Auto Insurance decision

Joined
Dec 7, 2003
Messages
11,586
Location
Florida, Cape Coral
I have State Farm and have had it for 30+ years. Decided to investigate other companies and compare rates for the same coverage. Two other options may save me ~ 10-15% per year or about $100. The other two companies are AARP (Hartfort Insurance) and Travelers insurance. I would appreciate any feed back on these companies and or, your comments. Thank you.. Ed Hayes
 
Joined
May 12, 2003
Messages
7,799
Location
Oklahoma
I had USAA since '96. About two years ago they raised their rates substantially in my neck of the woods. Did some shopping around as you have, and got a much better rate with State Farm, but had to combined auto and home together, which actually worked out for me homeowner wise as well. Do you have both auto and home with State Farm? I'd look into that.
 
Joined
Jul 26, 2004
Messages
13,275
Location
Middlesex County CT
As a general strategy I would not abandon 30+ years of equity in a mutual insurance company to go to a stock based one (traveler's, the hartford) However I understand many might be in a position where $ might be a primary consideration. http://en.wikipedia.org/wiki/Mutual_insurance
Quote:
A mutual insurance company is an insurance company owned entirely by its policyholders. Any profits earned by a mutual insurance company are rebated to policyholders in the form of dividend distributions or reduced future premiums. In contrast, a stock insurance company is owned by investors who have purchased company stock; any profits generated by a stock insurance company are distributed to the investors without necessarily benefiting the policyholders.
 
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Joined
Sep 17, 2002
Messages
5,018
Location
Lakeville, MN
Currently a Traveler's customer through a local insurance broker, both Auto and Home. No problems or issues of note, though I have not had any sort of claim either (glass or collision). In terms of "you get what you pay for", that is not always the case. Case in point was the insurance company I had over 5 years ago now that I had been a lifetime customer, excellent credit history, and only glass claims on the auto side. They saw me as an ATM, and jacked their rates so high it was sad. Insurance agent couldn't do a thing about it. As a result, I always shop my insurance at least every few years to keep things "honest". In the OP's case, I'd think long and hard about whether $100 a year would be worth the change... In my case we were talking north of $500 a year difference...
 
Joined
Oct 12, 2005
Messages
5,762
Location
Da Swamp
I was with AAA for a very long time, both in CO and here. They'd always been prompt and no-trouble when I had to put in a claim. But the rates kept on rising here in this benighted state, the one with the highest rates in the country. What's that old saying about the frog and the hot water . . .? Finally I jumped out of the hot water and called GEICO. With my completion of an online safe driving course, they wound up saving me their oft-touted 15% and a hair more. We'll see how things go next year, or when I have a claim; but for now I'm quite pleased.
 
Joined
Feb 25, 2013
Messages
1,465
Location
NY
I've had State Farm for ~10 years and my parents have a history of probably 30+ years with them, maybe 40 years, I've never asked. I don't have anything negative to say about State Farm but have 0 experience elsewhere. Every time I go out to shop rates (which isn't as often as I should) I have a hard time placing a value on time with the company and relationship with our local agent. I'd give the 30 year relationship with them some thought. IMO, it's not a reason to get gouged on the rate but something to consider.
 
Joined
Jun 24, 2004
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14,505
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Top of Virginia
Originally Posted By: 99Saturn
Every time I go out to shop rates (which isn't as often as I should) I have a hard time placing a value on time with the company and relationship with our local agent. I'd give the 30 year relationship with them some thought. IMO, it's not a reason to get gouged on the rate but something to consider.
I agree with this, and would extend value of a good experience to a company in general, not just one based on local agents. My parents have been with USAA for over 40 years and I've been with them for over 15 years. I'm sure there are lower rates out there, but for such a large company that offers a full suite of services (all of which we use), we have nothing but positive things to say about how we've been treated, including filing homeowners and automotive claims. I might could save a hundred bucks a year somewhere else, but I'm frankly not all that interested.
 
Joined
Feb 1, 2013
Messages
269
Location
Texas
Shop around. Maybe your state board of insurance website can help. I've had AARP for several years. I shop around but nobody has beat AARP yet. Each state is different. Shop 'til you drop.
 
Joined
Aug 5, 2011
Messages
778
Location
Southeast Michigan
I don't know what took me so long to look into Costco's insurance program, but I'm glad I did. Between auto and homeowner's policies, they're about a hundred bucks a month less than anybody else (any legitimate company, anyway).
 
Joined
Mar 16, 2004
Messages
7,256
Location
USA
The rates may entice you and then raise back up. Be wary. For $100 I would stick to it personally. I was actually impressed with state farm. A friend was in an accident (rear ending). He went to state farm recommended body shop and they corrected. A few years latter he heard water gushing about in rear of car and had been smelling a wet gym towel for a while before. State Farm checked it with body shop and the entire car was deemed flood damaged and was written a check he is still confused about, $17k for a car worth around $12k when he checked.
 
