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Thread: Insurance rip off?

  1. #1
    Join Date
    May 2007
    Location
    Newburgh, Indiana
    Posts
    918

    Insurance rip off?

    "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!
    Life's too short to use old sandpaper.

  2. #2
    Join Date
    Mar 2003
    Location
    SE PA - Central Bucks County
    Posts
    65,675
    In general, any of these convenience features have a premium cost attached. No surprise there. For some folks opting-in might pay off but for others, not so much. It's like any insurance decision...you and only you can decide if the extra features are worth the added cost for you.
    --

    The most expensive tool is the one you buy "cheaply" and often...

  3. #3
    Join Date
    Sep 2009
    Location
    Medina Ohio
    Posts
    4,514
    There are many insurance companies that do that. I have Geico and have not had a claim for 3 years and they gave me that without raising my premium.

  4. #4
    Join Date
    Sep 2007
    Location
    Upstate NY
    Posts
    3,789
    There's no such thing as a free lunch. There is always a gimmick hidden somewhere.

    Jerome; you got the benefit instead of getting a reduced premium. Your cars were older and your record better; so you deserved something.

    Though last year Fidelity paid me money to move stocks from my Etrade account, and Etrade paid me money to move other stocks from my Fidelity account. Beats the heck out of me why. The incentives were more than I would pay for commissions in 50 years. If there was ever a free lunch, that has to be it.

  5. #5
    Join Date
    Jan 2009
    Location
    N.E, Ohio
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    3,026
    The other insurance gimmick of sending you a check every six month you are accident free. You are overpaying just to get that refund. Depending on that refund is treated you may have taxable income.
    George

    Making sawdust regularly, occasionally a project is completed.

  6. #6
    When car was new, premiums were X amount, to cover cost of replacing car. Five years later car has lost most of it's value, but have your premiums dropped? HECK NO!! Now you are paying for coverage that you aren't getting. In my business, they would charge me with theft for charging for something that I didn't plan on delivering. One side of street is in one zip code, and other side is in another zip code, premium rates are different due to zip codes, even though it's the same street. Same goes for township limits. Local town is coming toward us. When they take us in, car insurance goes up, even though we didn't move one inch. Fifty years ago, I moved closer to my work. Five mile drive, VS a 30 mile drive. Insurance on commuting vehicle went UP, even though I was driving as lot less miles per week. I was in a different zip code. Got bad credit, your premiums go up. What the heck does your credit score have to do with using your insurance? Expand this a little. Once I was taking a med that had a $75 co pay. Pharmacist told me I needed to NOT file insurance as drug only cost $54 retail. My insurance wasn't paying retail price!. Asked what happened to extra money from co pay. Store forwarded it to insurance company, which means I was being charged for using something that I had already paid for, and being over charged. I started on a new med several years back, so pharmacy. charged me retail for first fill, as they couldn't access my insurance. Later insurance company refunded difference, and paid for future prescriptions. When I get My EOB, they list as having saved me X amount on prescription by having insurance. Unfortunately prescription (first one) cost me about 1/4 of what EOB said prescription costs.
    Last edited by Bruce Wrenn; 08-13-2018 at 9:47 PM.

  7. #7
    Join Date
    Sep 2007
    Location
    Upstate NY
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    3,789
    Quote Originally Posted by Bruce Wrenn View Post
    When car was new, premiums were X amount, to cover cost of replacing car. Five years later car has lost most of it's value, but have your premiums dropped? HECK NO!!.
    Mine drop every year; if yours don't you should see about a new insurance company.

  8. #8
    Join Date
    Nov 2005
    Location
    Mid Michigan
    Posts
    468
    Quote Originally Posted by Wade Lippman View Post
    Mine drop every year; if yours don't you should see about a new insurance company.
    You don't live in Michigan.....

    We have to fund the stupid unlimited health care coverage. In principle a good thing, reality is much different.

    Health care providers use it as a cash cow, with inflated charges for their services.....and the insured pays, dearly.

