Go Back  The Hull Truth - Boating and Fishing Forum > BOATING FORUMS > Dockside Chat
Reload this Page >

Captain Obvious PSA - Shop your insurance every 2-3 years

Notices

Captain Obvious PSA - Shop your insurance every 2-3 years

Old 08-07-2020, 12:01 PM
  #1  
Senior MemberCaptains Club MemberPLEDGER
Thread Starter
 
Join Date: Apr 2001
Location: East Central Florida
Posts: 6,791
Received 1,457 Likes on 733 Posts
Default Captain Obvious PSA - Shop your insurance every 2-3 years

I have had USAA for home/car/boat insurance for the last 34 years. I have been happy with their service and we have had only one significant claim (roof replacement from hail damage 6 years ago) over that period. As a part of refinancing my house to buy out my soon-to-be ex-wife's equity I (finally) noticed how high our USAA homeowners insurance premium had gotten ($6400/yr). I called them and asked about different ways I could reduce that and the only area that reduced the premium more than $100 was to reduce the coverage on our detached garage/workshop from too much (50% of primary home) to not quite enough (25% of primary home). I asked about a windstorm mitigation inspection but the USAA agent said that it might reduce our premium or it might increase the premium depending on what the inspection found.

So I called the local State Farm agent and got a quote from them. For equivalent coverage their initial premium quote was $4300 (if I move my auto policy as well). However she recommended I get the windstorm mitigation inspection because it _could_ drop the premium by up to $1000. Because the house is 20 years old they required a "4 point" inspection as well (electrical, plumbing, roof, etc). The inspector guy happened to be in this area the day I called him and he did the windstorm mitigation inspection and the 4-point inspection that same day. He sent the inspection reports in and the new annual premium quote (including monitored security discount $100) came in at $3099/year.

I realize the industry standard is to raise rates every year because 80% of the people don't notice or care, but this was eye-opening.

I know it's often said on THT to shop your insurance every couple of years, but I had grown lazy. Not anymore.
Old 08-07-2020, 12:09 PM
  #2  
Senior Member
 
Join Date: May 2006
Location: Suffolk, Va.
Posts: 17,646
Likes: 0
Received 2,099 Likes on 1,068 Posts
Default

Originally Posted by Onewolf View Post
I have had USAA for home/car/boat insurance for the last 34 years. I have been happy with their service and we have had only one significant claim (roof replacement from hail damage 6 years ago) over that period. As a part of refinancing my house to buy out my soon-to-be ex-wife's equity I (finally) noticed how high our USAA homeowners insurance premium had gotten ($6400/yr). I called them and asked about different ways I could reduce that and the only area that reduced the premium more than $100 was to reduce the coverage on our detached garage/workshop from too much (50% of primary home) to not quite enough (25% of primary home). I asked about a windstorm mitigation inspection but the USAA agent said that it might reduce our premium or it might increase the premium depending on what the inspection found.

So I called the local State Farm agent and got a quote from them. For equivalent coverage their initial premium quote was $4300 (if I move my auto policy as well). However she recommended I get the windstorm mitigation inspection because it _could_ drop the premium by up to $1000. Because the house is 20 years old they required a "4 point" inspection as well (electrical, plumbing, roof, etc). The inspector guy happened to be in this area the day I called him and he did the windstorm mitigation inspection and the 4-point inspection that same day. He sent the inspection reports in and the new annual premium quote (including monitored security discount $100) came in at $3099/year.

I realize the industry standard is to raise rates every year because 80% of the people don't notice or care, but this was eye-opening.

I know it's often said on THT to shop your insurance every couple of years, but I had grown lazy. Not anymore.
That's false. It cost way more to replace a customer then it does to retain good customers. The rate is the rate and it sounds like USAA has loss issues in your area and thats why their premiums are so high. When USAA opened their market to more service members about 15 years back their rates have gone up steadily every year.
Old 08-07-2020, 01:00 PM
  #3  
Senior Member
 
Join Date: Sep 2013
Location: UsA
Posts: 1,642
Received 401 Likes on 265 Posts
Default

There is no shopping for home owners insurance in Florida. They shop you.
Old 08-07-2020, 01:17 PM
  #4  
Senior Member
 
Join Date: Dec 2003
Location: Bayville NJ
Posts: 981
Received 149 Likes on 93 Posts
Default

My nephew has a name brand insurance agency, he "makes bank".
Old 08-07-2020, 04:57 PM
  #5  
Senior Member
 
Join Date: Aug 2009
Location: N E Florida
Posts: 1,664
Likes: 0
Received 287 Likes on 175 Posts
Default

I shopped USAA for home owners and ended up going with Progressive.
USAA was 3, THREE!!! times as much!
Guess those commercials are expensive.
Old 08-07-2020, 05:57 PM
  #6  
Admirals Club Admiral's Club Member
 
