Catalytic converter stolen; Progressive only endorse aftermarket converter, any issue?

[HSKR R/T]

I am thinking about moving to State Farm or other insurance sometimes later. But after some research it seems to me that many insurance companies have the similar issue like this.

State farm will drop you for making claims. Seen it happen to more than one person I know.

 

[rocketsk8s555]

I had a terrible experience with Progressive on a claim from an accident that was no fault of ours. As with most insurance companies, they have this thing called cash value or some nonsense like that. Basically they tried low balling me on the amount to replace my vehicle and fought me on every last nickel. One of the "managers" was a real bull dog, pulled every under handed reason imaginable to value my vehicle as low as possible. Promptly left them for Geico after settling. They had me as a forever customer, now I am their never ever again customer.

 

[jmt8706]

State farm will drop you for making claims. Seen it happen to more than one person I know.

Yep, don't trust Jake's s**t eating grin on the commercials.

 

[HSKR R/T]

I had a terrible experience with Progressive on a claim from an accident that was no fault of ours. As with most insurance companies, they have this thing called cash value or some nonsense like that. Basically they tried low balling me on the amount to replace my vehicle and fought me on every last nickel. One of the "managers" was a real bull dog, pulled every under handed reason imaginable to value my vehicle as low as possible. Promptly left them for Geico after settling. They had me as a forever customer, now I am their never ever again customer.

Gieco is good about raising your premiums every renewal with no explanation. That initial savings when switching doesn't last long.

 

[boogielander]

not sure if you have AAA. my only experience with them (or with any claim) was nothing but good. long story short a wrong way driver hit my car and totaled it. AAA paid me $2k over what i thought my car was worth within 2 weeks.
but that was also 2017, before Wuhan Virus and all the associated problems.

 

[Aseras]

Gieco is good about raising your premiums every renewal with no explanation. That initial savings when switching doesn't last long.

It's called "price optimization" and they all do it. It's a "are you willing to change polices and shop around or not?" tax.

 

[SkittleRam]

not sure if you have AAA. my only experience with them (or with any claim) was nothing but good. long story short a wrong way driver hit my car and totaled it. AAA paid me $2k over what i thought my car was worth within 2 weeks.
but that was also 2017, before Wuhan Virus and all the associated problems.

I have AAA insurace for Auto/Home and I have had great experiences with all my claims. Two months after switching to AAA, I grazed a coworker's car and they covered without question or even raised my rates. Then a few years later I rear-ended some kid that "thought he had seen something" and stopped all of a sudden and I was in my 1964 New Yorker, that car would not stop on a dime and lots of damage to both cars. AAA totaled my New Yorker and paid wayyy more than I thought it was even worth. Also the whole experience with them was so easy.

I vote for AAA

 

[Quint]

I am thinking about moving to State Farm or other insurance sometimes later. But after some research it seems to me that many insurance companies have the similar issue like this.

They all do this stuff. For every story about how great American Family, State Farm, Geico, etc handled it all, there are just as many where they tried to screw over a customer. Find the best price, work with an insurance broker if you know an honest one, and then be prepared to fight whenever you have to deal with them.

I'm glad that it all got resolved. We've all had these types of things happen so it's just a roll of the dice!

 

[HSKR R/T]

It's called "price optimization" and they all do it. It's a "are you willing to change polices and shop around or not?" tax.

Can't say they "all" do it. I have rarely had any increase in premiums on my current policy with USAA, that I have had for over 20 years, unless I made a change myself.

 

[scottmoyer]

I currently have AAA and have had them for 8 or 9 years. They have been good to work with regarding homeowners claims. My premiums are higher than other companies for the cars, but cheaper on the house, so it even'd out making it a no brainer to stay put. This year, homeowners rates are skyrocketing in Florida due to roofing companies scamming the insurance, causing all of our rates to go up, so I have no idea how they compare for my upcoming renewals. I may switch to another company and be dropped in 30 days for no reason.

I used to have State Farm when I lived in Minnesota, and I thought I was a lifer. They treated me right. no increases after an accident, regardless of fault, homeowners was fair, etc. Moved to Florida and State Farm wouldn't even quote me.

I guess it all depends where you live and anything regional that impacts their bottom line determines if you get treated right, or not.

 

[OldMarine]

many of you won't believe this, but I can tell you that insurance companies make LITTLE to NO profit from auto policies. In fact, some years they lose...the auto policy money is used to invest, real estate, stock market, etc.....THAT'S where they make their money. The way they measure cost in auto claims is called "severity". It means how much of every dollar they take in, do they have to shell out in claims. usually severity is in the .95-.97 ramge...meaning they make 3-5 cents on the dollar. They really are more like banks...

 

[Aseras]

many of you won't believe this, but I can tell you that insurance companies make LITTLE to NO profit from auto policies. In fact, some years they lose...the auto policy money is used to invest, real estate, stock market, etc.....THAT'S where they make their money. The way they measure cost in auto claims is called "severity". It means how much of every dollar they take in, do they have to shell out in claims. usually severity is in the .95-.97 ramge...meaning they make 3-5 cents on the dollar. They really are more like banks...

Nope, auto policies are the insurance industries bread and butter. It's exactly why states like here, Florida have made anyone selling auto policies also must offer homeowners insurance and other products. Homeowners is usually pegged at cost, because there's a reinsurance market for them to cover major losses.

The insurance industry is screwed up for sure. The entire idea of insurance is to pool risk, so you want to spread that out over as wide an area as possible. But they've let insurers carve out subsidiaries to lock in regional markets, which defeats this principle entirely. Insurance companies should be pooled nationally and as far as I'm concerned they should all be not for profit.

 

[OldMarine]

Nope, auto policies are the insurance industries bread and butter. It's exactly why states like here, Florida have made anyone selling auto policies also must offer homeowners insurance and other products. Homeowners is usually pegged at cost, because there's a reinsurance market for them to cover major losses.

The insurance industry is screwed up for sure. The entire idea of insurance is to pool risk, so you want to spread that out over as wide an area as possible. But they've let insurers carve out subsidiaries to lock in regional markets, which defeats this principle entirely. Insurance companies should be pooled nationally and as far as I'm concerned they should all be not for profit.

nope?..ha ha...ok....believe what you want, I retired from the insurance industry. "
What are the major sources of revenue for an insurance company?


"The principal source of revenue for insurers is from insurance premiums, while the largest component of cost for insurers is claim payments. In most years, insurers actually pay more in claims and associated expenses than they earn in premiums, resulting in an underwriting loss." get educated here: What Is the Main Business Model for Insurance Companies?

 

[SkittleRam]

This year, homeowners rates are skyrocketing in Florida due to roofing companies scamming the insurance, causing all of our rates to go up, so I have no idea how they compare for my upcoming renewals.

My home insurance premium went up by 40% due the all the fires here in CA and much higher home values.