Insurance Companies

[JazzDad]

Hear are some random thoughts:
*In my state, you can go to the insurance commissioner's website and check complaint statistics, along with other criteria.
*Your friends' & relatives' word-of-mouth is another very good source in choosing a carrier.
*Being in the business, I hear complaints (and praise) for nearly every company.
*Your agent does not set rates or policy criteria.
*Use that agent to get answers, and to make sure you have the coverage that fits your needs, even if by asking the question it raises your rate.
*Ask about available discounts. We have some not many folks know about, are inexpensive to implement, and pay for themselves in a short time.
*If you don't have claims often, raise your deductible(s). I have a home deductible that is 2% of the value of my house.

 

[mikim]

another good place to go for insurance info is www.tdi.state.tx.us (texas dept of insurance) there is a lot of info there including ratings on agents as well as companies. There may be sites for other states with close to the same url ......ie cdi.state.ca.us for california...??? mebbe???

 

[jwstewar]

</font><font color="blue" class="small">( Grange were always looking out for the customers best interest, and were the easiest to get along with from a body shops perspective )</font>

I'm glad to hear are folks are doing a good job for you guys out there. One of our mottos is EODB - Ease of Doing Business - this is everything from working with our independent agents, our customers, the body shops, or each other within the company. I'm glad to hear it actually is true out in the field as well.

 

[btolle]

Whatever you do, don't buy from Prudential. I have had 2 personal bad experiences with them including being included in a class action suit that Prudential lost big time. Courts ruled that they told their agents to lie to the customers about life insurance.

Had a friend who had their home insured with Prudential for many years with no claims. They lived on a lake and he accidentially ran into a neighbors boat dock. Called Prudential to see if homeowners liability covered it, it didn't. Prudential jacked their rates about 25% the next year. When they asked why they were told it was because they had CALLED about a potential claim even though there was never an actual claim!

Needless to say, they no longer have Prudential.

You might want to check with Farm Bureau Insurance also. When I bought my new Kubota B7510 I signed up for membership in the County Farm Bureau. Cost me $35 per year for membership. Then was eligible for insurance through Farm Bureau. $53 got full coverage (no liability) on the $13,250 worth of tractor and implements. I will check with them when my car insurance comes due. BTW, you do NOT have to live on a farm to be a member of your County Farm Bureau.

Bill Tolle American Farm Bureau website will get you to your state and then your County Farm Bureau.

 

[sendero]

For what it's worth - I've had Nationwide for almost 20 years. During that time, I've had to have 2 complete roof replacements (including plywood/osb decking on each), but not much in the way of auto claims. - just a couple of hail storms, broken glass, fender bender that wasn't my fault.

I have a skeptical stance towards insurance companies in general and only get coverage I really need (i.e. I dump collision coverage once a car's value falls to 5K or so).

I can't complain about Nationwide - their claims adjustment has always seemed fair to me and they have never thrown up the roadblocks some seem to do.

 

[OkeeDon]

I've had Nationwide for 25 years, ever since my best friend became an agent and I became the first policy he wrote. The 25 year anniversary of their agency was just covered in the newspaper yesterday. Nationwide treated us decently during the hurricanes, with fair values for the roof replacements, fence damage, water damage and such on two properties (we just had our roof dried in yesterday; now we're waiting for shingles).

Now, I guess I'm about to find out how they are on auto damage. I took my wife's Ford Focus ZX3 into the dealership yesterday because it was vibrating in sync with the engine speed, stalling and the "check engine" light came on. They called this morning to say that there was severe damage to the undercarriage and I should notify the insurance company. My wife doesn't remember hitting anything, but she travels a lot of bad roads to see her patients as a home-health physical therapist. Looks like I'm going to have to pay another deductible -- I've already been hit with the deductibles on both buildings and on health policies. At least this one will be manageable -- the hurricane deductibles were 2% of the value of the properties and the health policy was a $5K deductible with co-pays. Looks like my out-of-pocket will total around $16K...it ain't been a good year, but imagine what it would have been without insurance -- the insurance companies have paid almost $200K in my behalf this year!

