YES!! They're doing quite well in spite of the "disasters." They just push the cost onto the policy holders to maintain their profit levels. When you call into complain they have their canned replies locked and loaded ready to fire off. Using the term RIP OFF is too kind.
I’m an insurance agent as well. I used to work for Progressive. Being an agent doesn’t mean you know anything about profit margin. Being insurance companies, the profit margins can be found publicly on Google with little effort.
That's why I said if the states are going to continue mandating insurance, then the gov will need to step in and regulate premiums. People can't be expected to pay whatever ins cos demand to comply with the state law. If overnight, all of the states did away with the mandate, you'd see premiums drastically reduced just as quickly...ins cos are taking advantage of drivers because of the law mandating ins...
This is also false. Insurance companies are highly regulated as-is just like any other financial company. You really need to do your research.
If no states mandated ins, premiums would drop substantially. Stop acting like ins cos are just doing business, they are taking advantage of drivers because they know the law mandates ins...
Regulated by whom? And who keeps approving all of these constant rate hikes. Regulated my ars...
By the states. State law varies from state to state.
It's pretty tough to buy into this notion every time a policy renews at a higher premium...and it does...
You don’t have to believe it, it’s a fact. I’m just telling it like it is.
Do you think it's reasonable for drivers to have to pay whatever the ins co wants? Where do these rate increases end?
It may be regulated, but I don't think that has anything to do with premium increases...there seems to be NO regulation on that...
Now days they could call ICE...
Yet another good reason NOT to live there...
I'm trying to figure out which companies you're talking about...I get Gecko, but the others, I have no clue what companies you're referring to...
The agents aren't the ones making big bucks, it's the CEOs...
100% correct!
This certainly isn't true for everyone. There are plenty of people in this thread with perfect driving records, zero claims, etc. that still have astronomically high premiums, and they continue to go up...insurance is a legal ripoff because mandated insurance laws give them the power to be this...Insurance is cheap for those with good credit history, no accidents or claims AND shop around yearly for better prices.
Everyone has in addition to their credit score an insurance score.
My whole life my rates have been dirt cheap compared to some of the things that I read in here. So cheap it’s stupid and I carry high limits on all types of liability.
If people don’t shop around then it is their own fault. I can see in California issues, especially with the recent fires.
Then again we live here on the East Coast
Even my coastal insurance is stupid cheap, it’s so cheap. I won’t even tell my neighbors what I pay because I’m afraid everybody will go to the same company. LOL I’m quite sure that I pay at least 50% less than most people in my community.
It could be a first year teaser rate with a new company, but even if it goes up from there, it cannot be that much, however, if it ever did, then I just switch again.
People should check with five different companies before they go in forums and complain
Regulated, LOL. As i mentioned when mine went up 26% in a year, I barked, loud. Then shopped around to no avail, in fact two local brokers couldn't come close to what The Hartford is charging me. The term regulated is bull.... Regulated allowing a 26% increase? Give me a break, especially when my Social Security went up a nonsensical 2.5% with the "cost of living." I guess they don't count insurance in the COL. How about insurance follows the cost of living increases? Insurance companies are in business to make a profit, people should never lose sight of that. To me good regulation would be twice the cost of living as a maximum limit. Rant off. It's never going to happen, too much money is being made.
