comparing auto/home/umbrella

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jsong23
Posts: 61
Joined: Sun Jun 16, 2013 6:34 am

comparing auto/home/umbrella

Post by jsong23 » Thu Oct 05, 2017 5:52 am

Hi Bogleheads,

I currently have auto home and umbrella policy with Amica but am looking to switch companies due to rising premiums every year.

Background: one single residence home, 2500 sq feet, finished basement, 4 beds, 3 baths, 2 car garage. 2 Cars: one is BMW X3 that was purchased with a loan, the other is an old SUV that is owned outright.

In the past 3 years or so, I have been paying about 1700 per YEAR for both autos, 1700 for home and another 700 for umbrella (5 mill).

This year, I did comparison shopping mainly with two companies (not all wanted or could do home, auto in NJ).
Allstate: 1000 for home, 1700 for both autos, 460 for umbrella

Geico: 1500 for home through an affiliate HomeSite, 1350 for both autos (did not get a chance to get their umbrella quote yet).


Just looking at the above, I will probably save close to $1000 if I went with Allstate. I know Amica is a good company but I'm not sure why my rates are raised continually. They could not give me an answer. They also refused to meet the prices quoted to me by Allstate and basically said that in an auto accident, I would not be able to use my preferred auto shops and the home policy is an all-perils policy with Amica but maybe not with Allstate.

My question is, is Amica worth the premium to pay $1000 extra every year? When I spoke to Allstate, they said their policy was all-perils for home and that for the auto, I could use their or my own auto shop for repairs.

Has anyone switched out of Amica due to costs to another company and regretted it? Thanks.

SimonJester
Posts: 1288
Joined: Tue Aug 16, 2011 12:39 pm

Re: comparing auto/home/umbrella

Post by SimonJester » Thu Oct 05, 2017 10:37 am

I would just make sure you are comparing apples to apples between policies.

Look at the coverage amounts and deductibles, exclusions etc between each policy. I found when comparing policies one would be cheaper because they would cover the dwelling at a lower amount, or one include things like jewelry up a certain amount vs another policy would make that an add on.
"They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety." - Benjamin Franklin

JBTX
Posts: 1257
Joined: Wed Jul 26, 2017 12:46 pm

Re: comparing auto/home/umbrella

Post by JBTX » Thu Oct 05, 2017 1:53 pm

Agree with SJ. make sure the quote is as close as possible to your policy. A lot of times they give quotes on bare bones coverage. Or maybe they don't include replacement coverage and your existing policy does. Or the new policy places lower coverage value on your home.

It does seem like you are paying a lot for insurance. Also you may not be able to get $5M umbrella with all the other choices.

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