I hate insurance!

[Bailey Guns]

Oh...I have a question for Irving or one of you other insurance guys: Is there a separate credit report for auto and homeowners insurance? If so, is there a way to check it for accuracy like a regular credit report?

[mtnrider]

I don't have much sympathy for insurance company's. Maybe things have change but I know years past they were making a killing and were living like kings. Obviously they did not save for a raining day and are paying the price now. I got caught up in the Florida Hurricane fiasco's with them. Rates going up 200%, refusing to pay out or making so difficult the frustration gets the best of you.

I personally knew a State Farm agent (he owned the office) and he was making a KILLING! Million dollar + home, 3/4 million dollar boat(s). He constantly had "business" conferences in Hawaii (paid by SF) Multiply that by xxxx agents and see how much money they wasted. He lived a lavish life style and wrote off many expensive weekends, dinners, parties, you name it on the insurance company.

[hghclsswhitetrsh]

I agree with bailey. +1 for country financial. My best friend is an agent for them and industry rumors are saying SF wants completely out of Colorado. That's why they're raising their rates.

[Dave_L]

Oh...I have a question for Irving or one of you other insurance guys: Is there a separate credit report for auto and homeowners insurance? If so, is there a way to check it for accuracy like a regular credit report?

It's not a credit report like when buying a house/car. It's an insurance score. They don't give us a "report". The system returns a score based on that company's scoring scale I.E. 1-50 (1 being the best). That's all we can see with my company.

[Dave_L]

I agree with bailey. +1 for country financial. My best friend is an agent for them and industry rumors are saying SF wants completely out of Colorado. That's why they're raising their rates.

Most companies would love to pull property insurance from Colorado. It's a money pit.

[Bailey Guns]

It's not a credit report like when buying a house/car. It's an insurance score. They don't give us a "report". The system returns a score based on that company's scoring scale I.E. 1-50 (1 being the best). That's all we can see with my company.

Thanks for that info. I have really good credit but someone told me for whatever reason I may have a low "insurance score". The only auto claims I've had was for hail damage on 2 cars about 5 years ago that amounted to about $1500. Maybe that has some impact.

[Dave_L]

Thanks for that info. I have really good credit but someone told me for whatever reason I may have a low "insurance score". The only auto claims I've had was for hail damage on 2 cars about 5 years ago that amounted to about $1500. Maybe that has some impact.

I have tried to find out exactly what's calculated in it but I haven't had much luck. The best I've gotten is it's a reflection of your risk (Location, fire hazard, claims in that area, incoming/outgoing money, etc). If you have great credit but a a few cards that carry balances (even if you pay them off each month), I think that hurts your score. Insurance sees it that you have money dedicated to pay for those and if a loss comes up, you may not have as much extra money to pay for repairs yourself so you'll be forced to claim it.

[Irving]

I don't know as much about the credit reports, other than they are most likely soft pulls. Raising rates shouldn't be taken personally when it is out of the blue like in Baileys example. Insurance companies will target a market and lower process to do so. Then when they aren't making money on that market and look to target another market; they'll adjust the rates to what they should be. They don't care if people leave that market because it isn't making money anyway.

Auto insurance is where money is made. Anyone can sell auto insurance and make money. I think a good rule of thumb is that any auto only company will have better auto rates than a company that also sells personal home owners.

Mtnrider, your friend was making commission, and getting bonuses at certain sales levels. MOST agencies don't pull in nearly that much money. I'm not sure there is a business in the world that just stockpiles money year after year like people think insurance companies do.

[Circuits]

My Traveler's home insurance went up enough this year that I dumped them and bundled it with my auto policy at Progressive. $200 less than my Traveler's homeowner policy for the same coverage - so bundling might be good for something.

[StagLefty]

Insurance hikes are tough when your on a fixed budget,not much wiggle room. House and car both went up this year.