Insurance Policies and stability clause

Original Poster
You are correct about actuarial statistics. But I don't accept everything that the insurance companies throw at you.
For instance if I was married for 50 years and became widowed am I suddenly unstable? Where are the statistics for that? I bet they don't exist. They just group you with all the singles?
I'll keep you posted. I'm going to fight it and I bet I will win.
 

jerry r. garner

redneck, but brainy
I wanted to post a forever script with my comments, regarding the morality of business practices of our time and virtually every segment
of those that we have to pay every month.
(I was too dumb to figure it out; SeaBreeze was kind enough to send me instructs-Thanks SeaBreeze!

One of the great social observers of out time, Mr. Leghorn Foghorn commented on the morality of insurance companies :
 

Patio Life

New member
Insurance rates are also determined by your zip code and credit rating.
 

mathjak107

New member
Insurance rates are also determined by your zip code and credit rating.
some states are no longer allowing credit rating to be used .

the idea behind couples being cheaper is that singles as a group tend to include younger inexperienced drivers as well as older single drivers . , in the case of widows they may not have driven as much since their other half would likely drive at least part of the time on trips if not more .

my wife has her licence decades but does not even drive .

. married couples tend to pool their assets and resources putting them in better potential financial shape and perhaps less claims . married couples tend to have a greater need for other insurance products they can be sold.

married couples can tend to ride the coat tail of the other credit wise . someone with a lower score can be elevated through their partner if they are on their credit cards and loans.

80% of all married men die married , 80% of all married women die alone ... so women tend to live longer and drive longer making them greater risks as they age . it is generally the woman who goes on as a widow and drives at older ages . for the amount of miles driven as a group older drivers tend to have more accidents as they age .

so while the reasons may or may not make sense to us they hold a lot of water with the insurance statistics
 
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mathjak107

New member
as they say , you are judged by the company you keep .

how you are categorized determines how you are charged ..

it is like the auto insurance industry had to demonstrate to congress there was a link between credit scores and honesty ...

when millions of claims were looked at and sorted out , without a doubt there was a link between lower credit scores and the amounts and frequency of claims ..

when actual collisions with other parties happened the numbers were the same between the groups .. but in comprehensive claims where no other party was involved and it was basically the honor system with no witnesses , there was a big disparity in claim size and number of claims by those in the lower credit score groups , as if this was their chance at winning a lottery. so their honesty as a group was called in to question .

they demonstrated enough of a link that the insurers were allowed to incorporate credit worthiness in to your insurance score , which with other criteria determines your pricing
 

Liberty

Member
Location
Texas
Many times switching insurers puts you at the bottom of the totem pole ...after decades with an insurer a ticket or accident may not matter ...get a new company and they may drop you
Would you say then it might be best to stay with your current long term insurance provider even though you might get a bit of a cheaper quote from say Amica or another company? That happened to us the last time I checked. Still stayed with our current long term "bundled" insurer - Liberty Mutual though.
They've always been "Johnny on the spot" for both home and auto claims. Did up the home deductible though.
 

mathjak107

New member
Would you say then it might be best to stay with your current long term insurance provider even though you might get a bit of a cheaper quote from say Amica or another company? That happened to us the last time I checked. Still stayed with our current long term "bundled" insurer - Liberty Mutual though.
They've always been "Johnny on the spot" for both home and auto claims. Did up the home deductible though.
I have been with my insurer 40 years ...they sent me a letter saying that for my loyalty if I have an accident my fault I would not have it held against me...I get cheaper rate quotes. , not by much , all the time but I am not leaving for a few bucks and then put under a microscope
 

Liberty

Member
Location
Texas
I have been with my insurer 40 years ...they sent me a letter saying that for my loyalty if I have an accident my fault I would not have it held against me...I get cheaper rate quotes. , not by much , all the time but I am not leaving for a few bucks and then put under a microscope
Same here mathjak...that's what I think, too. How a company responds to you in a crisis mode says a lot about the company. We just had hail damage fixed on our car...the company was wonderful and the place they recommended to do the job was "scary perfect" and timely.
 

jerry r. garner

redneck, but brainy
as they say , you are judged by the company you keep .

how you are categorized determines how you are charged ..

it is like the auto insurance industry had to demonstrate to congress there was a link between credit scores and honesty ...

when millions of claims were looked at and sorted out , without a doubt there was a link between lower credit scores and the amounts and frequency of claims ..

when actual collisions with other parties happened the numbers were the same between the groups .. but in comprehensive claims where no other party was involved and it was basically the honor system with no witnesses , there was a big disparity in claim size and number of claims by those in the lower credit score groups , as if this was their chance at winning a lottery. so their honesty as a group was called in to question .

they demonstrated enough of a link that the insurers were allowed to incorporate credit worthiness in to your insurance score , which with other criteria determines your pricing
'judged by the company you keep' neat how you worked that into the topic, twenty years ago I would have filed it in my memory, now I know it would fretter away, can't even remember what it was I forgot
 
Original Poster
Same here mathjak...that's what I think, too. How a company responds to you in a crisis mode says a lot about the company. We just had hail damage fixed on our car...the company was wonderful and the place they recommended to do the job was "scary perfect" and timely.
It's amazing isn't it when you are surprised by what a company is supposed to do and what you are paying for?
 

Liberty

Member
Location
Texas
It's amazing isn't it when you are surprised by what a company is supposed to do and what you are paying for?
Yes Camper...its kind of sad though, isn't it? Its like you almost never win with insurance you know?! The casino always wins!
 


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