Joined
Apr 19, 2010
Messages
13,634
Location
Frisco, TX
Originally Posted By: rjundi
The rates may entice you and then raise back up. Be wary. For $100 I would stick to it personally.
That's exactly how I feel. That rate is not guaranteed and there's nothing stopping them from jacking it up to your previous level or higher. If you've been happy with SF for 30 years, I see no reason to leave.
 
Joined
Jul 24, 2011
Messages
1,475
Location
Missouri
I believed I was getting better service by paying more with Allstate. Then I had an accident and they were a complete pain to deal with. The local agent and the phone reps I spoke with as well. I shopped around for a while. I had Geico, Farmers Mutual and now State Farm. By combining auto and home State Farm became the cheapest. I'm also very happy with my local agent, that is a big selling point for me.
 
Joined
Aug 20, 2003
Messages
16,693
Location
NE,Ohio
some insurance companies now do the price optimization thing where they raise your rates just enough so you stay. IT does pay to shop around with reputable companies if only to keep yours honest. This usually only happens after you are a customer for a few years. Farmers insurance decided 25% increase was a good number 4 years ago.. statewide. My agent said they had 50+ calls to cancel daily in the week before I canceled and went to statefarm.
 
Joined
May 28, 2009
Messages
904
Location
Hawaii, USA
I buy my car and home insurance from a talking gecko. State Farm is very good though, excellent customer service and they back you when you need it. I would stay with State Farm. I was in an accident and the person at fault had State Farm.
 
Joined
Sep 15, 2011
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3,566
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Somewhere
Well, I was with State Farm - 2 cars, house, personal articles policy. Every renewal was an increase. This last one it was over $1200/year for the SHO and the wife's Escape. So I decided to shop. Nobody could touch Esurance. I paid $600/year - same coverage, same everything. When I bought the F150 I pay a little more ($800) for all 3 vehicles, FULL COVERAGE. Got our homeowner's bill from State Farm. Almost doubled AND they jacked our deductible. Noticed when I paid the mortgage the bank did homeowners. Called and got it down to well below State Farm. By 1/2. And I'm not worried since it's through them. So, yeah, shop around. My State Farm agent, I really liked but money talks and insurance is all state regulated anyway with crummy CS no matter who you are with. So you may as well save $$!
 
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Joined
Dec 30, 2012
Messages
1,876
Location
Southwest
Originally Posted By: Eddie
I have State Farm and have had it for 30+ years. Decided to investigate other companies and compare rates for the same coverage. Two other options may save me ~ 10-15% per year or about $100. The other two companies are AARP (Hartfort Insurance) and Travelers insurance. I would appreciate any feed back on these companies and or, your comments. Thank you.. Ed Hayes
Actually State Farm is a company known for a tough claims policy, at least with auto. Allsnake is notorious for this. I had a lot of trouble getting Travelers to pay me when a co-worker nailed parked car in the office parking lot. They finally paid, but I was on the verge of suing someone from HR. Not pleasant. I have quite a lot of brand loyalty to USAA, which Is probably not entirely justified, truth be told. I would be careful in accepting any real "Brand-X" type insurance company, otherwise, shop it around
 
Joined
Aug 18, 2009
Messages
3,692
Location
Ohio
While I'd agree that I might not change companies over a $100. or less, I'd say that you need to shop your Insurance at regular intervals. I had State Farm from the time that I first started driving until I was 34. When we initiated the policy, they were very price competitive, plus the fact that the agent lived two doors down from us and was a family friend didn't hurt. When Doug (our agent) passed away, we got another agent that I didn't like as well. He could get snarky, and when I went in to insure a new car that I just bought at the time, he quoted a +60$/year hike. When I got billed, it was actually double that. I went in to talk and he got snarky again stating that his prices could not be beat and that I bought a "high risk" vehicle. A Chrysler Fifth Avenue was a "high risk" vehicle. Seriously? So I took his dare and priced 10 different companies. The second highest would have saved me $250/yr on car alone. The company I went with (Erie) saved me $500/yr on Auto and another $200/year on home. I have had excellent coverage, their rates are stable and I have had nothing less than excellent coverage through 2 comp claims and amazing legal coverage for an accident that my wife was involved in that resulted in us being sued for over $200K. I think that I made a good choice because the last time that I priced out State Farm, the agent asked me who I was insured with and told me that there was no way that he could come close. During the course of our conversation, he admitted that he carried all his personal policies through Erie. While I understand that shopping for insurance in Florida is challenging (I have family there,) I would suggest finding out the top insurers, getting a couple of independent agents and do some pricing. You might save some serious money, and at worst be out a few hours of your time.
 
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