Referring to the entire industry not just autos. Yes it’s so well regulated that they have the 2nd most lobbyists in Washington behind big pharma.
Well regulated via the laws they lobby for which isn’t going to be in the best interest of the consumer. Ever dealt with health insurance claims or homeowners claims? They make it so difficult that there’s an entire industry of adjusters just so you can attempt to get a fair settlement. Auto claims they also always try to cheap out on you. If I have a new Toyota I want oem parts, they make you fight to get that and most policies exclude them anyway. Their goal is not to make the policy holder whole, it’s to pay as little as possible. Full tort and limited tort is also an example of the collusion between these companies.
I guess to be fair it’s more of a pyramid scheme then ponzi. Health insurance being the biggest example of it. They’re not insuring they’re distributing care and doctors, by dictating treatment.
Mine noticeably went up. Part of the reason is people drive like lunatics after COVID and sometimes I see two accidents in a day driving from point A to B on a highway, especially when it starts raining. Insurance companies then adjust their rates to account for those losses and still make a profit. Post COVID inflation also didn’t help.
AAA and Progressive have been cheaper for me in Detroit metro. Went from 900 to $1100 for 6 months. Jeep Wrangler 392 and 4xe on policy. 2nd driver with at fault claim.
Are you in Wayne County? And you only pay $1100 per 6mo for a 392 and a 4xe? Those are killer rates! I’ll have to check with them both. I have my collector car policy with AIG/Grundy, and the rates for the daily aren’t great, but the other cars are super cheap so it balances. I have my house, boat, and daily with Citizens. I have had a windshield claim on both policies, didn’t think glass affected rates, but it does. Other than that no other claims, a clean driving record, and rates still went up a total of $800 this year. ridiculous!
Got a quote from geico to turn my policy back on from when i left 6 months ago (so they have all my current, up to date info). $980 for 6 months… not bad. Click to go to payment, and after reviewing the policy documents, magically the number turned in to $2900. Assholes.
Almost twenty years with USAA, and the rates have been steadily increasing the last two years with no claims. I called twice to see if they would revery or lower, and then shopped around with the usual suspects, but USAA was still cheaper.
However, family member referred me to Erie Insurance and they lowered my annual premium from approximately $2600 to $1500, nearly identical coverage. Two drivers, two vehicles with no claims and no tickets, etc. Located in central PA. Erie also lowered my homeowner’s insurance by 35%.
Never heard of Erie before and no experience with their claims process, but these rates are getting out of hand.
I had Erie and prob every company in the past as I have to switch every year or 2 to get the best pricing. They’re all about the same when it comes to claims. Autos I’ve always been fine. Homeowners claims I always hire an adjuster.
100% necessary here. Along with underinsured which I think is covered under the same line item.
Some moron hit me and 3 others in a parking lot and his insurance only covered 10k in damage total so if I didn’t have that I wouldn’t have been able to have my truck repaired unless I sued them, which they likely had no money anyway. They covered cars in the order of being hit…I was last.
My 17 year old son got his license back at the end of July when he was 16. I called up ALL STATE to add him to my policy and they wanted to charge me an additional $2,600 for 6 months. Ok, time to start shopping. I switched from All State for the 1st time in 9 years to NJM.
I know cars are expensive to fix and it is cheaper to have a high deductible for collision & comprehensive insurance. I selected a $2,000 deductible for collision and $1,000 for comprehensive. I got a letter from CCAP stating that my deducible on my '22 4Xe is too high. So i had to conference call NJM & CCAP to straighten things out.
The fact that you are conflating health insurance with casualty shows how little you actually know about the industry. In any transaction where there are two parties exchanging money there are mediators and lawyers involved, whether it’s M&A And Insurance as well of course the insurance company is not just gonna pay out whatever you ask for. With business insurance if you have good coverage, you will have no issue getting paid out. Auto was entirely different as 99% of customers only care about premium price and will shop every year so the insurance company the same game.
It’s a free market, and if you think you can make money in it, it is fairly easy to start auto insurance program, most fail.
Show me which other industry you can in a matter of minutes getting multiple quotes for the same product…
