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Christopher Robin

Got Anything "Funky" Happening With Your Car Insurance?

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"..........One Fell Swoop!" (gotta look that phrase up one day) instead of making monthly payments which you may heretofore been making?

 

Yep, that's what is happening with our plan. Okay. I kinda get it, but wait! There's more! :rolleyes:

 

1. Their offices are pulling out of Georgia and are moving to their HQ in Nashville, So I guess they have a right to do that even though that's going to put a hell of a lot of people into a sudden bind - especially if they HAVE comprehensive coverage and are living on a tight budget.

 

[Caveat: This may not affect you, so don't panic (yet). It sounds like business as usual depending on your (and my) circumstances: The company moving back to their HQ, etc.]

 

2. And as if this weren't enough, our agent tells me we can stay with him. Just let him do some "'figgerin'".

Okay. Go run the numbers.

 

In half an hour, he calls me back and tells me I don't have to pay a whole six months all at one, but my monthly rate will go from $142.00 to $262,00 per month. :shok:

 

::::: :o SPHINCTER!!!! Don't turn loose on me NOW!!!!! You hear me???? Don't you DO DO it!!:::: :o

 

Seriously though, I'll be making a a call a little later this morning to the State Insurance Commish's office and will report what I find out,.

 

Meanwhile, if you have a similar story, maybe you'll share it with us.

 

Thanks!

 

Q

 

 

 

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My car insurance was with Farmers Insurance and was set to go up. I called the local agent in Hiram and he said Corporate actuaries have risen all of Georgia's car insurance rates due to higher losses and so forth. I explained I haven't had any tickets or accidents, but he said it was all across Georgia and his hands were tied.....

 

So I left Farmers and went shopping and found a better deal with Auto-Owners Insurance. It was one of Dave Ramsey's endorsed local providers, so I do feel pretty safe about using them now.

 

Bye Bye Farmers Insurance!

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You might want to shop around.

 

I think everyone's went up but ours is still reasonable.

 

Give Curtis a call. He's always gotten me the best rates.

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I've always paid mine at six month intervals. I get a little savings since they don't have to send 5 months worth of bills and I just make monthly deposits into a budget category so I have the cash when the bills come in.

 

Granted, changing from monthly to six months would be a pain in the butt since you wouldn't have the time to save up. State farm has an option where you select six month payments, but then it allows you do delay half the payment for two months for $2.00 which can help.

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My car insurance was with Farmers Insurance and was set to go up. I called the local agent in Hiram and he said Corporate actuaries have risen all of Georgia's car insurance rates due to higher losses and so forth. I explained I haven't had any tickets or accidents, but he said it was all across Georgia and his hands were tied.....

 

So I left Farmers and went shopping and found a better deal with Auto-Owners Insurance. It was one of Dave Ramsey's endorsed local providers, so I do feel pretty safe about using them now.

 

Bye Bye Farmers Insurance!

Basically the same happened to me several years ago with GEICO. I had been with them for over 30 yrs and all of sudden mine went upclose to $400. Called them, was told that too many claims nationwide was cause. I told them to check my record of no claims for about 20 years. Sorry! Now with USAA

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Basically the same happened to me several years ago with GEICO. I had been with them for over 30 yrs and all of sudden mine went upclose to $400. Called them, was told that too many claims nationwide was cause. I told them to check my record of no claims for about 20 years. Sorry! Now with USAA

Funny, because I have been with Geico for 25+ years and mine actually has gone down. Same coverage and even had a totaled vehicle claim less than 2 years ago. I have priced other companies just about every time mine comes up for renewal and nobody can come close.

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The big upfront criteria for insurance rates are tickets and accidents. There are other things they factor into rates for existing customers that you would think have nothing to do with insurance. If you think back is there anything that changed in your life the year before the insurance issue? Anything that would create a record they can access. Financial, health, employment, even lawsuits etc. etc.