Join Date: Aug 2010
Location: New Hampshire
Posts: 5,208
Received 1,216 Likes on 621 Posts
Default

Originally Posted by Onewolf View Post
I have had USAA for home/car/boat insurance for the last 34 years. I have been happy with their service and we have had only one significant claim (roof replacement from hail damage 6 years ago) over that period. As a part of refinancing my house to buy out my soon-to-be ex-wife's equity I (finally) noticed how high our USAA homeowners insurance premium had gotten ($6400/yr). I called them and asked about different ways I could reduce that and the only area that reduced the premium more than $100 was to reduce the coverage on our detached garage/workshop from too much (50% of primary home) to not quite enough (25% of primary home). I asked about a windstorm mitigation inspection but the USAA agent said that it might reduce our premium or it might increase the premium depending on what the inspection found.

So I called the local State Farm agent and got a quote from them. For equivalent coverage their initial premium quote was $4300 (if I move my auto policy as well). However she recommended I get the windstorm mitigation inspection because it _could_ drop the premium by up to $1000. Because the house is 20 years old they required a "4 point" inspection as well (electrical, plumbing, roof, etc). The inspector guy happened to be in this area the day I called him and he did the windstorm mitigation inspection and the 4-point inspection that same day. He sent the inspection reports in and the new annual premium quote (including monitored security discount $100) came in at $3099/year.

I realize the industry standard is to raise rates every year because 80% of the people don't notice or care, but this was eye-opening.

I know it's often said on THT to shop your insurance every couple of years, but I had grown lazy. Not anymore.
I have Amica for house, cars, boats, life, ATVs, snowmobiles, and an umbrella policy, so I feel your pain about paying a premium. It's not cheap.

But I don't want or need a "policy", or "coverage", or an "agent". I just want someone to pay me for damages without bickering or lawyering up and in my experience the top tier providers do just that.

I'll shop gas, consumables, and heating oil but when you take a stiff kick to the nuts there's nothing better than a good insurance provider.



Old 08-07-2020, 06:01 PM
  #7  
Senior Member
 
Join Date: Oct 2014
Posts: 877
Received 193 Likes on 91 Posts
Default

I like how you say you liked their service, but only used them for one claim. They were very good at taking your money.
for sure everyone needs to shop around. Insurance is expensive and it doesn’t need to be if you look around.
Old 08-07-2020, 07:11 PM
  #8  
Admirals Club Admiral's Club Member
 
Join Date: Aug 2010
Location: New Hampshire
Posts: 5,208
Received 1,216 Likes on 621 Posts
Default

Originally Posted by Chpsk8 View Post
I like how you say you liked their service, but only used them for one claim. They were very good at taking your money.
for sure everyone needs to shop around. Insurance is expensive and it doesn’t need to be if you look around.

You need to quote the post that you're responding to . Otherwise very few know wtf you're writing about.
Old 08-07-2020, 09:13 PM
  #9  
Senior Member
 
Join Date: Feb 2012
Location: Cary, NC
Posts: 680
Received 161 Likes on 90 Posts
Default

I have USAA and their rate is far more than others that have quoted me. In 25 years I have had 2 claims. One from a hurricane and another from a ruptured water line in my attic. We are about even in what has been paid to each other. For that reason I will stick with them because they were there when I really needed them.
Old 08-07-2020, 10:34 PM
  #10  
Senior MemberCaptains Club Member
 
Join Date: Dec 2004
Posts: 2,631
Received 194 Likes on 135 Posts
Default

I had the same experience with Nationwide auto policy. Geico cut it by 2/3. I too had grown lazy and Nationwide grew fat. It really is a pain in the ass to shop all my policies every year but it has to be done.
Old 08-08-2020, 04:17 AM
  #11  
Senior Member
 
Join Date: Oct 2013
Location: Moyock, NC
Posts: 1,157
Likes: 0
Received 82 Likes on 50 Posts
Default

Originally Posted by Stim View Post
I shopped USAA for home owners and ended up going with Progressive.
USAA was 3, THREE!!! times as much!
Guess those commercials are expensive.

I agree their prices went through the roof right after their started major advertising years ago. It used to be you only heard about them through word of mouth and when you called their number you could get an American USAA Rep on the phone in under 120 seconds almost 24/7/365. Now their products are expensive, your on the menu/ hold for 5-20 minutes and all the "benefits" of their coverage are offered by others. When I started closing accounts with them they didn't believe me that other companies were cheaper with the same or better service.
Old 08-08-2020, 05:15 AM
  #12  
Senior MemberCaptains Club MemberPLEDGER
 
Join Date: Aug 2001
Location: West Carolina
Posts: 22,007
Received 1,588 Likes on 859 Posts
Default

