PDA

View Full Version : Our liability insurance went up 20%---you seeing an increase too?


Two Seasons
12-17-2008, 02:28 PM
Was curious why our insurance went up 20% year over year. No claims and the agency is a real hands-off, emails everything to communicate with us. Not personal.

Last year we paid $250, this year $300 for a 1M policy.

Insurance company is Allied Insurance, a Nationwide company. Never been a fan of Nationwide.

Can we do any better with someone else? Thanks for the help and I'm going back to work so won't be on-line for the rest of the day. Lots of snow around here, so it's $$$.$$ time!

supercuts
12-17-2008, 02:30 PM
that doenst seem like much, my family health care went from $650 3 years ago to $1200 a month now. im more worried about that.

dougaustreim
12-17-2008, 02:35 PM
Our PKG actually went down this year, even though we'd actually had a few small claims.

JDUtah
12-17-2008, 03:26 PM
get quotes from other agencies, let yours know you are not satisfied... Might be the agent thinking he has you for life, trying to rip you a little?

HOOLIE
12-17-2008, 07:35 PM
Highly unlikely you'll beat $300 a year...I mean come on do you expect them to underwrite your policy and all for nothing??? Maybe that's WHY they send emails, to keep things cheap.

DLAWNS
12-17-2008, 09:22 PM
I pay a lot more than that. Mine hasn't increased at all. Talk to them about it and get other quotes so that you know where you're at.

Two Seasons
12-18-2008, 12:02 AM
Thanks for the replies.

It's the 20% increase that is troubling to me, not the fact that it's "just $300" as some have inferred.

Imagine you increasing your new customer's services in 2009 by 20%, they'd go shopping---guaranteed! And that is what we will be doing too.

HOOLIE
12-18-2008, 12:42 AM
Thanks for the replies.

It's the 20% increase that is troubling to me, not the fact that it's "just $300" as some have inferred.

Imagine you increasing your new customer's services in 2009 by 20%, they'd go shopping---guaranteed! And that is what we will be doing too.

They may have incurred a lot of claims in the past year, and are passing the increased cost out across all their clients. You should call them and ask.

When I inferred that is was 'just $300', what I was saying was, that's still dirt-cheap. I'm guessing maybe this was the only insurance company you called originally and just lucked out to find the cheapest one. Call about 10 other companies and you'll be shocked at the prices. I got quotes ranging from $295 to over $3000, and most of them were over $1000, and I called about 15 insurance companies.

It's kind of as if you were paying $10 to have your lawn cut, and the LCO increased it to $12, and you got all fired up over the 20% increase and shopped around to discover everyone else is charging $35 :laugh:

lawnman_scott
12-18-2008, 01:27 AM
Thanks for the replies.

It's the 20% increase that is troubling to me, not the fact that it's "just $300" as some have inferred.

Imagine you increasing your new customer's services in 2009 by 20%, they'd go shopping---guaranteed! And that is what we will be doing too.
Except that you will be wasting your time. You wont find it any cheaper anywhere that you already have.

Stillwater
12-18-2008, 08:26 AM
Was curious why our insurance went up 20% year over year. No claims and the agency is a real hands-off, emails everything to communicate with us. Not personal.

Last year we paid $250, this year $300 for a 1M policy.

Insurance company is Allied Insurance, a Nationwide company. Never been a fan of Nationwide.

Can we do any better with someone else? Thanks for the help and I'm going back to work so won't be on-line for the rest of the day. Lots of snow around here, so it's $$$.$$ time!


GOOD LORD wanna trade bills?????

godzilla
12-18-2008, 10:02 AM
Don't forget that the insurance companies have their money in the stock markets and other investments. If stocks and investments go down, premiums have to go up. If stocks and investments go up, they can afford to lower premiums.

minliath
12-18-2008, 02:01 PM
We're in the middle of a soft market as far as insurance goes. You shouldn't be seeing your insurance go up right now with all the companies competing for business.
I doubt shopping will do you much good. I don't know how much lower than $300 anyone could go.

JDUtah
12-18-2008, 02:07 PM
btw guys, I didn't look at his numbers other than % increase... so as far as my post... if he has a problem he can try to shop around... and talk to his agent... but it might not be worth the time.

Two Seasons
12-18-2008, 11:33 PM
I've resigned myself to paying it. Like godzilla said, their money is invested too, so that's probably it.

Thanks for the replies.

Josh.S
12-22-2008, 12:55 PM
When I started the biz my insurance premium minimum was 500. Also, if you have a truck on the policy and your liability insurance then your premiums should be much higher. Maybe the company just raised their minimum premium 20%. My insurance hasn't went up.

Greenboy24
12-22-2008, 04:16 PM
If that is a per year price i would not be complaining one bit....I got 2M coverage for 1200, thats normal for around here