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

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2tall4economy
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by 2tall4economy »

motiv8ed wrote: Wed Aug 12, 2020 9:57 pm
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
Wife is daughter of an O5 so not sure I'd guess we're CIC. But we've been same for years.
You can do anything you want in life. The rub is that there are consequences.
UALflyer
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by UALflyer »

sailaway wrote: Wed Aug 12, 2020 11:03 am Glad to see someone putting their time to good use for the rest of us.
How does the OP's research help you? I applaud him for doing it, but the best company for the OP could easily end up being the worst company for his next door neighbor.
michaeljc70
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by michaeljc70 »

Marylander1 wrote: Wed Aug 12, 2020 10:14 pm
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
I only use major, reputable carriers so we are in agreement on that.
UALflyer
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by UALflyer »

michaeljc70 wrote: Thu Aug 13, 2020 7:12 am
Marylander1 wrote: Wed Aug 12, 2020 10:14 pm
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
I only use major, reputable carriers so we are in agreement on that.
When it comes to your contractual coverage, using "major, reputable carriers" is not a guarantee of anything. A lot of people don't take the time to understand the differences in contractual coverage and incorrectly assume that all HO and auto policies are exactly the same (they just look at the policy limits and deductibles), so they judge them based on price and the company "reputation." In reality, the differences in contractual coverage can be enormous.

For instance, USAA only covers up to $10K in water and sewer backups (at least in quite a few markets), and does not give you the option of increasing it. Its claims handling is fine, but this won't do you any good when the coverage limit is only $10K, which in many situations will just barely (or not even) cover your clean-up costs, not to mention your actual restoration and replacement costs. As I've previously mentioned in other threads, about 4 years ago one of my co-workers, who at the time had USAA, had a water backup in his unfinished basement. It wasn't a sewer backup (sewer backups can be a lot more expensive to remediate) and the basement was unfinished. USAA did pay without any issues, except that their limit of coverage was USAA's standard $10,000, while his damage ended up costing him in the $23,000-$25,000 range. So, he had $13,000 - $15,000 in uninsured damage. This could've easily been avoided if he had had his policy with a carrier that offered better contractual coverage.

Likewise, lots of "major carriers" offer both HO5 based policies and HO3 based ones. There are significant differences in contractual coverage, but people don't know the difference, so they take comfort in "being with a major carrier" and then, when they have a claim, are surprised that thousands or tens of thousands of dollars aren't covered.
michaeljc70
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by michaeljc70 »

UALflyer wrote: Thu Aug 13, 2020 7:19 am
michaeljc70 wrote: Thu Aug 13, 2020 7:12 am
Marylander1 wrote: Wed Aug 12, 2020 10:14 pm
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
I only use major, reputable carriers so we are in agreement on that.
When it comes to your contractual coverage, using "major, reputable carriers" is not a guarantee of anything. A lot of people don't take the time to understand the differences in contractual coverage and incorrectly assume that all HO and auto policies are exactly the same (they just look at the policy limits and deductibles), so they judge them based on price and the company "reputation." In reality, the differences in contractual coverage can be enormous.

For instance, USAA only covers up to $10K in water and sewer backups (at least in quite a few markets), and does not give you the option of increasing it. Its claims handling is fine, but this won't do you any good when the coverage limit is only $10K, which in many situations will just barely (or not even) cover your clean-up costs, not to mention your actual restoration and replacement costs. As I've previously mentioned in other threads, about 4 years ago one of my co-workers, who at the time had USAA, had a water backup in his unfinished basement. It wasn't a sewer backup (sewer backups can be a lot more expensive to remediate) and the basement was unfinished. USAA did pay without any issues, except that their limit of coverage was USAA's standard $10,000, while his damage ended up costing him in the $23,000-$25,000 range. So, he had $13,000 - $15,000 in uninsured damage. This could've easily been avoided if he had had his policy with a carrier that offered better contractual coverage.

Likewise, lots of "major carriers" offer both HO5 based policies and HO3 based ones. There are significant differences in contractual coverage, but people don't know the difference, so they take comfort in "being with a major carrier" and then, when they have a claim, are surprised that thousands or tens of thousands of dollars aren't covered.
I don't have water/sewer backup as it is next to impossible for that to happen at my place. Some carriers cap that at only $5k. I have an HO5 policy. I understand the major differences. Do I know every term of every carrier? No.

In reading through my policy the one thing that bothered me slightly was the personal property limits are low on a bunch of categories. I don't have furs or comic book collections but I probably have more than the $1500 limit on tools. Same on watches. However, it isn't so much higher that I'm worried about it or would add a rider.
UALflyer
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by UALflyer »

michaeljc70 wrote: Thu Aug 13, 2020 7:38 amI don't have water/sewer backup as it is next to impossible for that to happen here. Some carriers cap that at only $5k. I have an HO5 policy. I understand the major differences. Do I know every term of every carrier? No.
Please don't take this the wrong way, but very respectfully, you actually don't know the major differences. If it makes you feel any better, you are in good company, as plenty of people out there are in the same shoes, but I read your insurance thread (viewtopic.php?f=11&t=322544) and noticed just how many major things you were missing.