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The big upfront criteria for insurance rates are tickets and accidents. There are other things they factor into rates for existing customers that you would think have nothing to do with insurance. If you think back is there anything that changed in your life the year before the insurance issue? Anything that would create a record they can access. Financial, health, employment, even lawsuits etc. etc.

 

Good point. Did your Credit Score change? New loans etc? My wife worked insurance for a while and said they use those scores to set the premiums as well.

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Funny, because I have been with Geico for 25+ years and mine actually has gone down. Same coverage and even had a totaled vehicle claim less than 2 years ago. I have priced other companies just about every time mine comes up for renewal and nobody can come close.

Yes I had been comparing also and nobody could beat Geico for years. Then boom +$400. Nothing had changed except my age (74) and credit score went up 81 points (793). No accidents, health changes, debt free, in other words no reason for increase.

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I'm just amazed that insurance rates will go up based on age, use of the coverages, area where you live, credit score and such. And they go up every year. Is it like that with all insurance?

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My car insurance was with Farmers Insurance and was set to go up. I called the local agent in Hiram and he said Corporate actuaries have risen all of Georgia's car insurance rates due to higher losses and so forth. I explained I haven't had any tickets or accidents, but he said it was all across Georgia and his hands were tied.....

 

So I left Farmers and went shopping and found a better deal with Auto-Owners Insurance. It was one of Dave Ramsey's endorsed local providers, so I do feel pretty safe about using them now.

 

Bye Bye Farmers Insurance!

My Mom & Dad stayed with State Farm for several decades. I don't know if they ever shopped the rated but I seem to remember them having a close friendship with the agent.

 

Every couple of years I pull all my policy's out and go shopping. Last summer we moved over to Farmers in Hiram. Last month ours went up a few dollars. When I went in to question the new rate, I too was told this was an across the board state wide increase. They did give me a card with a discount to take an on-line drivers education exam. Once we both passed the cost of the exams was recovered and also provided us with a premium almost the same as we were paying before. Sounds like I will be shopping again in less than 6 months.

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I'm just amazed that insurance rates will go up based on age, use of the coverages, area where you live, credit score and such. And they go up every year. Is it like that with all insurance?

 

As far as age goes, they look at the age group with the most claims. Youth, who haven't figured out how to drive safely yet and elderly who think they still can way beyond the time they should stop.

 

When my grandmother died, there wasn't a body part on her car that didn't have a dent or a scrape on it, none of which she could remember happening. I shudder to think of all the people in parking lots that cussed when they came out after she parked next to them.

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You might want to shop around.

 

I think everyone's went up but ours is still reasonable.

 

Give Curtis a call. He's always gotten me the best rates.

 

 

Thank You LOWRIDER! :wub:

 

For ANYONE else out there reading this... It Would be my pleasure to see if I could save you Money

on your Insurance Needs! :wub:

 

My Contact Info is Below! :hi:

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Welcome to the world of actuarial science :

 

https://en.wikipedia.org/wiki/Actuarial_science

 

;)

I want to make sure I understand what you're saying here. You are saying the insurance premiums are based on how the actuaries price the risk pools and premiums go up because the risk and cost of servicing those pools go up? Is that what you're saying?

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Aside from auto I'll chime in about "wind & hail" insurance. I live on the east coast in NC. If you have a mortgage you are required to have wind & hail insurance beyond your home owners and auto insurance. A couple of years ago they (State and Insurance) decided to raise the w&h insurance by around 37% for property owners on or near the coast. WTF? We have not had ANY major hurricanes here! Try to absorb $1900/yr just for wind & hail policy. Combined my homeowners and umbrella policy is about a 1/4 of the W&H policy

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Welcome to the world of actuarial science :

 

https://en.wikipedia.org/wiki/Actuarial_science

 

;)

I want to make sure I understand what you're saying here. You are saying the insurance premiums are based on how the actuaries price the risk pools and premiums go up because the risk and cost of servicing those pools go up? Is that what you're saying?

