Stupid Insurance Company!

[ParagonUSMC]

My car insurance policy is up for renewal, and the premium went UP! Every other time I've had a renewal, it's gone down. I don't see why this one is any different. My wife and I drive very little, we've not had any accidents or tickets in years, and we haven't bought any new cars. Sorry, just wanted to complain, and apparently can't do it in the Gripe and Moan Friday thread since today is only Wednesday.

[SgtWKPII]

Are you kidding me? May I ask who you are with? I'm with Progressive and I just got my renewal email today and mine went up too!

I wrote them an email asking why, and if there was nothing we can do about it I would find another company to handle my insurance needs.

[Kristie]

I just renewed ours as well and it went up, we are with Geico.

Kristie

[wkalsobrook]

it pays to check around every year mine went down this year

[jar0023]

I'm in the industry. Everyone is raising rates b/c investment returns are slipping.

For the uninformed. Insurance companies rarely make a profit from your premium. Some even loose money. Insurance companies make most of their money by investing your premiums. The interest on these investments makes up the biggest part of a companies net profit.

Also keep in mind. All the car companies can and are raising parts prices. Bodyshops are raising labor rates. Paint and materials are going up. It cost money to put fuel in the adjuster's vevicles, etc.

J

[ParagonUSMC]

I'm with Geico. I sent them a message asking why, and they said "It reflects a statewide change blah blah blah".

It inspiried me to check out the competition, but they're still the cheapest. I'm contemplating switching my truck to liability only. The amount of steel I've added to the frame and steel bumpers I made should protect me from damage anyways!

[Black Bullitt]

Are premium has always gone up every renewal it seems like. I was just recently in an accident, but that won't reflect until we renew again, but still. It's a bit rediculous that mine has always gone up. It just went down only because I bought a little 4 banger after I lost the mustang. I hate insurance.

[nickb]

Have you looked at interest rates and the stock market lately?

As jar wrote, it's a profit deal. When investments are low, premiums will tend to rise. When investments are good, insurance companies try to attract all the new customers they can in a hurry. Their best weapon is to lower prices.

Think of it this way, why would anyone promise to pay for your mistakes or misfortune if they couldn't make money at it?

[devildog12210]

My bikes are with progressive and my rate just went down. My cars/trucks are with USAA and they have never gone up. I renew them in a month or so.

[crpadiem]

Originally Posted by ParagonUSMC

I'm with Geico. I sent them a message asking why, and they said "It reflects a statewide change blah blah blah".

It inspiried me to check out the competition, but they're still the cheapest. I'm contemplating switching my truck to liability only. The amount of steel I've added to the frame and steel bumpers I made should protect me from damage anyways!

You might want to take a look at USAA. They might start out a little more expensive but I pay less now than both my neighbors who have Geico and both their cars are worth less than mine. Plus I had to use USAA twice now, once for a hailstorm and once for a fire. They worked with me and I was pleased, rates never went up as they were "acts of God". Just something to think about.