For instance, when it comes to HO policies, you didn't seem to be aware of the existence of co-insurance clauses, which are in every single HO insurance policy (https://www.investopedia.com/terms/c/co ... ormula.asp). Likewise, you complained about extended replacement endorsements, which are actually an essential part of every properly structured HO policy. They are relatively inexpensive (the coverage costs you a fraction of the premium that you'd be charged for increasing your dwelling coverage by the same amount) and protect you in case the dwelling value calculations end up being too low, and also protect you in the event that a mass disaster in the area affects lots of houses, causing reconstruction costs to spike up. The best version of the "extended replacement" coverage is actually a guaranteed replacement policy, which is only offered by a few carriers.

You also found it aggravating that insurance companies did not let you pick your own dwelling value. There isn't a single insurance company in the country that just lets its customers pick their own dwelling values. Not only is co-insurance a significant issue, but 99.99% of the population has no idea what it would cost to rebuild a house. For instance, debris removal alone can amount to a substantial expense that is not otherwise present in new construction, not to mention the fact that bringing in a builder to rebuild a single house is usually substantially more expensive than using the same builder to put up multiple houses in the same area/subdivision.

In your thread above, the number of these issues is pretty substantial. Again, I apologize if this is coming off as offensive or condescending, as it is not my intent. I am just trying to explain some of the practical things that people ought to consider when they shop for insurance and am highlighting some of the common misconceptions out there.

Most posts out there either praising the insurance companies' "claims handling" or complaining about it aren't actually about "claims handling." They just highlight the differences in people's contractual coverage, but the posters just don't realize the fact that it was the contractual coverage rather than the companies' "generosity" or "stinginess" that drove the outcome.

So, while "claims handling" is a major consideration as well, when selecting an insurance company, your contractual coverage (and this doesn't just mean your policy limits and deductibles) should be the first thing that you focus on. There are plenty of "major insurance companies" that I rule out because of their contractual coverage.
Last edited by UALflyer on Thu Aug 13, 2020 8:37 am, edited 3 times in total.
HobbesMB
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by HobbesMB »

How would one properly educate themselves on all of these factors if they were shopping for insurance, outside of going through an agent?
michaeljc70
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by michaeljc70 »

UALflyer wrote: Thu Aug 13, 2020 7:55 am
michaeljc70 wrote: Thu Aug 13, 2020 7:38 amI don't have water/sewer backup as it is next to impossible for that to happen here. Some carriers cap that at only $5k. I have an HO5 policy. I understand the major differences. Do I know every term of every carrier? No.
Please don't take this the wrong way, but very respectfully, you actually don't know the major differences. If it makes you feel any better, you are in good company, as plenty of people out there are in the same shoes, but I read your insurance thread (viewtopic.php?f=11&t=322544) and noticed just how major things you were missing.

For instance, when it comes to HO policies, you didn't seem to be aware of the existence of co-insurance clauses, which are in every single HO insurance policy (https://www.investopedia.com/terms/c/co ... ormula.asp). Likewise, you complained about extended replacement endorsements, which are actually an essential part of every properly structured HO policy. They are relatively inexpensive (the coverage costs you a fraction of the premium that you'd be charged for increasing your dwelling coverage by the same amount) and protect you in case the dwelling value calculations end up being too low, and also protect you in the event that a mass disaster in the area affects lots of houses, causing reconstruction costs to spike up. The best version of the "extended replacement" coverage is actually a guaranteed replacement policy, which is only offered by a few carriers.

You also found it aggravating that insurance companies did not let you pick your own dwelling value. There isn't a single insurance company in the country that just lets its customers pick their own dwelling values. Not only is co-insurance a significant issue, but 99.99% of the population has no idea what it would cost to rebuild a house. For instance, debris removal alone can amount to a substantial expense that is not otherwise present in new construction, not to mention the fact that bringing in a builder to rebuild a single house is usually substantially more expensive than using the same builder to put up multiple houses in the same area/subdivision.

In your thread above, the number of these issues is pretty substantial.

Most posts out there either praising the insurance companies' "claims handling" or complaining about it aren't actually about "claims handling." They just highlight the differences in people's contractual coverage, but the posters just don't realize the fact that it was the contractual coverage rather than the companies' "generosity" or "stinginess" that drove the outcome.

So, while "claims handling" is a major consideration as well, when selecting an insurance company, your contractual coverage (and this doesn't just mean your policy limits and deductibles) should be the first thing that you focus on. There are plenty of "major insurance companies" that I rule out because of their contractual coverage.
I never claimed to be an expert. I was not aware of the coinsurance clause, but it is moot for me since IMO I am way over insured for the cost to rebuild. There are things I buy or services I engage in with contracts all the time and I don't know the minutia. I try to know enough to make a reasonably good decision. Have I read through the dozens or hundreds of pages of TOS/agreement for my brokerage account or gmail account or every credit card I have? No.

You are assuming the insurer knows the cost to rebuild a home they never saw with extremely limited information. The variation in cost to rebuild per square foot even in one neighborhood can be substantial. When seeing the differences in rates it makes sense though to be over insured for dwelling than under because the difference in premium is usually quite small. It was $6 per year for $125k of additional coverage in my case which was much lower than I thought it would be.
UALflyer
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by UALflyer »

michaeljc70 wrote: Thu Aug 13, 2020 8:15 amI never claimed to be an expert. I was not aware of the coinsurance clause, but it is moot for me since IMO I am way over insured for the cost to rebuild. There are things I buy or services I engage in with contracts all the time and I don't know the minutia. I try to know enough to make a reasonably good decision. Have I read through the dozens or hundreds of pages of TOS/agreement for my brokerage account or gmail account or every credit card I have? No.
Again, I apologize if this is coming off as offensive or condescending, as it is not my intent. I am just trying to explain some of the practical things that people ought to consider when they shop for insurance and am highlighting some of the common misconceptions out there.

