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General => Off Topic => Topic started by: Endless Night on January 14, 2013, 10:13:05 AM
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Well i finally got around to getting a quote from these guys... Ive been with my existing company for 12+ years...And low and behold progressive is overing me insurance for approx $1100 LESS a year for my 2 cars. I was expecting a small difference but thats pretty large....
So does anyone have any experience with them, good bad and the ugly.
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If it sounds too good to be true...
http://www.consumeraffairs.com/insurance/progressive_insurance.htm
I tend to be a little shady with newer companies. The hands down best insurance company i've ever delt with is State Farm even though they're a little more expensive. You truely get what you pay for there.
Allstate was another great company i've used but like state farm, their premiums outweighed the positives.
I've been with Nationwide for 2 years now and my premium hasn't went up a penny which is the way it should be since i haven't had a ticket/accident in over 10 years.
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Well that sure doesnt read good... but the question is .. is it any worse than otherss....
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Progressive is fine. The thing with any insurance company underquoting is to make sure you look at the policy terms compared to what you're paying for now. With a savings of $1100/yr I'm thinking that you are paying for stuff with your existing policy that hasn't been addressed (whether it's something you want or not) in the Progressive quote OR you've been with your existing insurance company for a long time and have never had them review your account.
You should confirm that the Progressive policy covers what you need. For example, is your old deductable only $250 and your new one $1500? Are they going to give you reasonable terms on a car rental? This is sometimes excluded alltogether. Read the quote and make sure you aren't going to be very bummed out if anything does happen because it doesn't take much to hit a few grand in autobody repairs!
X
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If you can get USAA, jump all over them. I've heard Progressive is no better or worse than the majority of major insurers.
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I am currently using progressive and they have given me great service but I am also in aggrement with what 12x^ said. If the policy quote you got is 1100 dollars cheaper then you are problably not comparing apples to apples.
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I am currently using progressive and they have given me great service but I am also in aggrement with what 12x^ said. If the policy quote you got is 1100 dollars cheaper then you are problably not comparing apples to apples.
I am comparing apples to apples ... in fact .. I currently have $1000 rental car benifit on progressive i upped it to $1200, likewise on deductible i pay $500 reduced it to $250. So the progressive quote is both cheaper and better... (Progressive has a nice online quote system allowing you to customize exactly what you want made it easy to match apples to apples).
My insurance rate for 2 cars has never been reviewed (12+ years)... over the summer i had a no fault accident that resulted in my car being totalled. No question of who was a fault... Had to fight to get a ridiculus lowball totalled price, even thow thier claming it back from the person at fault insurance...... Upon getting a newer car my insurance promptly jumped by $90 a month... excuse newer car... by the way i currently have State Farm.
After the horrid treatment by statefarm of against all state laws etc.. using craiglist 1line adverts to justify pathetic lowball offers, the claim adgents changing their story every other day, blatantly lying and flat out refusing to provide documentation for thier offers, I really dont think any other company can be much worse and for the huge price thier charging and the fact that this was the only accident i've had in 25 years of driving and not my fault, so complete cost recovery.. so for me its time to move on to a company that might at least do more than overcharge me.
That said I will forward the progressive quote to my state farm adgent and see what they say. Tommorrow I also hit up Gieco and see how they compare.
EDIT:: Just got a quote from Geico .. customized to be apples to apples and $1300-1400 less than currently paying for 2 cars for a year. So State farm has just been reeming me basically.
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I have USAA (thanks Mom!) and they've been the greatest. You really can't beat them in customer service and quality of service. Heck, we even got $75 back this year because overall, everyone with USAA insurance drove well this year!
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Choosing between Progresive and Geico? I have had both and would pick Geico over progresive. They both did me good but Geico has alot more freebies included in their packages. I would currently use geico but they would not cover my current new house so I had to change companies. State farm I have had also but there sevice with me was subpar, expensive, and they did not want to pay when it came to accidents. I consider them to be the elite of thievies.
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Ahh 12 years huh? I figured that was the case, EN. In fact, you probably tossed away without giving it much thought an annual notice that all insurance companies are required by law to send to their longer term customers stating you may not be getting the best rates you could be but in order to get better rates you need to contact your agent and have them do a review lol. It's a total racket. I would venture that you could have Statefarm give you a new quote and they would come in MUCH lower than they are now but it sounds to me that moving on is probably a good idea anyhow.
BTW - I work in finance and part of our bottom line is an insurance company that does business all over the northeast so I get to see first hand how the guts work. If you are apples-to-apples go with the cheapest of the quotes you got.
X
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What 12TO just posted. Most people expect brand loyalty to be rewarded somehow, however a lot of companies these days exploit it in a counterintuitive fashion, basically their line of reasoning goes something like "hey this fool bought our last spiel, let's see what else we can get away with this time around". Meanwhile the best offers go to potential new clients to entice them into the process. The old trick of rotating through providers is getting neutered as well, as they build up databases, offers get 'customized' so unless you subvert their system you won't even know what's being offered to someone else, in effect the pricing has become opaque to the consumer.
