes each year, fine. As I became wealthier and more strapped for time, I became less a bottom feeder (price-wise) and more a quality and long-term stability/honest pricing seeker. Ultimately, I wound up at Amica until I see reason to move away.
Fully agree - I look every few years because they all go up. I''ve normally seen high single digits. It's becoming so easy to switch nowadays I think some of this behavior may start to fall away, but it will take a while.

I did notice they are often asking how long I was with my prior insurer. I'm not sure if that has an impact on how they think about pricing you, but it should...
You can do anything you want in life. The rub is that there are consequences.
Topic Author
2tall4economy
Posts: 544
Joined: Thu Jan 08, 2015 7:55 am
Location: Global

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by 2tall4economy »

radiowave wrote: Wed Aug 12, 2020 3:52 pm OP, just out of curiosity what companies were the top 3 ratings?
USAA Insurance Group
NJM Insurance Group
Amica Mutual Group
You can do anything you want in life. The rub is that there are consequences.
Topic Author
2tall4economy
Posts: 544
Joined: Thu Jan 08, 2015 7:55 am
Location: Global

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by 2tall4economy »

talzara wrote: Wed Aug 12, 2020 3:42 pm GEICO is about as good as AAA. It isn't any worse.

There is a lot of year-to-year variation in the rankings. In the magazine, Consumer Reports used to publish a footnote that said "Differences of fewer than 5 points aren't meaningful." It's harder to notice that footnote online.

Here are the Consumer Reports rankings of auto insurers, averaged over 1992 to 2014. Amica and USAA are on top. GEICO ranks about average, between two of the AAA insurers (Auto Group and CSAA). https://www.consumerreports.org/car-ins ... e-surveys/

J.D. Power gives the edge to GEICO. You can see how much year-to-year variation there is. Sometimes GEICO ranks higher than two AAA insurers , and sometimes it ranks higher than all three AAA insurers.
Certainly could be the case. I just used Consumer Reports ratings, where Geico as you point out, was mid pack but on the lower side of mid pack. The rest were at the bottom.
You can do anything you want in life. The rub is that there are consequences.
HobbesMB
Posts: 50
Joined: Mon Sep 18, 2017 1:36 pm

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by HobbesMB »

2tall4economy wrote: Wed Aug 12, 2020 2:55 pm
HobbesMB wrote: Wed Aug 12, 2020 2:28 pm I plan to undertake a similar exercise in the near future. Would you mind sharing the list of questions you pre-answered in the summary you sent them? I’d love to generate that ahead of time before starting the process.
sure. trying to scrub it but also include enough info to make it useful.

<list snipped>
Thanks!
tj
Posts: 3356
Joined: Thu Dec 24, 2009 12:10 am

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by tj »

2tall4economy wrote: Wed Aug 12, 2020 4:16 pm
radiowave wrote: Wed Aug 12, 2020 3:52 pm OP, just out of curiosity what companies were the top 3 ratings?
USAA Insurance Group
NJM Insurance Group
Amica Mutual Group
Auto Owners is rated pretty high, too, right?


my Auto Owners policy just removed I went from $1600ish/yr to $1700ish/yr for one car, condo and umbrella.


For me, USAA is not competitive in AZ. They were the best I could find in CA and HI. I've been pleased with Auto Owners but have not had any claims.
Lalamimi
Posts: 567
Joined: Mon Jun 24, 2019 4:22 pm
Location: Texas

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by Lalamimi »

Was told by former military friends that USAA has not been same since opened to all military. We had AAA for a while, but you have to have top tier AAA membership as they do not include towing, etc. on auto. Allstate has been the best price for us in Texas. 4 cars, 1 house.
User avatar
cheese_breath
Posts: 9852
Joined: Wed Sep 14, 2011 7:08 pm

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by cheese_breath »

Lalamimi wrote: Wed Aug 12, 2020 7:20 pm ... you have to have top tier AAA membership as they do not include towing, etc. on auto....
That must be particular to your state. I've had the standard memberships in MI and TX, and neither of them has these restrictions.
The surest way to know the future is when it becomes the past.
Topic Author
2tall4economy
Posts: 544
Joined: Thu Jan 08, 2015 7:55 am
Location: Global

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by 2tall4economy »

tj wrote: Wed Aug 12, 2020 7:10 pm
2tall4economy wrote: Wed Aug 12, 2020 4:16 pm
radiowave wrote: Wed Aug 12, 2020 3:52 pm OP, just out of curiosity what companies were the top 3 ratings?
USAA Insurance Group
NJM Insurance Group
Amica Mutual Group
Auto Owners is rated pretty high, too, right?


my Auto Owners policy just removed I went from $1600ish/yr to $1700ish/yr for one car, condo and umbrella.


For me, USAA is not competitive in AZ. They were the best I could find in CA and HI. I've been pleased with Auto Owners but have not had any claims.
Survey says... they are tier 2 (out of 4).
You can do anything you want in life. The rub is that there are consequences.
Topic Author
2tall4economy
Posts: 544
Joined: Thu Jan 08, 2015 7:55 am
Location: Global

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by 2tall4economy »

arcticpineapplecorp. wrote: Wed Aug 12, 2020 12:29 pm https://www.policygenius.com/
I gave it a whirl.

what policy? select Auto
fill in a screen.
bundled with a home or separate? select separate since I rent

"We're sorry, we only do Auto + Home bundles"

start over...

what policy? select Renter

fill in a screen
what type of rental is this "townhome, apartment, condo, other"
select "other" since it's a house

"We're sorry, we don't quote for "other" currently"


...maybe it's a good thing for someone with a very, very specific insurance need but hardly a useful tool. For me at least.
You can do anything you want in life. The rub is that there are consequences.
RudyS
Posts: 1980
Joined: Tue Oct 27, 2015 10:11 am

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by RudyS »

There will be lots of variation depending on state. MA does not permit using credit score to rate the premium. MA also requires that a 12 month policy term be offered (in addition to, not instead of, 6 months).