You don't need to read through the insurance policies to understand the differences. You just need to be aware of some of the hot button issues out there, so that you can inquire about them up front. I mentioned some of them above. There are others. For instance, a number of major insurance companies in certain states now only cover roofs over a certain age at ACV (actual cash value, which is the depreciated value) rather than their replacement value. When I shop for HO insurance, this is one of the questions that I ask up front. If I am told that the roof coverage will be at ACV, I don't waste time moving forward with the rest of the quote, as it would be a non-starter for me (if your roof is only covered at ACV, if you have a covered claim, the payout will end up being a small fraction of what it would cost to replace it) and would just waste my time.
You are assuming the insurer knows the cost to rebuild a home they never saw with extremely limited information. The variation in cost to rebuild per square foot even in one neighborhood can be substantial. When seeing the differences in rates it makes sense though to be over insured for dwelling than under because the difference in premium is usually quite small. It was $6 per year for $125k of additional coverage in my case which was much lower than I thought it would be.
I am not assuming that they're correct. I am telling you that regardless of whether they're correct, calling up an insurance carrier and asking it to accept your proposed dwelling value is a waste of your time, as there isn't a single insurance company in the country that will do that. If they did, not only would co-insurance be an issue, but the same people who had pushed so hard on the front end for a lower dwelling value, would subsequently be the ones filing lawsuits against insurance companies saying that these insurance companies know a lot more about the process than the homeowners and should not have accepted these lower values, which are now resulting in insufficient claims payouts.

This doesn't mean that you necessarily have to accept their dwelling value calculations. All insurance companies have a process that you have to follow for contesting it. The initial and the easiest step is to go over all the variables in their replacement cost calculations to see if they are all correct. If you are still dissatisfied, there are additional steps (appraisals, inspections, etc...).
Last edited by UALflyer on Thu Aug 13, 2020 9:21 am, edited 1 time in total.
michaeljc70
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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 »

UALflyer wrote: Thu Aug 13, 2020 8:25 am
michaeljc70 wrote: Thu Aug 13, 2020 8:15 amI never claimed to be an expert. I was not aware of the coinsurance clause, but it is moot for me since IMO I am way over insured for the cost to rebuild. There are things I buy or services I engage in with contracts all the time and I don't know the minutia. I try to know enough to make a reasonably good decision. Have I read through the dozens or hundreds of pages of TOS/agreement for my brokerage account or gmail account or every credit card I have? No.
Again, I apologize if this is coming off as offensive or condescending, as it is not my intent. I am just trying to explain some of the practical things that people ought to consider when they shop for insurance and am highlighting some of the common misconceptions out there.

You don't need to read through the insurance policies to understand the differences. You just need to be aware of some of the hot button issues out there, so that you can inquire about them up front. I mentioned some of them above. There are others. For instance, a number of major insurance companies in certain states now only cover roofs over a certain age at ACV (actual cash value, which is the depreciated value) rather than their replacement value. When I shop for HO insurance, this is one of the questions that I ask up front. If I am told that the roof coverage will be at ACV, I don't waste time moving forward with the rest of the quote, as it would be a non-starter for me (if your roof is only covered at ACV, if you have a covered claim, the payout will end up being a small fraction of what it would cost to replace it) and would just waste my time.
No need to apologize. I appreciate the information. On the roof coverage I understand you want that coverage and are probably willing to pay more for it but surely you understand they are not giving it to you for free. I imagine if you have a laundry list of requirements the number of carriers that can meet them with be narrower and the prices higher. I know that is fine with some people that want what they want. In 25 years I have made one claim for 2 stolen bikes (from a break in). Obviously I don't want to be majorly impacted financially if something big happens, but given the likelihood I don't obsess about it.
UALflyer
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by UALflyer »

michaeljc70 wrote: Thu Aug 13, 2020 8:41 amNo need to apologize. I appreciate the information. On the roof coverage I understand you want that coverage and are probably willing to pay more for it but surely you understand they are not giving it to you for free. I imagine if you have a laundry list of requirements the number of carriers that can meet them with be narrower and the prices higher. I know that is fine with some people that want what they want. In 25 years I have made one claim for 2 stolen bikes (from a break in). Obviously I don't want to be majorly impacted financially if something big happens, but given the likelihood I don't obsess about it.
Better contractual coverage isn't necessarily more expensive, as it depends on a ton of variables. As I recently mentioned in another thread, for instance, my overall premiums with Chubb (not exactly a budget carrier) are less than 50% of what Amica would've charged for a lot less coverage.
UALflyer
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by UALflyer »

petulant wrote: Wed Aug 12, 2020 11:43 am Why no quotes from GEICO and Progressive?
Progressive (as well as GEICO) is a non-standard company, and, as such, its rate structure tends to appeal to higher risk customers (fairly young, fairly old, violations/accidents, etc...), although it can also be competitive for other types of customers. It is one of the better non-standard companies out there though, but still does not offer any of the policy features that are frequently offered by some of the companies that target preferred and ultra preferred customers. So, for instance, unless required by state law, GEICO will not pay for OEM parts even on brand new vehicles (insurance companies specializing in preferred and ultra preferred customers typically use OEM parts for 2-3 year old vehicles; many also offer optional endorsements that allow you to contractually guarantee OEM parts), etc...

