Vehicle Insurance

[elkaholic9292]

Why do you need a license to sell insurance? If insurance is cheaper if you get an agent is the agent (middle man) the person who sets your rate based on his/her commission? Not stirring the pot I just don’t know and would like to see if anyone else may have the answer.


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Your agent doesn’t set the rates at all, that’s up to the carrier. I do commercial only, and Auto is probably the worst line to use as example, but here’s an Oversimplified explanation...Think of a carriers book of business like you would your own portfolio. They want to diversify the book to minimize potential for large losses and their appetite is ever changing. Progressive may be heavy on autos along coastal counties, but light in the panhandle so now they offer favorable rates in the panhandle, and higher rates on the coast. Farmers Insurance may be a little to fat in large cities, but lean in rural areas, you get the point. Independent agents have the ability to find who is looking for YOU at that particular time. Where independent agents lose to another agent is usually when they leave you in with a carrier out of laziness or habit even after that carrier’s appetite has changed. I personally have Progressive auto right now because I have two teenage drivers on my policy, and nobody came close to touching their rates for that scenario. Farm Bureau for example may beat them after the kids are off my policy, OR Progressive gets heavy on teen drivers and it’ll be GEICO’s time to target them. This competition amongst carriers is what keeps the rates down.

One of the best examples I’ve heard lately to illustrate this is a carrier that recently told me they’re rating higher in the Dallas area now because of the influx of California people moving in. Californians are more litigious people by nature than Texans. Every element of your situation has already been calculated and rated accordingly.

[coy-ote]

T4, I get that part as we have Germania and live in the rural area and can see how area affects price as does the persons driving history. Being a LEO for 30 years I’ve seen lots of fraudulent type claims on insurance companies that also drive up rates as do natural disasters but IMHO the insurance industry has had so many politicians in their pockets and lobbyist passing bills and getting laws passed in they’re favor when a person has a legit claim they get screwed. Worker comp as an example, I know lots of fraud but the whole process is set up for the insurance company’s to prevail.


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[elkaholic9292]

T4, I get that part as we have Germania and live in the rural area and can see how area affects price as does the persons driving history. Being a LEO for 30 years I’ve seen lots of fraudulent type claims on insurance companies that also drive up rates as do natural disasters but IMHO the insurance industry has had so many politicians in their pockets and lobbyist passing bills and getting laws passed in they’re favor when a person has a legit claim they get screwed. Worker comp as an example, I know lots of fraud but the whole process is set up for the insurance company’s to prevail.


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I see why you would think this, but the truth is insurance companies operate on a “Loss Ratio” and is the most scrutinized for profit industry in America, and ruled by the State. If they take in a dollar, they’ve already calculated 80% in claims paid to make .20 cents. I can’t help but laugh when I hear Bernie Sanders talk about the evil insurance companies and pharmaceutical companies making billions on the American people. If other countries are paying less for healthcare, one also has to point out that they don’t have the same ability to sue the doctors, hospitals, pharmaceutical companies we do here. Trial lawyers and juries that have no concept of money is the root of the issue. Politicians are by in large lawyers by trade, so the lobbyists for the insurance companies are by in large lobbying to keep your rates lower, not higher.

[elkaholic9292]

This is a good example of what I’m talking about.

[coy-ote]

Why is it I had to sue my own insurance PIP for a claim ? It happened at work motorcycle accident. Workers comp stated a 23 mph collision where a car turned in front of my motorcycle had it on video other young man stated it was his fault as did the witnesses that saw this guy turn into and hit an on duty police officer. Workers comp said no all of your injuries are preexisting and I was off for over 2 years with a closed head injury back neck rotator cuff injury and they denied the claim, stating degenerative or preexisting. Then my PIP states you’ve been paid by workers comp you can’t collect, the city of San Antonio kept the other drivers liability insurance and I got nothing because of laws lobbied by insurance companies. Had to hire an attorney for workers comp to fight their attorney also regulated by the state they took 25% of my salary to fight for my worker comp rights? And another attorney ‘s fee for the litigation for my PIP. How’s that on the consumers behalf. If the profit was 20% y are they still in business and profitable as they are?