{Edit} -- just to make sure there are no misunderstandings -- the health insurance wasn't Nationwide. I used to have their health coverage, but they pulled out of individual health coverage in Florida a few years ago. Then, I had Mutual of Omaha, which covered the first part of my health problems, but they pulled out of Florida on 11/15 of this year. Now, I have Medical Savings Insurance Company, a new company started by the founder of Golden Rule Insurance to set up individual health plans under the medical savings account laws. I'll be going on Medicare next year; haven't picked a supplemental plan yet.

 

[sneaky_pete]

</font><font color="blue" class="small">( ...I switched to USAA (military members only, if you qualify, the best way to go)...)</font>

I qualify and registered with them to get a quote, but was flabbergasted when their quote for my house was more than twice what I'm paying now with State Farm. The savings on all the cars didn't add up to enough to offset the loss of the multi-line discount with State Farm, never mind the difference in homeowners policies. Plus, State Farm covers my tractors for no additonal cost. My only real beef with them now is that they don't want to cover my bikes, but Dairyland does that dirt cheap anyway. I thought State Farm was high, until I priced USAA.

Pete

 

[bczoom]

Again,

Thanks everyone for the info.
I'm STILL WAITING for the agent to get back with me with quotes and a list of what insurance companies don't want the business.

Brian

 

[Moon]

Brian,
Being from PA, have you checked out Erie? Good rates and good to deal with. As another poster mentioned, 2 claims in a year and they will cancel you.

Moon of Ohio

 

[bczoom]

Moon,

I believe the agent did say they're one of the companies that he's checking with.

Brian

 

[mathey]

does anyone have any reviews or ratings for Farm Family? I just got a quote from them...auto is cut by 50% and homeowners (now Farm Estate) has more coverage for the same amount...

 

[NY_Yankees_Fan]

Ambest is the place to go for insurance ratings

web page

You need to log in which is free.

More info here

In 2001, American National Insurance Company of Galveston, Texas acquired Farm Family Holdings, Inc. Farm Family brings to this merger an expertise in serving the agricultural and related markets. Through its property/casualty subsidiaries, American National will offer the specialized agribusiness products designed by Farm Family to the communities they serve.



web page

American National Insurance Company's Ratings

A.M. Best's Rating: A+ (Superior)

A.M. Best Company, independent analysts of the insurance industry since 1899, has assigned American National Insurance Company its rating of A+, the second out of 16 ratings. Best’s ratings are assigned after an extensive analysis using a series of profitability, leverage and liquidity tests which measure performance in such vital areas as competency of underwriting, control of expenses, adequacy of reserves, soundness of investments, and capital sufficiency. For more information on Best's rating of American National Insurance Company, view the ratings report.

A.M. Best ratings were reaffirmed in August 2004 based on 2003 financial results.

Standard and Poor's Rating: AA (Very Strong)

Standard and Poor’s has assigned its AA rating of financial strength to American National Insurance Company, the second out of 8 ratings. This rating reflects the company’s extremely strong capitalization and operating performance and very strong liquidity and business position.

Standard and Poor’s, a division of The McGraw-Hill Companies, Inc., provides independent financial information, analytical services, and credit ratings to the world's financial markets. For more information on Best's rating of American National Insurance Company, view the ratings report.

 

[JerryG]

We have had Columbia Mutual through a independent agent for about 20 years on our autos. They pay off with only the adjuster and one estimate. It is also the least expensive that we can get for the coverage.
As far as farm and home coverage goes, we have Farmers Mutual. I had Farm Bureau, but they got to expensive. We saved about 50% going with Farmers Mutual for more coverage.
Don't anyone ask about medical coverage. /forums/images/graemlins/mad.gif

 

[LBrown59]

Thanks roughcut. I've been reading through their page. Got a bit nervous there for a second... I didn't see PA listed. It was way at the end.I bookmarked the site. I want to get the list from my agent of who all he contacted before I start with more companies. (I'm not going to look at companies that already turned down the business through the agent).Hmmm. Still wondering as I wrote that</font>


I've never been turned down for any insurance, credit, financing... but now I am because I have too many things to insure?!?!? Still makes no sense to me.