There isn't really anything wrong with Progressive (or GEICO), and I wouldn't avoid them, but preferred and ultra preferred customers, particularly those with higher end vehicles and those who are homeowners, can typically obtain better contractual coverage through some of the other carriers.

Geico is an auto insurance company and does not issue homeowner's insurance policies. Geico has an insurance agency, which it uses to sell homeowner's insurance policies offered by unaffiliated companies, in which case Geico is in the same position as an independent insurance agent (Geico rebates a small portion of its commission to your auto policy and calls it a multi-policy discount).
Ryzen
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by Ryzen »

UALflyer wrote: Thu Aug 13, 2020 8:46 am
michaeljc70 wrote: Thu Aug 13, 2020 8:41 amNo need to apologize. I appreciate the information. On the roof coverage I understand you want that coverage and are probably willing to pay more for it but surely you understand they are not giving it to you for free. I imagine if you have a laundry list of requirements the number of carriers that can meet them with be narrower and the prices higher. I know that is fine with some people that want what they want. In 25 years I have made one claim for 2 stolen bikes (from a break in). Obviously I don't want to be majorly impacted financially if something big happens, but given the likelihood I don't obsess about it.
Better contractual coverage isn't necessarily more expensive, as it depends on a ton of variables. As I recently mentioned in another thread, for instance, my overall premiums with Chubb (not exactly a budget carrier) are less than 50% of what Amica would've charged for a lot less coverage.
I agree, and when it comes to insurance I'm willing to pay a little more to have better coverage. I have guaranteed replacement cost on my homeowners, and I know I pay a little more for that that I would if I had insurance through a discount carrier, but I know that my insurance is insuring me against outliers which is the whole reason to have insurance in the first place.
pwlldvd
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by pwlldvd »

Did you run into different umbrella limits? Last time I was shopping It seems like most wouldn’t go over one or two million dollars.
JBTX
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by JBTX »

One thing that could be a variable is what category they quote you in. Sometimes there will be a "mutual" for a higher rated customers and a "fire and casualty" for lower. With GEICO there is preferred and standard. The category can make quite a difference.

Also, some companies use credit history to rate you, and while they use similar criteria as credit agencies, they don't use FICO scores, and weight criteria differently. Progressive does this. I ultimately left them because I had 2 hard refi pulls on credit history and that caused annual premiums to go up $200-$300. My credit score had maybe changed 20-30 points.

As others have said, they can change significantly from period to period. We are currently GEICO for auto and umbrella (umbrella is technically RLI) and Travelers for home. As long as travelers is in the ballpark for home I'll stick with them, they have paid out on 2 roofs due to hail storms and the payouts were always generous. GEICO service level is very good if they are paying auto claim. However they aren't particularly good at going after other at fault parties.
MJS
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by MJS »

I lazily chose Costco's home-auto insurance program. Costco put me in American Family Group/CONNECT at several hundred dollars less than AAA's boil-the-frog rates.

CONNECT paid for a windshield replacement, no hassle. They did two COVID refunds. If they annoy me, Costco might provide backup. And the rates went down this year.
jbuzolich
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by jbuzolich »

This thread is making me upset at what I'm paying in insurance and dreading those conversations I need to have about shopping insurance. Haven't done it in over a decade though so I'm sure we're over paying.

Everything is with Amica though and I've had two total loss vehicle accidents pay out very smoothly.
afan
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by afan »

I shop every few years.
This year I did a more comprehensive shopping job, in part armed with things I learned from UALflyer (thank you).

Rebuild cost:
My old company had a detailed form that customers can fill out. It went on for pages and I spent several hours counting light fixtures what kind, how many bulbs, plaster vs drywall, room by room, built in cabinets ( how many, what kind of wood, painted or stained) and many other things. Based on all that, the company estimated rebuild cost.
My new company pulled available records and came up with a nearly identical estimate. Now I wonder whether both used the same database and estimate services and the old company had me fill out the form for show.

If homeowners insurance companies don't know what it would cost to rebuild a house, who else would? Paying for those rebuilds is their business. To stay in business the insurer has to get costs close to right, on average. The market limits what they can charge and being wrong about the risks they are covering means big losses.

UALflyer, is there some definition of "preferred" and "ultra preferred" customers? Is this based on high premiums paid, low estimated risk, overall profitability, something else?
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
hoops777
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by hoops777 »

I bought ours through Costco and it was a better deal.
K.I.S.S........so easy to say so difficult to do.
You Know What I Mean
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by You Know What I Mean »

UALflyer wrote: Thu Aug 13, 2020 8:25 am
You are assuming the insurer knows the cost to rebuild a home they never saw with extremely limited information. The variation in cost to rebuild per square foot even in one neighborhood can be substantial. When seeing the differences in rates it makes sense though to be over insured for dwelling than under because the difference in premium is usually quite small. It was $6 per year for $125k of additional coverage in my case which was much lower than I thought it would be.
I am not assuming that they're correct. I am telling you that regardless of whether they're correct, calling up an insurance carrier and asking it to accept your proposed dwelling value is a waste of your time, as there isn't a single insurance company in the country that will do that. If they did, not only would co-insurance be an issue, but the same people who had pushed so hard on the front end for a lower dwelling value, would subsequently be the ones filing lawsuits against insurance companies saying that these insurance companies know a lot more about the process than the homeowners and should not have accepted these lower values, which are now resulting in insufficient claims payouts.