Used to have USAA insurance, and they were hands down the lowest price for good vehicle insurance. However early in the 00's their home coverage rates became very uncompetitive (they had huge hurricane losses to recuperate), so switched to Allstate. Also discovered then that in a number of states, these insurance companies access your credit history, which could lead to a much higher premium.
Whatever company you go with, be sure to incorporate adequate uninsured/underinsured motorist coverage into your policy. Nothing like being involved in an accident that is some deadbeat's fault who isn't covered.
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Recently switched to Geico myself and saved over 1000 a year... Was with 21st Century. And two years was hit by a Geico driver and the claim was SOOOOOO painless it made me go to them first for a quote and lo and behold they lowered the deductibles added in the car rental and saved me money!
Good Luck.
Casa
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I'm about to switch to Geico myself. With 3 cars, a motorcycle and a home, I'll end up saving a buttload of cash.
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EN, where you live your house is the harder item to insure. Progressive is providing home insurance now, but its relatively new and not in all markets. You generally get about 10% off both policies if you put your home and auto with the same carrier and there are decent reasons for doing that anyway. You got some good advice in this thread. If you want me to look over your quotes send them to me. You might also go back to your current carrier and ask them to re-rate you.
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I tried getting Farmers to re-rate me once and that was a joke. lol
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I think geico has free road side assistance. That comes in handy!
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I think geico has free road side assistance. That comes in handy!
Nothings for free :) ... my quote added that at $8.60 for 6months for 2 cars, well worth it imho.
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I would say make sure you have decent SUM coverage on your policy. Thats the stuff that takes care of you and your family if you get in a bad accident.
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I would say make sure you have decent SUM coverage on your policy. Thats the stuff that takes care of you and your family if you get in a bad accident.
SUM ?? whats that stand for
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Supplemental Uninsured Motorist I think.... I have a friend that was talking about maxxing his out before he did the STP bike race last year. (I guess it works when he's riding ??)
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Supplemental Uninsured Motorist I think.... I have a friend that was talking about maxxing his out before he did the STP bike race last year. (I guess it works when he's riding ??)
Ok am i missing anything on this quote anything you would change/add etc
2 drivers , 2 cars
bodily injury $25K/50K
property damage $50k
PIP insured and relative $10K 0deductible (florida thing amount insurance must pay your for medical no matter whos at fault)
unisured motorist BI stacked $10k/$20k
comprehensive on both cars $250 deductible
collision on both cars $250 deductible
emergency road services on both cars
rental reimbursement on both cars $35 a day .. max $1050
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Wells looks good to me atm, but I'm far from an expert. I've Statefarm for ~17 Years & I'm just now thinking about shopping around. We are doing a refinance & insurance is next. The only thing that comes to mind is that the deductibles are appropriate for you. Generally the higher your deductible the lower your payments will be, but if your driving something expensive even a small fender bender can cost 1000's etc. It just depends on the difference in rates & what your comfortable paying out of pocket etc. I'll be doing this whole thing soon enough myself so I'll probably "An Corp" this thread eventually heh.
On a side note... (Me on phone with mortage broker, sick 3yr on my shoulder)
Broker: "Rates have dropped this morning 3.75% is the best we can do...."
Munchkin: *Horrible retching noise*.. followed by appropriate bodily function
Broker: I'm sorry Sir.. What did you say??
Me: "OMG.. that's disgusting"
Broker: "So would you like us to lock these rates sir?"
Me: "Gimme a minute."
Broker: "It does appear the market is moving this morning sir so they will likely increase 1/8 by the end of the day"
I finally had to explain... oh the fun !
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Supplemental Uninsured Motorist I think.... I have a friend that was talking about maxxing his out before he did the STP bike race last year. (I guess it works when he's riding ??)
Ok am i missing anything on this quote anything you would change/add etc
2 drivers , 2 cars
bodily injury $25K/50K
property damage $50k
PIP insured and relative $10K 0deductible (florida thing amount insurance must pay your for medical no matter whos at fault)
unisured motorist BI stacked $10k/$20k
comprehensive on both cars $250 deductible
collision on both cars $250 deductible
emergency road services on both cars
rental reimbursement on both cars $35 a day .. max $1050
Just my opinion, but i would definately up the bodily injury and property damage. There's so many cars priced well over 50k now that i wouldn't risk it. Main thing, it's better to pay a little extra and protect yourself in the long run.
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Sorry to hijack, but I was reading and wanted to add to Alpha...I'm presently scanning in our mortgage application...locked in 3.375% yesterday! Considering when we start the process in Oct/Nov the rates were 3.65%, I'd say that I'm ecstatic that we were stuck waiting (due to my "self-employment" at a consulting firm)!
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Supplemental Uninsured Motorist I think.... I have a friend that was talking about maxxing his out before he did the STP bike race last year. (I guess it works when he's riding ??)
Ok am i missing anything on this quote anything you would change/add etc
2 drivers , 2 cars
bodily injury $25K/50K
property damage $50k
PIP insured and relative $10K 0deductible (florida thing amount insurance must pay your for medical no matter whos at fault)
unisured motorist BI stacked $10k/$20k
comprehensive on both cars $250 deductible
collision on both cars $250 deductible
emergency road services on both cars
rental reimbursement on both cars $35 a day .. max $1050
Just my opinion, but i would definately up the bodily injury and property damage. There's so many cars priced well over 50k now that i wouldn't risk it. Main thing, it's better to pay a little extra and protect yourself in the long run.