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Welcome to the world of actuarial science :

 

https://en.wikipedia.org/wiki/Actuarial_science

 

;)

I want to make sure I understand what you're saying here. You are saying the insurance premiums are based on how the actuaries price the risk pools and premiums go up because the risk and cost of servicing those pools go up? Is that what you're saying?

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Welcome to the world of actuarial science :

 

https://en.wikipedia.org/wiki/Actuarial_science

 

;)

Since you won't answer, let me help you. Here is what the actuaries said about health insurance premiums. You're right! It is based on the risk pool. That means those employer health insurance risk pools had nothing to with Obamacare, just like the actuaries said. What a surprise.

 

https://www.actuary.org/files/Drivers_2016_Premiums_080515.pdf

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To Christopher Robin... tried to send you a message.

 

and for some reason Paulding.com won't allow me to!!! :rolleyes:

 

So here is my message to your response from 3:39 pm today...

 

I never received a email from you and I am Glad you got it taken care of! :good:

 

Curtis

770-833-2175 cell/text

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Since you won't answer, let me help you. Here is what the actuaries said about health insurance premiums. You're right! It is based on the risk pool. That means those employer health insurance risk pools had nothing to with Obamacare, just like the actuaries said. What a surprise.

 

https://www.actuary.org/files/Drivers_2016_Premiums_080515.pdf

 

Did you read the article you linked? Lots of examples of how ACA forced premium changes:

 

Mandatory coverage of pre-existing conditions contributed a lot to the change:

 

. If a risk pool disproportionately attracts those with higher expected claims, premiums will be higher on average for that pool.

 

 

The ACA's redistribution of wealth clause expiring also is causing a rise:

 

 

 

 

. The ACA transitional reinsurance program provides payments to plans in the individual health insurance market when they have enrollees with especially high claims, thereby offsetting a portion of the costs of higher-cost enrollees. This reduces the claim costs that insurers expect to pay, allowing them to offer premiums lower than they otherwise would be. Funding for the reinsurance program comes from contributions required by the ACA from all health plans, including not only plans in the individual market, but also those in the small and large group markets, as well as self-insured plans. These contributions are then used to make payments to ACA-compliant plans in the individual market.

 

For 2016, the reinsurance program will reimburse insurers for 50 percent of an individual’s health claims between $90,000 and $250,000, which would likely reduce net claims by about 4 to 6 percent. This compares to the rate reduction in 2014 of 10 to 14 percent and in 2015 of 6 to 11 percent. Insurers will be comparing the impact of these reinsurance parameters to those in their 2015 rates, which may have been based on the initially announced $70,000 attachment point or the reduced $45,000 attachment point.

 

The ACA affecting rates is mentioned more:

 

 

Single risk pool requirement. The ACA requires that insurers use a single risk pool when developing rates. That is, experience inside and outside the health insurance marketplaces (i.e., exchanges) must be combined when determining premiums. Premiums for 2016 will reflect demographics and health status factors of enrollees both inside and outside of the marketplace, as was true for 2015.

 

 

EXPANSION OF THE SMALL GROUP MARKET. In the current small group health insurance market, small employers are those employing up to 50 employees. For plan years beginning in 2016, the ACA expands the definition of small employers to include those with up to 100 employees. This change increases the number of employers that will meet the definition of a small group and could impact premiums for those employers as well as those already defined as being small groups.2 Under the expanded small group definition, groups sized 51-100 will face more restrictive rating rules, which will increase relative premiums for some groups and reduce them for others. In addition, groups sized 51-100 will face additional benefit and cost-sharing requirements, which could reduce benefit flexibility and increase premiums. The more restrictive rating and benefit requirements could cause more groups sized 51-100, especially those with healthier, lower-cost employees, to self-insure, particularly among those for whom premiums would increase under the new rule. This could put upward pressure generally on small group market premiums.

 

It's pretty clear the ACA is having a major impact on the rate structure.