This doesn't mean that you necessarily have to accept their dwelling value calculations. All insurance companies have a process that you have to follow for contesting it. The initial and the easiest step is to go over all the variables in their replacement cost calculations to see if they are all correct. If you are still dissatisfied, there are additional steps (appraisals, inspections, etc...).
Here is a data point on a slightly different situation. USAA has told me they will reduce the dwelling coverage if requested, but no lower than 80% of the rebuild cost. This may be useful in the case of a two-story, five-bedroom house (with a full basement) where a family of nine once lived, but now is occupied by only one person, a senior with mobility issues. If the house was destroyed, the owner would need (and want) a much smaller, single-story home with no basement and no stairs anywhere.
BGeste
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by BGeste »

geico has the best prices and excellent service. You must try them. I have been very pleased over the past two years.

I agree usaa is very overpriced. I was with them and when I switched my car, home and umbrella to geico I saved about 50 percent.
hoops777
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by hoops777 »

I guess it depends where you live. Over the years Geico has never come close in California for me.
K.I.S.S........so easy to say so difficult to do.
Topic Author
2tall4economy
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by 2tall4economy »

pwlldvd wrote: Thu Aug 13, 2020 9:27 am Did you run into different umbrella limits? Last time I was shopping It seems like most wouldn’t go over one or two million dollars.
All but one of them (when the actually quoted) did up to $3M. The other did $2M. The ones I explored farther with had no problems at $5M (what I recently switched to). I didn't ask beyond that. I do think the list falls off precipitously when you ask for more than $5m, but that is hearsay.
You can do anything you want in life. The rub is that there are consequences.
talzara
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by talzara »

2tall4economy wrote: Wed Aug 12, 2020 4:15 pm
prairieman wrote: Wed Aug 12, 2020 3:49 pm 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.
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.
There is a loyalty penalty, but the Bogleheads reports are greatly exaggerated.

At most insurers, there is a 10% new customer discount that phases out over 5 years. If your premium is going up by 8% a year, then the loyalty penalty is only responsible for 2% of it. Something else is responsible for the other 6%.

It's usually because you selected an unprofitable insurer. The lowest quote usually comes from the company that's losing the most money. I've seen major companies with profit margins of -20% to -30% in some states. These companies will be taking rate increases every year until they break even.

The main exception is Allstate, which practices price optimization in many states. Allstate adjusts your rates based on how likely you are to switch to another company.
talzara
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by talzara »

Golf maniac wrote: Wed Aug 12, 2020 3:37 pm 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?
Florida and Texas are different from the other 48 states.

Because of the hurricane risk in Florida, the homeowners insurance market is dominated by single-state insurers. Even State Farm Florida is a single-state insurer. State Farm Florida is not in a pool with State Farm Fire, and it carries a reinsurance policy with a coverage limit. If Florida gets hit by several major hurricanes in a row, State Farm could just pay out the reinsurance limit and allow State Farm Florida to go bankrupt.

USAA operates its national company in Florida. Because of the geographical pooling of risk, it's safer than the reinsured companies. It's worth paying more for USAA. Since you're paying less, that's even better.
talzara
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by talzara »

GoodOmens wrote: Wed Aug 12, 2020 3:23 pm 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...
In many states, uninsured motorist coverage cannot be surcharged for claims.

Some states require UIM coverage to be community-rated by each insurer. There are no discounts or surcharges. It's treated as a tax on insured cars.
talzara
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by talzara »

UALflyer wrote: Thu Aug 13, 2020 8:25 am You don't need to read through the insurance policies to understand the differences. You just need to be aware of some of the hot button issues out there, so that you can inquire about them up front. I mentioned some of them above. There are others. For instance, a number of major insurance companies in certain states now only cover roofs over a certain age at ACV (actual cash value, which is the depreciated value) rather than their replacement value.
michaeljc70 wrote: Thu Aug 13, 2020 8:41 am On the roof coverage I understand you want that coverage and are probably willing to pay more for it but surely you understand they are not giving it to you for free. I imagine if you have a laundry list of requirements the number of carriers that can meet them with be narrower and the prices higher. I know that is fine with some people that want what they want. In 25 years I have made one claim for 2 stolen bikes (from a break in). Obviously I don't want to be majorly impacted financially if something big happens, but given the likelihood I don't obsess about it.
You can also avoid the details by carrying a high deductible. Most homeowners insurers offer percentage deductibles of up to 5%.

A 2% deductible on a $500k house is $10k. It doesn't matter if roofs are covered at replacement cost or actual cash value. It doesn't matter if you have $5k or $10k of sewer backup coverage. Either way, the insurer is not paying for it.

With a high deductible, homeowners insurance covers only fires, natural disasters, and other catastrophic losses. You have very little coverage for theft or other low-value claims. Most of the details no longer matter. You just need to check whether it's an HO-3 or an HO-5, the loss settlement provisions, and the insurer's reputation for claims service.

