Insurance rip off?

[Bob Glenn]

I understand about making money, Pat, however, go to any big city and most of the big buildings are insurance companies and banks.

Another rip off: We received the renewal from our homeowners insurance company, Cincinnati Insurance, and it had increased about 12 percent! We have never filed a claim and our credit ratings remain in the high 700's to low 800's. "Yes insurance companies charge more if you have a low credit rating" When I asked my insurance agent about the big increase, she said that rate would be "locked in" for the next three years. My replied was that I didn't want to pay the full three year increase beginning the first year. She didn't have a reply and claimed ignorance at my explanation. We shopped for new insurance and actually got the same coverage for 15 percent less than what we were paying.

A golfing friend told me he used to sell insurance. I asked him why he quit and he said he didn't feel right about taking advantage of people. I have read that insurance companies will raise your rates until you no longer have a tolerance for it. Just sayin.........

[Art Mann]

I am with Pat. Most companies are not trying to be deceitful or rip anyone off. They are making money for the stockholders. That is why they exist. If anyone is ripped off by insurance premiums, it is because they didn't do their homework before making their choice. The facts are all there. As far as rewarding safe drivers goes, it just makes sense for the insurance companies to do that. They are trying to motivate people to be better drivers to minimize their payouts. What is wrong with that?

[Wade Lippman]

On the other note on the pharma companies. Wife had a prescription that was going to cost us $98 if we filed insurance. The co-pay was $24. We ended up not filing and paid out of pocket to the tune of $4. Now you know why they can build a new drug store on every corner in town. I'm in the wrong business/

In NY there is actually a law that prevents the pharmacy from tell you that. Yeah, the pharma companies.

[Kev Williams]

All I can say is, I got no insurance complaints-- I'm insuring a house, the business in it, 3 cars, a pickup truck, 2 motorcycles, 3 boats and a motorhome for under $500 a month...

My 20 year old granddaughter was just quoted $440 a month full coverage for ONE car... yeesh...

gettin' old without many claims over the years pays off I guess...

[Pat Barry]

I understand about making money, Pat, however, go to any big city and most of the big buildings are insurance companies and banks.

Another rip off: We received the renewal from our homeowners insurance company, Cincinnati Insurance, and it had increased about 12 percent! We have never filed a claim and our credit ratings remain in the high 700's to low 800's. "Yes insurance companies charge more if you have a low credit rating" When I asked my insurance agent about the big increase, she said that rate would be "locked in" for the next three years. My replied was that I didn't want to pay the full three year increase beginning the first year. She didn't have a reply and claimed ignorance at my explanation. We shopped for new insurance and actually got the same coverage for 15 percent less than what we were paying.

A golfing friend told me he used to sell insurance. I asked him why he quit and he said he didn't feel right about taking advantage of people. I have read that insurance companies will raise your rates until you no longer have a tolerance for it. Just sayin.........

Yes, they are very good at making money.

[Stan Calow]

Shared risk means sharing the cost. If there are hurricanes in Florida, floods in Texas, or wildfires in California, the insurance companies raise your rates all over the country to pay those claims. Doesnt matter how good a customer you are. The only thing that keeps cost down is competition.

[Rollie Meyers]

In NY there is actually a law that prevents the pharmacy from tell you that. Yeah, the pharma companies.

A lot of insurance companies have a gag rule, that prevents the pharmacy from telling you that you can save money by just paying for the meds yourself unless you ask, some drugs have a cost lower then the copay, and the insurance companies claw back some of that money from the pharmacies.

[Doug Garson]

Shared risk means sharing the cost. If there are hurricanes in Florida, floods in Texas, or wildfires in California, the insurance companies raise your rates all over the country to pay those claims. Doesnt matter how good a customer you are. The only thing that keeps cost down is competition.

All the disasters you mention have one common link, climate change, so competition isn't the only thing that keeps cost down, fighting climate change will probably have a greater impact than competition.

[Scott Donley]

All the disasters you mention have one common link, climate change, so competition isn't the only thing that keeps cost down, fighting climate change will probably have a greater impact than competition.

Now don't let facts get in the way, we shall just have to agree to disagree.

[Pat Barry]

Now don't let facts get in the way, we shall just have to agree to disagree.

What facts do you have to dispute the previous comments? Dont let some facts keep you from a faulty, but apparently happy, illusion.

[Scott Donley]

What facts do you have to dispute the previous comments? Dont let some facts keep you from a faulty, but apparently happy, illusion.

Dont let some facts keep you from a faulty, but apparently happy, illusion.

[Andrew Joiner]

"For people that choose accident protection, Liberty Mutual won't raise your rates after your first accident".

Sounds to me like they are charging you up front for your first accident!

The company I was with 20 years ago told me my rate wouldn't go up if I reported a minor accident, so I filed the claim. In a month my yearly renewal bill came in the mail and it went up 20%. I called and said you told me it wouldn't go up! She said "oh, your RATE is the same but you lost your accident free discount". That was my small local office where I knew everyone. I trusted insurance even less after that.

[Doug Garson]

Now don't let facts get in the way, we shall just have to agree to disagree.

Have a look at the attached article, I think you will find one or two facts to support my comment.https://www.theguardian.com/environm...rs-manage-risk

[Art Mann]

Maybe I'm just a cynic, but I don't believe everything I read on the internet. If their banner claims that they have no bias, I am even more suspect.