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Did you read the article you linked? Lots of examples of how ACA forced premium changes:

 

Mandatory coverage of pre-existing conditions contributed a lot to the change:

 

 

The ACA's redistribution of wealth clause expiring also is causing a rise:

 

 

The ACA affecting rates is mentioned more:

 

 

 

It's pretty clear the ACA is having a major impact on the rate structure.

You're not understanding the risk pool. Those risk pools are for the people on the ACA policies, not employer plans. That is exactly the point I was making because it is the risk pool of older, sicker, more frequent uses of the delivery systems that drive those ACA plans and that is not the same risk pools as employer plans. The small group plans were required to offer more benefits so the plan didn't result in being a major medical only.

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You're not understanding the risk pool. Those risk pools are for the people on the ACA policies, not employer plans. That is exactly the point I was making because it is the risk pool of older, sicker, more frequent uses of the delivery systems that drive those ACA plans and that is not the same risk pools as employer plans. The small group plans were required to offer more benefits so the plan didn't result in being a major medical only.

 

The employer plans were required to offer more benefits as well, so that the number of choices of polices that an employer could offer were minimized. No longer could someone have the option of being an adult and pay for their own needs and just have insurance for major items.

 

It's like requiring any car owner to have extended warranties *and* pre-paid service plans for the life of the vehicle. Those who actually plan ahead are punished for the mistake of those who can't.

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Channeling Monty Python : "I didn't expect a kind of "Spanish Inquisition"....... :db:

 

But I got my own problem solved. Sometimes one has to go "out of town" to get what one needs.

 

Thanks to all of you for the help

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The employer plans were required to offer more benefits as well, so that the number of choices of polices that an employer could offer were minimized. No longer could someone have the option of being an adult and pay for their own needs and just have insurance for major items.

 

It's like requiring any car owner to have extended warranties *and* pre-paid service plans for the life of the vehicle. Those who actually plan ahead are punished for the mistake of those who can't.

I am not sure, outside of maybe maternity coverage, what someone would want to omit or what is considered only 'major items'. Our choices have always been based on plan type and out of pocket costs. I have never been asked if I wanted to include coverage for prostate exams, for instance. Common sense tells me it would be covered for a male & denied for a female without my having to specify I wanted to include it at the time I signed up for the insurance. Same with maternity coverage - haven't ever been asked whether I want or need it. Haven't been offered the opportunity to exclude it for any premium savings, either.

 

Those complaining were not generally people who only wanted to cover major items and pay their own way for routine care. It was people who had previously paid low or no premiums and had old school insurance with low deductibles that provided coverage for everything and the kitchen sink, too.

 

Maybe substitute empathy for the perception that you are being penalized for the unfortunate circumstances of others. Many of the uninsured did not get a chance to make a plan when they lost not only insurance but the job with which it came.

 

If anyone is to be faulted for the failure of the ACA it is young, healthy people who think they are invincible and refused to buy reasonably priced coverage to offset the costs of covering those with pre-existing or chronic health problems. These same people will continue to use the ER as their 'plan' for occasional injuries and illnesses, and then will be added to the ranks of the uninsurable due to their own health problems and lack of regular preventive care.

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Actually I have to disagree. I have a family member that had to purchase thru the marketplace and it was very affordable compared to what they could purchase thru the private sector. The down side is the access to doctors and hospitals that aren't in the network and high deductibles. The cost thru the marketplace may not work for all, but it has worked for many.

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Actually I have to disagree. I have a family member that had to purchase thru the marketplace and it was very affordable compared to what they could purchase thru the private sector. The down side is the access to doctors and hospitals that aren't in the network and high deductibles. The cost thru the marketplace may not work for all, but it has worked for many.

What good is health insurance if the high deductibles and out of pocket expenses are not affordable for the insured?

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My State Farm auto has risen tremendously but not the homeowners..25 years no claim with them ..time to shop for sure

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