Although not everyone can accept a $10k deductible, most homeowners deductibles are too low. It doesn't make sense to drop collision coverage on a $5k car but still carry a $1k deductible on a homeowners insurance policy.
Ependytis
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by Ependytis »

Every time I try to reduce insurance costs over the years either there is minimal savings or none at all. The carrier I have and have had for 30 years is State Farm. I don’t know because of the length of time I’ve had them makes a difference in the costs that I am incurring.

For the last 20 years, I’ve successfully reduced costs $50 per month or $600 per year. It seems like this particular cost has been a no go for me and I’m starting to think that it’s not worth looking into anymore.
UALflyer
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by UALflyer »

talzara wrote: Fri Aug 14, 2020 12:35 pm
UALflyer wrote: Thu Aug 13, 2020 8:25 am You don't need to read through the insurance policies to understand the differences. You just need to be aware of some of the hot button issues out there, so that you can inquire about them up front. I mentioned some of them above. There are others. For instance, a number of major insurance companies in certain states now only cover roofs over a certain age at ACV (actual cash value, which is the depreciated value) rather than their replacement value.
michaeljc70 wrote: Thu Aug 13, 2020 8:41 am On the roof coverage I understand you want that coverage and are probably willing to pay more for it but surely you understand they are not giving it to you for free. I imagine if you have a laundry list of requirements the number of carriers that can meet them with be narrower and the prices higher. I know that is fine with some people that want what they want. In 25 years I have made one claim for 2 stolen bikes (from a break in). Obviously I don't want to be majorly impacted financially if something big happens, but given the likelihood I don't obsess about it.
You can also avoid the details by carrying a high deductible. Most homeowners insurers offer percentage deductibles of up to 5%.

A 2% deductible on a $500k house is $10k. It doesn't matter if roofs are covered at replacement cost or actual cash value. It doesn't matter if you have $5k or $10k of sewer backup coverage. Either way, the insurer is not paying for it.

With a high deductible, homeowners insurance covers only fires, natural disasters, and other catastrophic losses. You have very little coverage for theft or other low-value claims. Most of the details no longer matter. You just need to check whether it's an HO-3 or an HO-5, the loss settlement provisions, and the insurer's reputation for claims service.

Although not everyone can accept a $10k deductible, most homeowners deductibles are too low. It doesn't make sense to drop collision coverage on a $5k car but still carry a $1k deductible on a homeowners insurance policy.
Everything that you said is correct, and most HO insurance deductibles are certainly too low. Having said that, while people shouldn't be filing claims that will result in small payouts, they need to keep in mind that they're effectively self insuring an amount that is far greater than their actual deductible. If you have a $2.5K deductible and the overall value of the damage is likely to be in the $8K range, you're probably going to file a claim. If, on the other hand, you have a $5K deductible and are looking at the same $8K damage, you are probably going to end up paying out the entire amount out of pocket, as filing a claim that'll result in a $3K payout won't be worth it.

Another complicating factor is the fact that with some of the medium to large claims, it can be difficult for the homeowner to accurately assess the damage. If your house burns down, regardless of your deductible you'll obviously end up filing a claim. With smaller damage, can you, as a homeowner, look at the damage and tell whether it'll end up costing you $5K, $8K or $10K to address it all? You may be asking a contractor to tell you, but the insurance company may end up assessing it as a significantly smaller amount, which in close cases would make the filing of the claim a bad idea. On the other hand, what if you decide to forego filing the claim, start fixing the damage and subsequently discover substantial additional damage? At that point, filing a claim could be complicated, as the insurance company would be deprived of the opportunity to assess it from the outset, to use its own contractors to reduce the payouts, etc... The higher your deductible is, the more difficult this assessment becomes.

With that said, for higher end properties, a $5K deductible (or higher) does tend to result in fairly significant savings, and tends to be worth it. It will be situation specific though, so people just need to look at the actual savings in their particular case and determine the break even period. They also need to factor in the above considerations.
UALflyer
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by UALflyer »

afan wrote: Thu Aug 13, 2020 5:54 pmUALflyer, is there some definition of "preferred" and "ultra preferred" customers? Is this based on high premiums paid, low estimated risk, overall profitability, something else?
Preferred and ultra-preferred customers is a term that is sometimes used to describe the lowest risk and most coveted insurance customers. This generally means clean claims histories, no violations, high credit scores (in the states that allow insurance carriers to use credit scores), not too young, not too old, no obvious risks, etc...

It'll vary some company to company, as a number of them would also prefer you to be a homeowner (and they don't want you splitting up your policies), etc... A number of insurance companies also look at your current coverage, as their loss histories, for instance, suggest that people with state minimum liability limits tend to file more claims, as do those that frequently change their insurance companies. So, with some insurance companies you won't qualify for the best rates unless everything is clean and you've had full coverage on all your vehicles for at least the last 12 months and your liability limits are at least 100K/300K.
sg2060
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by sg2060 »

I used an insurance broker on my search after being frustrated with receiving quotes myself (emails, calls, letters). He returned better results than I did for the same companies and searched more than I had time or knowledge. Increased coverage and $500 less. We do a yearly review to make sure it’s still the best.
Topic Author
2tall4economy
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by 2tall4economy »

This will be my last update here.

Over the course of the week I got a revised quote from Erie out of the blue, the agent that quoted me said he had received some remaining details and adjusted the original quote (unprompted and without me giving him any feedback from the quote he provided earlier) and it brought them down in line with AAA's quote.

