If you if you and your broker are willing to do the leg work, I guess this is not a terrible strategy assuming you are ending up with a reputable company. My counter-argument would be that you could accomplish the same thing by building loyalty discounts staying with the same company.
Switching insurance often doesn’t lead to a favorable rate for many companies. Say you are with ABC for 12 months and pay a total $600 in auto premium. In month 9 you get in an accident and said company pays out 25k because you totaled your vehicle. Ends up being a terrible risk for an insurance company. That is why typically the shorter the tenor with your previous company, the less favorable the rate.
Not saying it’s not good to shop your rates just giving you the other side of the coin.
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Bobby- I appreciate your perspective, however I was with the same company, no claims, no accidents, no tickets and their prices went up 35% in one year. Loyalty is BS with insurance and you know it all too well. Insurance in just like Spectrum and other Cable Companies, give you the best upfront and screw you the following years.
So far this process has paid off and saved me thousands of dollars.
Bobby- I appreciate your perspective, however I was with the same company, no claims, no accidents, no tickets and their prices went up 35% in one year. Loyalty is BS with insurance and you know it all too well. Insurance in just like Spectrum and other Cable Companies, give you the best upfront and screw you the following years.
So far this process has paid off and saved me thousands of dollars.
I will not recount it here(I have in previous threads about insurance), but the fact that homeowners companies can charge for "claim recovery" in SC and have the equivalent of an insurance credit report that keeps you from going to a competitor and avoiding it. To be able to "recover" more than a payout on a claim (in my case, it was a utility trailer) is nothing short of criminal. As a result, I raised my deductible high enough to ensure that all but the largest claims would ever be filed. MG
Dum Spiro Spero
But what it really amounts to is CofC Waterfowler takes 40% plus expenses of said money. Really looking out for people.
cut\'em
"your" insurance agent works for the insurance company, not you.
but bobby is at least pleasant about it and wants to shoot you straight.
its all a scam and overpriced. I have stories to back this up.
who actually reads their homeowners policy and see what it excludes? its maddening....
Ugh. Stupid people piss me off.
Listen to this man
Or pay them 10's of thousands of dollars for many years and then get a rate increase or dropped if you file a $4000 claim
and then a "free" broken windshield claim a month later.
They don't give a shit about you above your local agent and he doesn't set pricing, policy or have any say so
Last edited by ecu1984; 04-18-2024 at 01:25 PM.
Insurance Companies operate totally different than utilities. If we take rate, everyone gets it at their next renewal. If your premium raises 35%, it was either right after Covid or they got kicked in the teeth with claims the previous year.
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But wait, what about Loyalty Discounts, and Good Customers, etc. They don't get an increase for other claims, etc., right?
LOL!
I know how you make a living and you are a great guy. In the end, Cost should be the driving factor for everyone, because there is nothing else any different.
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