[EBZ06]

"Esurance" . . . shop it. It's owned by Allstate but the rates are much cheaper. I couldn't get Geico, Progressive or USAA (yes, I'm a Veteran) anywhere near as cheap as Esurance's quote.

[Eg_cruz]

Originally Posted by retiredguy123

I have had Allstate auto insurance for 25 years. Perfect driving record, no claims. I just got my 6 month renewal notice. It is for $627, which is an increase of 27 percent. Too high to ignore. I called State Farm, and they can provide the exact same coverage for $311. I called Allstate, and they just told me to switch to State Farm. Apparently, insurance companies don't care anything about keeping customers. I tried other companies, but most of them will not provide the high liability coverage amount that I want, and they don't have a local office. Most of my premium cost is for liability. An umbrella policy is an option, but it is not cost effective. Has anyone had a similar experience?

Try The Hartford …aarp group

[OhioBuckeye]

Originally Posted by Skip

I thought that too but years ago a friend in the business told me most states have laws that prevent insurance companies from "introductory rates" (like cable TV, etc.). They are not allowed to quote $500 for the first year or two, then jack you up to $700, then $900 after that. The rate is supposed to be based on RISK (not be an income REWARD). Anyone know what the insurance law is in Florida? Former insurance sales agents out there, reading this?

Skip

Skip, you might be right but it used to be the way I said. In fact I just traded in my 2018 Ford Escape for a 2021 Ford Edge & my new Ins. rate they said it would be $20.47 a yr. cheaper. Don’t know how they came up with $20.47. One reason I said what I did was because Florida & TX. where I live now are both a No Fault States. So the person at fault & the person that hit make their own claims.Here in TX. if you turn a claim in, Ins. skyrockets. My granddaughter was paying $8??.00, when she put a claim in it went to $1,200. a yr. So what I’m saying is if it’s drivable drive it & don’t turn in a claim. If you find out from an agent, post it here on TOTV, I would like to know. No Fault Ins. is a no win for the client & a gain for Ins. Co. I’m originally from Ohio & if you’re at fault there, you pay. Interesting subject!

[SharonW]

Originally Posted by rmd2

I have a $79,000 claim listed on my LexisNexis that is NOT mine and I have tried for over 2 years get them to remove it. They told me they did removed it but the next time I got a homeowners insurance quote I was informed that this claim was still on my report! Any advice on what I can do about getting LexisNexis to remove it??

Contact the company that reported the claim to LexusNexis and get a letter from them that the claim is not yours. Any insurance company underwriting department will accept the letter and approve removing claim.

Umbrella…if your agent has not done a review with you about what assets are judgement proof or not judgement proof in Florida (if you are a resident of Florida) then how do you know what Liability limits you need to purchase? If you are not a legal resident of Florida you need to check with your resident state for the information.

[SharonW]

Originally Posted by retiredguy123

It does seem low to me also. I plan to visit the State Farm office to ensure that they have quoted me correctly. But, the coverage includes $1 million in liability and $500 deductibles for collision and comprehensive. I save money by not buying any other non-mandatory coverages. I do not have the uninsured motorist insurance (optional in FL), which I think is a waste of money. I know some people disagree with that approach, but, as I understand it, it doesn't provide any liability protection for me.

UM protects you if you are injured by an auto and the other party is at fault and does not have sufficient or any Bodily Injury limits to pay your medical bills, pain and suffering, rehabilitation, death benefit and more.

Are your assets protected?

[retiredguy123]

Originally Posted by SharonW

UM protects you if you are injured by an auto and the other party is at fault and does not have sufficient or any Bodily Injury limits to pay your medical bills, pain and suffering, rehabilitation, death benefit and more.

Are your assets protected?

Thanks. I understand what you said. But, I don't want to sue anyone for pain and suffering, I don't need a death benefit, and I have plenty of health insurance and cash to cover any medical expense that I may incur. And, I don't want to undergo the hassle of having to use my auto insurance company for medical treatment, which is what happens when you have uninsured motorist insurance and you are injured in an accident. Also, I don't feel any obligation to pay for an uninsured motorist's liability for injuries to any passengers who may be riding with me.