=======
Most people don't realize that shopping for home and auto insurance can hose your credit score and trash your credit rating.
This could be the real reason behind being turned down.

 

[bczoom]

</font><font color="blue" class="small">( Most people don't realize that shopping for home and auto insurance can hose your credit score and trash your credit rating.
This could be the real reason behind being turned down.
)</font>

I found out the reason they turned me down. Donegal doesn't want to insure more than 3 vehicles for 2 drivers. Their reasoning is that if you have too many vehicles laying around, they may be more suseptable to vandalism or potential damages from sitting around outside.

To give an update back to my original post:
AIG doesn't offer the liability coverages I was looking for on the cars (250/500 liability, stacked). For the ATV's and stuff, they were actually higher than State Farm.
For Donegal, I moved 3 cars to them for now (the remaining cars will remain on State Farm). Homeowners is still up in the air. Remaining policies will remain with State Farm.

To my surprise, State Farm was very competitive to many of the other insurance companies. Having no claims gives me discounts whereby they were actually cheaper for some of the policies.

 

[riptides]

And while shopping for insurance, it came as a complete surprise to me that if we owned a certain breed of dog we would be dropped.

So if I had not been shopping, but went for a dog instead, I wonder what would have happened?

Incredible stuff these days.
-Mike Z. /forums/images/graemlins/grin.gif

 

[LBrown59]

</font><font color="blue" class="small">( while shopping for insurance, it came as a complete surprise to me that if we owned a certain breed of dog we would be dropped.

.
-Mike Z. )</font>
*`*`*`
Most Home insurers will drop you or refuse to insure you if you have a trampoline.
My brothers home owners insurer threatened to cancel his house insurance because he had an old deep freeze out behind his house.
He had to get it off his property to keep his coverage.
The dog issue fits right in with these.

 

[mathey]

yes, dogs, trampolines and ATV are big no-no's to alot of companies...yet swimming pools are a non-issue...go figure

The lady from Travelers just about hung up on me after i mentioned we had a trampoline, even if we got rid of it. She said "I can no longer talk to you regarding your insurance, but would you like to purchase your auto insurance through us now?" yeah right...i have since given away the trampoline...

the AKC web page has a big section devoted to dogs and homeowners insurance company policies.

and lastly, Farm Family has no restrictions on pets or ATV usage...and (in my case) they are cheaper to boot!

 

[Dargo]

I'm not pleased with the huge jump my homeowners insurance has taken in the last two years, but I've not been able to beat my prices anywhere else. I've been with State Farm for over 20 years with zero claims, so apparently that helps my rate with them. One thing interesting is that I have two trampolines (5 kids - they were always fighting over one), two UV's, 7 vehicles (one with over 600hp), two tractors, a fork lift, a swimming pool, a diving board, a lake, and three dogs (one of them big). It sounds like I'd hit just about every "no-no" on a policy. /forums/images/graemlins/blush.gif

Many insurance companies are now making a person's credit rating a major factor in their premium pricing. One caveat in that, is that if you actually apply (and the insurance company pulls a bureau), the number of credit inquiries you have will lower your credit score. If you have 3 or more credit inquiries within any 12 month period, your credit score will drop for each inquiry. Any more than 2 inquiries within a 12 month period lowers your score. I know all three major credit bureau companies use that same policy. If you inquire on your credit score yourself, it does not count as an "inquiry", and will not lower your score.

Knowing that, when I recently shopped for insurance, I would not give the insurance company permission to pull my credit bureau. I told them my score and asked for them to quote me their rate based upon that score. If their rate was something that I would want to go with, I told them that I would then give them permission to pull a credit bureau on me to verify my score; but not before. It is generally a good idea to do that when shopping for insurance, cars, tractors etc. If you allow each dealership to check your credit score, after 2, your score will begin to drop. I figure that if they won't quote me based upon what I tell them my score is (and of course verify what I tell them if I choose to do business with them), I don't need to do business with them. /forums/images/graemlins/shocked.gif

 

[mikim]

Please explain how one goes about checking that score on his own. Is there a website for it? ??? I'd love to find out for myself and keep annual tabs on that.