So I finalized with them today and closed this out. Final result:

1) saved 30% over my prior carrier with no decreases in coverage nor increases in deductibles
2) this savings was net of an increased umbrella coverage from $3M up to $5M
3) I moved from an insurance company that was on the bottom of tier 4 to one that is on the top of tier 1

Was completely worth ~10 hours of my time total, in my mind.

Good hunting to everyone!
You can do anything you want in life. The rub is that there are consequences.
tj
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by tj »

2tall4economy wrote: Wed Aug 12, 2020 10:15 pm
motiv8ed wrote: Wed Aug 12, 2020 9:57 pm
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
Wife is daughter of an O5 so not sure I'd guess we're CIC. But we've been same for years.
Your insurance policies would have the prefix of USAA, CIC, GIC or GAR.
protagonist
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by protagonist »

Another consideration based on recent experience...

My sweetheart got into a victimless accident driving my car (hit a fire hydrant) requiring about $2300 in body work...minus my $1000 (maximum) deductible meant $1300 out of the insurance companies' pocket. She had a perfect driving record and was not ticketed for the accident.

In my state (MA) that adds six points to her license, and though nobody would give me exact numbers, I was told that the amount that the insurance company will raise her rates over the course of the next SIX YEARS (!!) should pay the insurance company back for their costs, plus maybe then some. And if she gets any moving violations (or other accidents) in the interim that amount will skyrocket.

In other words, if I did not have collision insurance on the car, the accident would probably have cost us less over time as it will with insurance, and on top of that she has paid several years of annual premiums with no payout. . If I am not mistaken, based on what I was told by the agent, the amount that they can raise rates is proportional to the amount they have to pay out, so if that is true, the situation would be the same regardless of the type of accident or the cost of repairs. (The only reason I keep collision insurance at all is because I live in a low-premium area but drive a lot in and around NYC, so my theory was that in time the odds might tip over to my favor).

This could vary significantly from one insurance company to another, but I doubt it. If it does, it should be taken into account, as well as if you want to pay for anything other than liability in the first place. Again, if I did not drive a lot in NYC while being insured in a low-premium region I would not even consider collision insurance...not even on a new car. Given the potential astronomical liability claims, sadly, the insurance companies have you captive for that.
afan
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by afan »

You would have had the option of not filing a claim. If you had covered the full $2,300, costing you $1,300 more than with a claim, would your rates still go up based on the points?
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
talzara
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by talzara »

protagonist wrote: Sat Aug 15, 2020 6:21 pm My sweetheart got into a victimless accident driving my car (hit a fire hydrant) requiring about $2300 in body work ... In my state (MA) that adds six points to her license, and though nobody would give me exact numbers, I was told that the amount that the insurance company will raise her rates over the course of the next SIX YEARS (!!) should pay the insurance company back for their costs, plus maybe then some.
Claims between $1,000 and $5,000 are minor accidents, which only add 3 points in the Massachusetts Safe Driver Insurance Plan. Please see 211 CMR 134.09(3)(b) and 134.13(3): https://www.mass.gov/files/documents/20 ... cmr134.pdf

If she hasn't been in two accidents, then she has been double-charged. Contact the Merit Rating Board to get the error corrected. Going from 6 points to 3 points will save a lot of money.

Also, do you have a grandfathered policy from before 2008? Massachusetts was the last state to deregulate its auto insurance market. Many insurers in Massachusetts no longer participate in the SDIP and use their own rating plan instead. Deregulated insurers have much lower penalties for prior claims, because other rate factors work better at predicting claims risk.
talzara
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by talzara »

afan wrote: Sun Aug 16, 2020 12:18 pm You would have had the option of not filing a claim. If you had covered the full $2,300, costing you $1,300 more than with a claim, would your rates still go up based on the points?
There would be no surcharge points. The Massachusetts SDIP is an insurance rating plan. If you paid for all the repairs out of pocket, the claim payment would be $0, which falls below the $1,000 threshold for a surchargeable accident.
An accident is defined as a surchargeable at-fault accident if:
  • The operator is more than 50 percent at fault refer to the Standards of Fault section below.
  • The vehicle is a private passenger car
  • The accident involves a claim payment of more than $1000, in excess of any deductible.
https://www.mass.gov/info-details/surch ... -incidents
protagonist
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by protagonist »

talzara wrote: Mon Aug 17, 2020 3:58 pm
afan wrote: Sun Aug 16, 2020 12:18 pm You would have had the option of not filing a claim. If you had covered the full $2,300, costing you $1,300 more than with a claim, would your rates still go up based on the points?
There would be no surcharge points. The Massachusetts SDIP is an insurance rating plan. If you paid for all the repairs out of pocket, the claim payment would be $0, which falls below the $1,000 threshold for a surchargeable accident.
An accident is defined as a surchargeable at-fault accident if:
  • The operator is more than 50 percent at fault refer to the Standards of Fault section below.
  • The vehicle is a private passenger car
  • The accident involves a claim payment of more than $1000, in excess of any deductible.
https://www.mass.gov/info-details/surch ... -incidents
This is true. But my sweetie filed the claim.
protagonist
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by protagonist »

talzara wrote: Mon Aug 17, 2020 3:52 pm
protagonist wrote: Sat Aug 15, 2020 6:21 pm My sweetheart got into a victimless accident driving my car (hit a fire hydrant) requiring about $2300 in body work ... In my state (MA) that adds six points to her license, and though nobody would give me exact numbers, I was told that the amount that the insurance company will raise her rates over the course of the next SIX YEARS (!!) should pay the insurance company back for their costs, plus maybe then some.
Claims between $1,000 and $5,000 are minor accidents, which only add 3 points in the Massachusetts Safe Driver Insurance Plan. Please see 211 CMR 134.09(3)(b) and 134.13(3): https://www.mass.gov/files/documents/20 ... cmr134.pdf

If she hasn't been in two accidents, then she has been double-charged. Contact the Merit Rating Board to get the error corrected. Going from 6 points to 3 points will save a lot of money.