Good point . bodfather.... this is what ive had for over 12years... but your right 50k isnt what it was 12 years ago.
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Its really important what state you're in. State laws really govern insurance totally. In new york, you'd have an entirely different looking policy. My advice is get good liability coverage and make sure your coverage for you and your own passengers is at least as much. Liability and SUM(as we call it in new york) are dirt cheap. I recently got six times my old liability and sum coverage for less than 100 dollars more a year.
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EN, those limits are only at or just above statutory minimums. If you have any assets, other than your house and a decent job, you need more.
Consider this: you are insuring against your own negligence OR the negligence of another driver who causes you significant injury or death. You can buy life insurance to deal with your own death if you have dependents, and the transaction is largely the same, so your uninsured/underinsured motorist coverage should match your own liability coverage to the extent possible. Its likely these are capped by the carrier either at 500K or 1M.
So here is the analysis:
What are you insuring against? Its not a typical fender bender that you are responsible for because you made a mistake, its the accident where someone is killed, or worse still from a financial perspective, severely, permanently injured. $50K is nothing in that scenario. The insurance company is going to write their $50,000 check and walk away leaving you to deal with the mess. The claimant is going to look at your attachable assets to satisfy a judgment. In Florida there is no homestead limitation so equity you have is safe. I am not sure about your retirement savings, but I doubt it is safe. Your income is not safe, and your other assets are definitely exposed.
What does it take to get out of THAT mess: When you are faced with the scenario I explained here your analysis has to be what is my exposure and what does it take to walk away from this honest mistake that killed/maimed someone. Start with an inventory with the understanding that the claimant can and will pursue all available assets and will likely want to garnish wages if its not enough. Whatever the amount of your assets plus the value of garnishment is your exposure. Here is a summary of the Florida garnishment rule: http://www.nolo.com/legal-encyclopedia/florida-wage-garnishment-law.html
When I look at case settlement I balance the likelihood of prevailing against the recovery to come up with a value of the case. If you assume that there is a reasonable chance that you could be found liable for an accident when you go to insure yourself, you have to assume that the likelihood of the claimant prevailing is 100%. Now your offset is the cost of litigation and the value of an earlier settlement. What you want to ask is: If I hand over my insurance can I walk away from the worst case scenario "unscathed" financially.
What the heck is Paul saying? If you are fresh out of college and have no family, and no assets, its OK to get the minimum insurance as long as you understand that in an accident that injures YOU and the other driver has similar insurance, an accidnt that is THEIR FAULT (and this is me repeating myself) WHERE YOU ARE INJURED, that YOU are screwed. If you have assets, a family, and a decent job, then those limits are not adequate. If you have $1M in assets, you need limits of $1M. If you have $2m in assets, your probably need something just South of $2M in limits. Once you hit $5M in assets you A) can't easily find more limits, and B) are probably good on the exposure side unless you start driving on playgrounds.
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very good advice paulonius thankyou... and quite frankly i had not considered that aspect .. I have basically been rolling over the same insurances from when i had no assests no kids no car and probably no job either...
On investigation... bummping the property and bodily injury to thier max.. 500k & 1mil suprisingly isnt that expensive +$7/130 (per 6months) .. so i will definatly be doing that.
Now on the unisured motorist part increasing that to equilalent levels increase the price significantly. So im going to have to think on what level of that I can live with. Obviosuly anything higher than I already have is good but now I've got more to think about than straight costs.
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Under/uninsured motorist coverage is first party (you) insurance that pays you when you are not to blame, but the person who ran into you doesn't have enough insurance. The price probably reflects what people are buying in your area. If people are not buying insurance or are not buying enough, your insurance companys know this and will price accordingly. The pricing is a direct indication of the risk involved. There is real inequity in the idea that you have more insurance if you are at fault under your policy than if you are NOT at fault. The truth of it is that more people are un/underinsured than you might think, the insurance companies know this, and are not all that excited about letting you buy coverage from them for other people. If you can get UM up to 250 I can point you at umbrella coverage that will take it up as high as $1M. Go to this site, call them, and ask them for a broker in your area. https://www.personalumbrella.com/
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Under/uninsured motorist coverage is first party (you) insurance that pays you when you are not to blame, but the person who ran into you doesn't have enough insurance. The price probably reflects what people are buying in your area. If people are not buying insurance or are not buying enough, your insurance companys know this and will price accordingly. The pricing is a direct indication of the risk involved. There is real inequity in the idea that you have more insurance if you are at fault under your policy than if you are NOT at fault. The truth of it is that more people are un/underinsured than you might think, the insurance companies know this, and are not all that excited about letting you buy coverage from them for other people. If you can get UM up to 250 I can point you at umbrella coverage that will take it up as high as $1M. Go to this site, call them, and ask them for a broker in your area. https://www.personalumbrella.com/
Scary thought....