    Ed

  9. #9
    Join Date
    Mar 2016
    Location
    Elmodel, Ga.
    Posts
    798
    Another new rip off with auto insurance. Wife and I just bought another vehicle. The older car is not being driven as a daily driver anymore. Insurance tripled on that car. This car is 14 years older than the new one. Insurance calls it an excess vehicle now. What the heck?

    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/
    My Dad always told me "Can't Never Could".

    SWE

  10. #10
    Join Date
    Jul 2005
    Location
    Cincinnati Ohio
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    4,731
    Quote Originally Posted by Steve Eure View Post
    Another new rip off with auto insurance. Wife and I just bought another vehicle. The older car is not being driven as a daily driver anymore. Insurance tripled on that car. This car is 14 years older than the new one. Insurance calls it an excess vehicle now. What the heck?

    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/


    My Pharmacy gives one RX I have for FREE .
    Received a letter from my Insurance saying I can no longer get my med there. In order to SAVE MONEY I would have to go through their mail order process.
    You know I just had to call and ask how I was going to save money mail order when the RX was free at my Pharmacy. I was off the phone very quick.

    I was with my old auto/home insurance for I bet 30 years. Rates kept creeping up. so for fun I got a quote from another insurance company. I was getting ripped off so bad the new agent stayed past closing time to make sure her quote was correct. She could not believe what I was paying. We saved around $1,200 a year.
    Last edited by Dave Lehnert; 08-13-2018 at 11:23 PM.
    "Remember back in the day, when things were made by hand, and people took pride in their work?"
    - Rick Dale

  11. #11
    Join Date
    Sep 2010
    Location
    Livonia, Michigan
    Posts
    780
    I haven't changed insurance companies since... later today.

    Our car insurance is really pricey. Not only are we in Michigan but I also have my daughter, who seems unable to keep the sheetmetal of the car she's driving from finding the sheetmetal of other cars.

    It also went up when I had to replace my 14 year old minivan, totaled by someone that decided their phone was more important that traffic lights. It's been a rough two years for the fleet at the house.

    -Tom

  12. #12
    Join Date
    Nov 2006
    Location
    NE Ohio
    Posts
    6,979
    I was with my old auto/home insurance for I bet 30 years. Rates kept creeping up. so for fun I got a quote from another insurance company.
    Yep....
    Cable & satellite TV companies aren't the only ones that body slam "loyal customers".
    Everybody these days does it.
    My granddad always said, :As one door closes, another opens".
    Wonderful man, terrible cabinet maker...

  13. #13
    Join Date
    Feb 2003
    Location
    Lafayette, IN
    Posts
    4,563
    With 5 vehicles and 5 drivers on our policy, we recently discovered that we SAVED money by ADDING an umbrella policy--the premium reduction on our auto insurance more than covered the cost of the umbrella policy by quite a bit.
    Jason

    "Don't get stuck on stupid." --Lt. Gen. Russel Honore


  14. #14
    Join Date
    Feb 2003
    Location
    Doylestown, PA
    Posts
    7,551
    Quote Originally Posted by Dave Lehnert View Post
    .......................................
    I was with my old auto/home insurance for I bet 30 years. Rates kept creeping up. so for fun I got a quote from another insurance company. I was getting ripped off so bad the new agent stayed past closing time to make sure her quote was correct. She could not believe what I was paying. We saved around $1,200 a year.
    We ran into your same situation a few years ago. Had been with the same insurance carrier for 10+ years and the rates just kept going up. Shopped around a little bit and halved the premium. I think the original carrier was charging big city rates but we don't live that close to big city and haven't gone there is many years. Perhaps their assumption is that if you live near Big City, you drive there regularly.

  15. #15
    Join Date
    Aug 2010
    Location
    USA
    Posts
    5,582
    All these folks grumbling about insurance rates? Don't you realize they are in business to MAKE MONEY? Also, you are free at any time to find better rates?

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