Also, do you have a grandfathered policy from before 2008? Massachusetts was the last state to deregulate its auto insurance market. Many insurers in Massachusetts no longer participate in the SDIP and use their own rating plan instead. Deregulated insurers have much lower penalties for prior claims, because other rate factors work better at predicting claims risk.
You may be right about 3 points. She has not been surcharged yet- the accident is very recent. I am thinking of the old rating system....if you had a perfect record your SDIP level would be 9, the lowest level (very bizarre....I wonder why they don't start at level 1, but whatever...). If you had an accident it increased to 15. It took six years to get back to 9. I was under the impression from our agent that she would still be surcharged for 6 years, but that may be wrong or the points may be different than the SDIP rating. It's all pretty abstruse. I didn't research it beyond what the agent told her because , well, it's not worth fighting (she would lose), so what happens will happen anyway.
Perhaps (hopefully) we were given false information.
Her policy was not grandfathered...she just got a MA license a few years ago- prior to that she had a NY license. How would that be different for people like myself, who, according to what you said above, is likely grandfathered?
talzara
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by talzara »

protagonist wrote: Mon Aug 17, 2020 4:24 pm This is true. But my sweetie filed the claim.
You can still pay out of pocket after opening a claim. That would be recorded as a $0 claim, and it would not be surcharged.
protagonist wrote: Mon Aug 17, 2020 4:33 pm Her policy was not grandfathered...she just got a MA license a few years ago- prior to that she had a NY license. How would that be different for people like myself, who, according to what you said above, is likely grandfathered?
A grandfathered policy would still be priced based on the SDIP.

Deregulated policies do not have to look at your SDIP surcharge points. They use their own scoring system for claims and violations, usually the one that's used in other states.

If you're grandfathered, it's worth it to shop around for a company that doesn't participate in the SDIP. The rating structures put much less weight on claims.
michaeljc70
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by michaeljc70 »

My spouse was in an accident around 4 years ago which resulted in no damage and nothing being paid out. One insurer (Liberty) raised the quoted rate "finalizing" the quote (as if they cannot run credit/CLUE report during the process). Others that I reported the accident to when getting quotes later took it off as they said it didn't count or show up.

I have also heard that some insurers even keep track of any potential claim. Like if you call their office and say you backed into your garage and inquire if you should file a claim. Is that incorrect?

Some insurers seem to use 3 years as a look back for tickets/claims while others used 5 years.
protagonist
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by protagonist »

talzara wrote: Mon Aug 17, 2020 5:25 pm
protagonist wrote: Mon Aug 17, 2020 4:24 pm This is true. But my sweetie filed the claim.
You can still pay out of pocket after opening a claim. That would be recorded as a $0 claim, and it would not be surcharged.
protagonist wrote: Mon Aug 17, 2020 4:33 pm Her policy was not grandfathered...she just got a MA license a few years ago- prior to that she had a NY license. How would that be different for people like myself, who, according to what you said above, is likely grandfathered?
A grandfathered policy would still be priced based on the SDIP.

Deregulated policies do not have to look at your SDIP surcharge points. They use their own scoring system for claims and violations, usually the one that's used in other states.

If you're grandfathered, it's worth it to shop around for a company that doesn't participate in the SDIP. The rating structures put much less weight on claims.

I didn't realize that. Thanks for the advice.
Sadly, I think her insurance company participates in SDIP...it's the same company as mine.
And the work was already paid for.
But this is really good information for the future. Thanks.
The other scoring system used by other companies is a better deal generally for consumers??
TallBoy29er
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by TallBoy29er »

First, thank you for sharing. I'm about to embark on this exercise in another state. You have done a lot of groundwork that I will take advantage of.

Second, and I likely missed it, who did you end up going with? AAA?
Ryzen
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by Ryzen »

OP went with Erie.
talzara
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Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Post by talzara »

michaeljc70 wrote: Tue Aug 18, 2020 9:01 am My spouse was in an accident around 4 years ago which resulted in no damage and nothing being paid out. One insurer (Liberty) raised the quoted rate "finalizing" the quote (as if they cannot run credit/CLUE report during the process). Others that I reported the accident to when getting quotes later took it off as they said it didn't count or show up.
Since every other insurer removed the surcharge, Liberty may be violating the law. Consider filing a complaint with the state insurance commissioner.

It is illegal in most states to surcharge a $0 claim, but the insurance regulator will know what the law is in your state. They'll either tell you that the surcharge is legal, or they'll require Liberty to comply with the law.
michaeljc70 wrote: Tue Aug 18, 2020 9:01 am I have also heard that some insurers even keep track of any potential claim. Like if you call their office and say you backed into your garage and inquire if you should file a claim. Is that incorrect?
Insurers will usually open a claim if you ask about filing a claim. If it gets closed as a $0 claim, it shouldn't count against you in most states.
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