I think that many people, who pay for UM coverage, came from a state that required it, and they don't know that it is optional in Florida. And, in most cases, it is redundant with your health insurance. Also, if your UM coverage limit is only $10,000 or so, what would be the point of filing a claim for pain and suffering?

[SharonW]

Originally Posted by Skip

I thought that too but years ago a friend in the business told me most states have laws that prevent insurance companies from "introductory rates" (like cable TV, etc.). They are not allowed to quote $500 for the first year or two, then jack you up to $700, then $900 after that. The rate is supposed to be based on RISK (not be an income REWARD). Anyone know what the insurance law is in Florida? Former insurance sales agents out there, reading this?

Skip

Rates are approved by the State Department of insurance. There is also a cap of profit an insurance company can make in Florida. Florida regulates everything companies do in Florida.

As for premiums…Did you know Florida is the 3rd largest populated state?

Hurricane Irma Claims Data

[SharonW]

Originally Posted by retiredguy123

Thanks. I understand what you said. But, I don't want to sue anyone for pain and suffering, I don't need a death benefit, and I have plenty of health insurance and cash to cover any medical expense that I may incur. And, I don't want to undergo the hassle of having to use my auto insurance company for medical treatment, which is what happens when you have uninsured motorist insurance and you are injured in an accident. Also, I don't feel any obligation to pay for an uninsured motorist's liability for injuries to any passengers who may be riding with me.

I think that many people, who pay for UM coverage, came from a state that required it, and they don't know that it is optional in Florida. And, in most cases, it is redundant with your health insurance. Also, if your UM coverage limit is only $10,000 or so, what would be the point of filing a claim for pain and suffering?

Not everyone is as lucky as you to have finances to cover thousands of dollars of medical bills, etc. Cost for extended coverage for nursing home and rehab over and above what Medicare will pay adds up quickly. What if someone is in an accident and lost a leg, arm, paralyzed, brain damage, etc. Most do not have financial sources for extra expense and lifestyle change? It is your choice but most need coverage. I hope it is the worst investment I ever make because I do not want it to happen to me or anyone, but I sure will be thankfulI I made the investment if I need the coverage.

I have a friend who was in an auto accident last month. She had to be airlifted to trauma center in Ocala. Broke almost every bone in her body. She will be in hospital and rehab for months.

[SharonW]

Everyone is talking about premium increases if you have a claim. You can purchase accident forgiveness which is additional premium but if you file a claim, you have guarantee that your premiums will not be increased due to claim. Some companies give unlimited accident forgiveness. Some offer one claim forgiveness every -3- years. Normal premium increases will still apply each year which are based on overall claims expense the companies have paid out but no surcharge for turning in a claim if you purchase endorsement.

Bottle line find an agent who explains everything and offers a quote based on your need. Asset exposure, etc. if an agent just quotes you apples for apples are they really being an agent or an order taker. Ask yourself why you buy insurance!

[retiredguy123]

Originally Posted by SharonW

Not everyone is as lucky as you to have finances to cover thousands of dollars of medical bills, etc. Cost for extended coverage for nursing home and rehab over and above what Medicare will pay adds up quickly. What if someone is in an accident and lost a leg, arm, paralyzed, brain damage, etc. Most do not have financial sources for extra expense and lifestyle change? It is your choice but most need coverage. I hope it is the worst investment I ever make because I do not want it to happen to me or anyone, but I sure will be thankfulI I made the investment if I need the coverage.

I have a friend who was in an auto accident last month. She had to be airlifted to trauma center in Ocala. Broke almost every bone in her body. She will be in hospital and rehab for months.

My health insurance covers those things and has a catastrophic limit of $5,000 per year, so there would be no out-of-pocket expenses exceeding that amount. Many retired people have original Medicare and a Medicare supplement, which basically covers all out-of-pocket medical expenses. But, if you do need to buy the uninsured motorist insurance, you need to buy a very high coverage limit (more than $100K per person). Otherwise, I think you would be wasting your money. If you move into a nursing home, and/or have additional out-of-pocket rehab expenses, $100K would be depleted in a few months, unless you have good medical insurance.