About 15 months I moved here, got phone quotes from 3 companies. Geico was by far the lowest. Others were AAA, Amica, Total of auto, renters, umbrella. I had to specifically request the one year term. Just renewed a couple months ago - no change in premium, plus I got the 15% covid19 discount for the entire year.
BUBear29
Posts: 329
Joined: Wed Aug 19, 2015 4:20 pm
Location: DFW

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by BUBear29 »

arcticpineapplecorp. wrote: Wed Aug 12, 2020 12:29 pm https://www.policygenius.com/
this.
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.
BUBear29
Posts: 329
Joined: Wed Aug 19, 2015 4:20 pm
Location: DFW

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by BUBear29 »

2tall4economy wrote: Wed Aug 12, 2020 9:02 pm
arcticpineapplecorp. wrote: Wed Aug 12, 2020 12:29 pm https://www.policygenius.com/
I gave it a whirl.

what policy? select Auto
fill in a screen.
bundled with a home or separate? select separate since I rent

"We're sorry, we only do Auto + Home bundles"

start over...

what policy? select Renter

fill in a screen
what type of rental is this "townhome, apartment, condo, other"
select "other" since it's a house

"We're sorry, we don't quote for "other" currently"


...maybe it's a good thing for someone with a very, very specific insurance need but hardly a useful tool. For me at least.
did you try calling? the reps were very helpful for me. then several days later I got a nice pdf package with the comps/options
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.
michaeljc70
Posts: 7102
Joined: Thu Oct 15, 2015 3:53 pm

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by michaeljc70 »

I have another thread on insurance quotes so I thought I'd add a few comments. I am in the same state as the OP. I never thought there were that many insurers to be honest. I didn't get very far on policy genius as after a few questions I was at a standstill. I have a townhouse and there appears not be option for that. Sorry, not that uncommon. I guess if I live in a trailer it is easier to get a quote. Most sites don't allow quoting home+auto bundle I found.
Last edited by michaeljc70 on Wed Aug 12, 2020 9:50 pm, edited 1 time in total.
antwerp
Posts: 18
Joined: Fri Aug 07, 2020 12:17 pm

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by antwerp »

I would not consider price/cost only. I have been with one company for 35 years and their service is exceptional. I recall after hurricane Sandy I had roof damage and so did my neighbor. I reached my ins company the day of the storm. I had my settlement check within 1 week. After 4 days my neighbor told me he was tired of listening to the State Farm jingle while on hold.

I would consider quality of service, and pay a little more for it, in my search for a carrier. just my 2 cents worth.
michaeljc70
Posts: 7102
Joined: Thu Oct 15, 2015 3:53 pm

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by michaeljc70 »

antwerp wrote: Wed Aug 12, 2020 9:50 pm I would not consider price/cost only. I have been with one company for 35 years and their service is exceptional. I recall after hurricane Sandy I had roof damage and so did my neighbor. I reached my ins company the day of the storm. I had my settlement check within 1 week. After 4 days my neighbor told me he was tired of listening to the State Farm jingle while on hold.

I would consider quality of service, and pay a little more for it, in my search for a carrier. just my 2 cents worth.
I hear that a lot..but I have had 2 auto claims in 25 years and 1 homeowners claim in 25 years. So, though I know it can happen, I discount that. If you overpay for 25 years and get good service are you coming out ahead?
motiv8ed
Posts: 16
Joined: Fri Jul 03, 2020 9:37 pm

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by motiv8ed »

Lalamimi wrote: Wed Aug 12, 2020 7:20 pm Was told by former military friends that USAA has not been same since opened to all military. We had AAA for a while, but you have to have top tier AAA membership as they do not include towing, etc. on auto. Allstate has been the best price for us in Texas. 4 cars, 1 house.
I had to do some digging, but here's the detail I could find on USAA's three tiers:

USAA, CIC, and GIC -- Which you have will be stated on your auto insurance statement.
  • USAA is for officers and E7s and up -- least expensive
  • CIC is for officers' dependents and USAA employees
  • GIC is for E6s and below -- most expensive
I know from experience that the "USAA" category receives annual dividends to their Subscriber Savings Account. Not sure about the other two tiers.


motiv8ed
Marylander1
Posts: 283
Joined: Sat Jan 04, 2014 3:18 pm
Location: Baltimore & DC

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by Marylander1 »

michaeljc70 wrote: Wed Aug 12, 2020 9:51 pm
antwerp wrote: Wed Aug 12, 2020 9:50 pm I would not consider price/cost only. I have been with one company for 35 years and their service is exceptional. I recall after hurricane Sandy I had roof damage and so did my neighbor. I reached my ins company the day of the storm. I had my settlement check within 1 week. After 4 days my neighbor told me he was tired of listening to the State Farm jingle while on hold.

I would consider quality of service, and pay a little more for it, in my search for a carrier. just my 2 cents worth.
I hear that a lot..but I have had 2 auto claims in 25 years and 1 homeowners claim in 25 years. So, though I know it can happen, I discount that. If you overpay for 25 years and get good service are you coming out ahead?
Doesn't "service" also include the ability to make a successful claim in the first place? I knew someone in college who used the cheapest insurance he could find, a brand I hadn't heard of. After an accident he said wasn't his fault, it took over a semester to get paid. I remember because his car was still in the shop and he kept asking me to drive, and told me about his latest agonies with the insurance company on every trip.

I'd pay extra to avoid that kind of "service".

Marylander1
Post Reply