gaf63 Posted December 16, 2009 Share Posted December 16, 2009 If this is a soft market, I surely would not like to see the results of a hard market in the costs for my personal insurance. State Farm raised my H.O. (3 yr. old house) by 18% at end of Sept, as well an increase in EQ ins from the state. Just now received an increase in personal liability policy of 13.3%. Have had no claims for as long as I can remember. Anyone else experience such price hikes? Or can it be that State Farm is trying to make up for bad investments from the last couple of yrs. GAF Link to comment Share on other sites More sharing options...
benhacker Posted December 16, 2009 Share Posted December 16, 2009 I have lots of anecdotal evidence that State Farm is off the charts in terms of premium raises. Multiple stories of 20-30% increases. My brother just canceled his two car + house policy with SF after 10+ years... when the agent asked why, he said "COST" and the agent didn't even say anything... just took it like they'd been hearing that for the last several months. I don't know the specifics, but they must have really lost a bundle in their investments or something, because while I see some hardening, I don't see anybody as crazy as them. I know their structure is different, so maybe they are just being more honest about where they need to write business and most other firms are hiding it and trying to make it up with a few low accident years. Shah, you reading, I know you're not in this space, but would like your thoughts. Ben Link to comment Share on other sites More sharing options...
Grenville Posted December 16, 2009 Share Posted December 16, 2009 Just another data point from SF car insurance over the last six months. my premium is down 5% Notables: + "premium reductions" down 5% + comprehensive dropped 10% + collision dropped 19% + uninsured motor bodily increased 30%! My current premium shows a decent delta compared to the last one...pricing is moving. Link to comment Share on other sites More sharing options...
oldye Posted December 16, 2009 Share Posted December 16, 2009 They lost 2.2 billion last year just from writing insurance and looks like they took some heavy losses on their equity portfolio. Wouldn't be surprised if they were like many deer in the headlights insurance co's that sold out of "risky assets" and went heavy into short term bonds before the run up. Link to comment Share on other sites More sharing options...
shalab Posted December 16, 2009 Share Posted December 16, 2009 Switch to Gieco ;D Link to comment Share on other sites More sharing options...
Smazz Posted December 16, 2009 Share Posted December 16, 2009 I'm with a smaller particpating co. for home and auto. The rates were always lower than anything else I had quoted. I recvd partic. cheques almost every year. this year (with no claims or accidents for my auto) my rates increased 20+% :o Link to comment Share on other sites More sharing options...
Alekbaylee Posted December 16, 2009 Share Posted December 16, 2009 Same thing happened to me this year, for my auto insurance. Link to comment Share on other sites More sharing options...
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