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[elkaholic9292]

Good question, and without knowing details I can only speculate. Let’s start with the fact that this is a Comercial auto policy we’re talking about. It works differently with personal auto coverage. Workers Compensation for employee related injuries is considered the “sole remedy” meaning it is the ONLY insurance that will answer for your injuries. Honestly I’m surprised your company policy even chose to carry PIP coverage. It is usually only $2500 in coverage anyway, but on a commercial policy it can be good for very minor injuries. Now, if this would have happened off duty, the guilty party would have been responsible for your injuries and medical payments as well. The guilty party’s insurance paid for the departments motorcycle, but the departments insurance was on the hook for your injuries due to the fact that driving on public roads where accidents can occur is a workplace hazard of your position. Sole remedy in WC has nothing to do with lobbyists, it’s always been set up this way. What happened to you here is unfortunate, and yes...I’ve never heard of an injured employee who was satisfied with their wage reimbursement, but for every one of you there is another former employees on permanent disability for the rest of their life while they waterski at the lake this weekend doing just fine. If you did get a check from the auto’s PIP coverage it isn’t because you should have, but rather the auto carrier agreed to give you the $2500 or $5,000 to go away as a favor for writing a multimillion dollar policy with the department.

[coy-ote]

The PIP was mine, my own insurance said you received the other drivers liability and the city paid your medical bills, I said no the city (workers comp) self insured denied all of my medical claims and kept the other party’s entire liability because they were paying my salary while I was off for over 2 years I was off because every time they sent me to ortho Nuevo doctors for another diagnosis workers comp would send me to traveling dr to rebuke the specialist, I got nothing but retired and disabled from the whole thing. I love my job my brothers my dad my brother in law and nephew all in the same dept. I had my 30 years so they told me you can’t work so you need to retire ,workers comp said you get nothing or any treatment. I went thru every administrative process they had all set up for the big insurance company’s. If an insurance company is found to be in violation of the wc protocol they can be assessed a fine for their wrong doing but it goes into a special fund, but not for the person that was wronged it goes into a fund for them to payout penalties back to the Board. I did a lot of case law studies and laws that were passed even one of the administrators told me after a hearing you should be an attorney, I said “I have too much pride to lie to people as I look them in the eye”those policies you speak of were lobbied by lawyers and yes most politicians are liars I mean lawyers, and like all big business they have deep pockets. I am grateful to be alive and not in a wheel chair but I’m not the same person can’t put in for disability cause I have a pension.or any other benefits


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[brrdnk]

I switched everything over to Germania and have been very pleased so far. Their rates blew Allstate out of the water.

[bearintex]

I was an adjuster there for 5 years. My job was to pay off claim ASAP and make sure customer was happy. I wont have another insurance company beside progressive after working there.

I was hit by a Progressive insured driver a little over two years ago. They finally settled the medical bills about 3 months ago, over a year after settling with me. I was constantly getting calls about it from a couple providers.

[SabreKiller]

State Farm for me. I've been with them for 30+ years. I just added my fiance and her daughter to my insurance and the premiums for their vehicles are $1200 less each less than Progressive.

[TxAg]

This is a good example of what I’m talking about.

I'd lop off a foot for $12M

[-HIC-]

I just signed a new policy today. I used my parents' agent that they swear by. They've done all sorts of shopping around the last 10 years and have never been able to beat his pricing be it home, auto, boat, etc. For better coverage (includes roadside/rental) than my existing progressive policy, my new farmers policy is ~$40 cheaper per month.

The agent relies on word-of-mouth. I can PM you his info if interested. I've been really impressed.

Please do.

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[coy-ote]

It’s a big racket that we’re all sucked into vehicle insurance, life insurance,home insurance, health insurance,wind insurance , flood insurance , crop insurance, lots of big insurance companies blame lawyers for the high bills,but they have as many and more if you include all of the lobbyist they have .and money donated by PAC funds to elected officials then get FAVORS for such contributions/endorsements go back and look at the laws passed they benefit those companies that 12 m is a spit in the wind when you think of how much is collected by these companies monthly. jmho....coy


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[snipermedic]

Texas farm bureau. Cheapest we could find.


“There's more fun in hunting with the handicap of the bow than there is in hunting with the sureness of the gun.” -Fred Bear-

I agree for everything but auto. They about to get dropped for auto.

[elkaholic9292]

It’s a big racket that we’re all sucked into vehicle insurance, life insurance,home insurance, health insurance,wind insurance , flood insurance , crop insurance, lots of big insurance companies blame lawyers for the high bills,but they have as many and more if you include all of the lobbyist they have .and money donated by PAC funds to elected officials then get FAVORS for such contributions/endorsements go back and look at the laws passed they benefit those companies that 12 m is a spit in the wind when you think of how much is collected by these companies monthly. jmho....coy


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Dude, you’re bitter AF! I got a statistic for you. In insurance you have to be licensed to do just about anything (adjusting, marketing, producing, claims handling, brokering, servicing...the list goes on). If you add ALL of the licensed insurance professionally licensed people together, they still wouldn’t equal half of the licenced Bar Association members (lawyers). They have us surrounded, and they’re the ones making the laws. You didn’t get your $2500 PIP and we’re the bad guys?