Originally Posted by Stim View Post
I shopped USAA for home owners and ended up going with Progressive.
USAA was 3, THREE!!! times as much!
Guess those commercials are expensive.
Progressive spends about 4 times what USAA does on advertising.
Old 08-08-2020, 05:36 AM
  #13  
Senior MemberPLEDGERPLEDGERCaptains Club Member
 
Join Date: Sep 2004
Location: ATL & SAV
Posts: 12,351
Likes: 0
Received 2,003 Likes on 989 Posts
Default

Last year I finally shopped all of our insurance (houses, farm, auto, umbrella, etc.). We had been with Allstate for 30+ years. We moved everything to the Ga Farm Bureau and literally cut our total bill by 40%.
Old 08-08-2020, 06:07 AM
  #14  
Admirals ClubCaptains Club Member Admiral's Club Member
 
Join Date: Dec 2005
Location: Tampa Bay Area
Posts: 2,225
Received 515 Likes on 238 Posts
Default

I had been with USAA for the past 24 years until I shopped around for the first time just a couple of months ago. In the military, you are basically brainwashed into thinking that USAA is the only reputable insurance company in the world. It finally dawned on me that people (civilians) that are not eligible to become members of USAA are somehow managing to make it through life with other insurance companies.

Switching to Progressive saved me $100 per month on my car insurance (3 older but full coverage cars) alone.

I will say, it did actually take some willpower to switch from USAA. It's like finally giving up your favorite (security) blanket when you were a kid. Again, brainwashed.
Old 08-08-2020, 10:48 AM
  #15  
Senior MemberCaptains Club Member
 
Join Date: May 2003
Location: Cape Cod, Mass
Posts: 4,775
Received 511 Likes on 239 Posts
Default

A longtime co-worker turned friend left our profession to join his father’s insurance business years ago. I switched all our policies to his company and have been with him ever since. The ability to call a friend for insurance advise or issues or especially in a crisis is invaluable.

When we had tornadoes tear across Cape Cod last summer my phone rings that afternoon, it was Matt. “Hey! Are you guys okay? That was crazy weather! Any damage we need to address? Everything ok?”

Nobody from GEICO or USAA or Safety or State Farm or anyplace else is going to do that. Maybe I could save by switching and going somewhere else but I won’t as the personal connection is invaluable.
Old 08-08-2020, 11:16 AM
  #16  
Admirals Club Admiral's Club Member
 
Dulcecita Lures's Avatar
 
Join Date: Nov 2009
Location: Tempe, AZ
Posts: 16,771
Likes: 0
Received 1,526 Likes on 612 Posts
Default

Just left USAA for similar said reasons. Never a claim with them, been with them for many years. I had noticed creep (some to be expected) in my homeowners insurance because my mortgage escrow account was constantly short the last few years, requiring me to cough up a couple hundred to make up the shortfall.

Farmers called out of the blue and asked if they could quote for us. Sure. Looked at their quote, apples for apples against USAA. No real savings on car insurance, a few dollars, but better 500/500 liability coverage. Homeowners? Holy moly! $1000 a year cheaper, plus a million dollar umbrella policy that spreads to both the home and auto coverage.

It was funny when I called USAA to cancel. Poor guy was like uhhhh, ummmm, I'm looking for how I can save you money, but no way I can beat that $1000 a year savings.

Bye bye USAA! Hello Farmers!
Old 08-08-2020, 11:51 AM
  #17  
Senior MemberCaptains Club Member
 
Join Date: Jan 2003
Location: Charleston, SC
Posts: 3,366
Received 3,816 Likes on 1,704 Posts
Default

Just switched our auto from Progressive to Geico and almost cut the premium in half. $825 to $467.
Two older vehicles that thanks to the Rona will only get 7500 miles put on them this year, if that.
Old 08-08-2020, 02:14 PM
  #18  
Senior Member
 
Join Date: Feb 2011
Location: texas coast
Posts: 1,154
Received 84 Likes on 49 Posts
Default

I was with Farmers for 8 years and the last 2-3 was appalled at the increases ... I started by asking them how I could cut the rates and basically they gave me things that I could do to knock off < $50 ... pffft! ... I started with auto since it came due 1st ... for wife and 3 yo S4 and me with 4 yo F250 ... no tickets, no claims ... ever ... we're in our 60's ... over $3600/year !!! Did this last year and went with a Hartford/AARP policy with everything we needed which is pretty much all they had ... $1100 bucks a year !! ... long story short everything I had with Farmers is gone or about to be gone ... saved $400 on boat ins. Saved $900 on ins for the rental we own and are about to save $1300 on our home ... that's over 5 grand!!! ef Farmers, shop around
Old 08-08-2020, 07:57 PM
  #19  
Admirals Club Admiral's Club Member
 
Join Date: Aug 2020
Location: IN / Coastal AL
Posts: 16
Received 1 Like on 1 Post
Default

I'm definitely due to shop around insurance.

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Thread Tools
Search this Thread

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.