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OT - Insurance - You get what you pay for??

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Prospector
Master Marine Consultant

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Canada
3159 Posts

Initially Posted - 04/15/2010 : 06:49:13

We have a crapload of insurance polices. 3 cars, a house, a boat, and 2 lives, all with State Farm, with a history going back to around 1989.

This is costing us $500 plush change a month right now.

When I wrote off a car about 3 years ago they shrugged and wrote a cheque. Litigation is ongoing on the civil case related to that, but they are covering all the costs. I am told that since that was my first at-fault accident in 7 years, it did not affect my rates.

When we damaged the boat last year, they shrugged and wrote a cheque to have things professionally repaired, The work is nearly complete.

I have confidence that they will cover us when we need it. I have other experience with health insurance through work, that let me down when my daughter was hurt, and left us out of pocket.

I just did a online test quote and found I could be saving a hundred bucks a month or so by switching carriers. But I fear payin gfor insurance with folks who won't payout when the payout is needed. Is this an area where the service matches the price? Is cheaper better?

"Iris"
1984 FK/SR #4040
http://frosthaus.blogspot.com/

Take a minute to register your boat with the association!!
http://www.catalina-capri-25s.org/owner_questionnaire.htm

Edited by - on

John Russell
Master Marine Consultant

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USA
3444 Posts

Response Posted - 04/15/2010 : 07:29:24

I've been thinking these thoughts a lot lately, too. My insurance company's(USAA) reputation, and my experience with their service is terrific. But, I'm sure I can pay a smaller premium elsewhere. Is it "a penny saved is a penny earned" or, "penny-wise but pound-foolish" if I were to change to a new company simply for lower rates? For now, I'm staying with what I've got.

Edited by - on

Dave Bristle
Master Marine Consultant

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Djibouti
10005 Posts

Response Posted - 04/15/2010 : 08:33:01

A good friend lost her entire house (except for the outside walls, roof, and foundation) and most of its contents when a second-floor plumbing problem flooded it for a few days while she was gone. You can hardly imagine the scene--I was one of the first to see the sheet-rock hanging from ceilings and walls, the basement full of water, the hardwood floors twisted off the joists, the cracked marble in a bathroom (from twisting studs and joists), and virtually all of her personal property destroyed. Burning it down might have been more merciful.

She had been advised by a friend, an retired independent insurance agency owner, to go with Chubb for superior claims service. He knew what he was talking about. The service was incredible, and the bills were astounding. She now has literally the same home--maybe a little nicer--after about a year of rebuilding. Only her mother's artwork and some antique heirloom furniture could not be replaced.

I talked to that same guy and to the independent adjuster on the woman's case... I got two names--Chubb and Middlesex Mutual--as the two premier companies that come through when you need it. They had many stories about very different experiences. I now have Middlesex for home, car, boat, and an umbrella liability over all three, including the boat. I could probably pay a little less to the guys with Super-bowl commercials... but that's not why I'm buying insurance in the first place.

I hope never to find out whether it was worth it, as she did.

Consumer Reports is a good resource for ratings insurers on car and home claims experience. (I don't think Middlesex--now MiddleOak--is in their report.) Any anecdotes like yours, and this one, are also worth a lot.

Edited by - Dave Bristle on 04/15/2010 08:36:09

aeckhart
Master Marine Consultant

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USA
1709 Posts

Response Posted - 04/15/2010 : 10:29:00

I've been with USAA since 1976 for car, boat, and home insurance. I went with them because they were the only comapny around that would insure my car overseas. Sure enough, a drunk German rammed my Camaro and USAA paid in full. The repairs were made at an Opel shop.

Several years ago my boat was struck by lightning, and soon after by a speeding stink-potter. Yep, they paid the $3000+ to fix and replace everything damaged inluding repainting the bottom.

I've also had deer hit my car twice and someone rear-ended my wife's car last year. Repairs started within 24 hours and paid promptly. In the case of the rear-end job, we were allowed $85oo for a 6 year old Impala with 102,000 miles on it.

So, am I paying more than I need to? Probably. Am I going to change insurance companies? Heck no.

Added to all of the above, they have excellent service people, a great on-line web site, and I get a check every year as a share of excess premiums collected during the previous fiscal year.

You can't beat that with a spare tiller.

Edited by - aeckhart on 04/15/2010 10:32:41

superbob
Navigator

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USA
200 Posts

Response Posted - 04/15/2010 : 15:37:31

Honestly, I think we're all in the same boat (no pun intended). From my experience and what seems to be a popular opinion, you never have enough insurance when you truly need it. That said, everything is insured with Allstate. I pay $1,600 a year for full coverage on two cars and fifth wheel trailer. Insurance for the three homes we own is 1,100 each. Full coverage for the Catalina 250 and it's trailer amounts to $300. A personal umbrella in the amount of $1,000,000 runs $306 for a grand total of just over 5,500. Basically with the extra two homes and possibly other coverage I have you beat in terms of what you and I pay.

Allstate seems to be fairly decent in regards of rates but I have no clue when it comes to submitting a claim if Allstate meets their motto: You're in good hands with Allstate.

My suggestion would be to contact several other insurance companies for quotes. If one beats what you have now ask that carrier how best to transition from your present coverage to theirs. They'll know the ins and outs of making that change and will likely help you in making it. Good luck.

Edited by - on

GaryB
Master Marine Consultant

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USA
4306 Posts

Response Posted - 04/15/2010 : 19:42:45

I have Allstate Insurance on my house and boats. I had a couple of claims on my SeaRay back in the early 80's, they paid no problem.

After the battle I fought with Allstate when Hurricane Ike damaged our home I will be changing companies this June when we come up for renewal. It took me over a month of fighting and arguing with them to get most of the damage covered. I still have unrepaired damage to some sheetrock in the house.

For example, I had roof damage near the ridge on the back side of my house. They were going to replace 1/2 of my roof at $45.00/sq. After fighting with them for a month and going through 4 or 5 adjusters (everytime I called them back I got a new adjuster) they finally decided to replace the entire roof and the final cost was somewhere around $100.00/sq. If I had accepted their first offer I would have had to pay for most of the repairs myself.

They gave me $1,000.00 to remove, replace, paint, and re-wallpaper approx. 100 sq. ft of sheetrock. They allowed $100.00 to replace 20' of wood fencing. Have you gotten quotes recently from a sheetrock guy or a fence company?

Sounds like I need to call USAA or Middlesex!

Edited by - on

Dave Bristle
Master Marine Consultant

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Djibouti
10005 Posts

Response Posted - 04/15/2010 : 21:41:10

<blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by GaryB
 Sounds like I need to call USAA or Middlesex!<hr height="1" noshade id="quote"></blockquote id="quote">Middlesex (MiddleOak) apparently isn't selling outside of the NE. I got them through an independent agency--I recommend trying one. Chubb doesn't do much retail marketing--they tend to concentrate on commercial insurance--but they are available through some agencies. Another direct insurer I've heard very good things about (and that's been rated well by Consumer Reports) is Amica. It used to be that you had to get a policy holder to refer you to them--I suspect that's no longer true.

Edited by - Dave Bristle on 04/15/2010 21:53:42

pastmember
Master Marine Consultant

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2402 Posts

Response Posted - 04/16/2010 : 07:11:17

I am a State Farm guy. After 40 years I have had some moments of frustration but over all they have been great. My only boat claim involved my Hobie 17 which was tossed around the boat yard by a Kansas Twister. I took photos of the yard and the boat and put them on the internet, called the adjuster who said the storm had them backed up. I told him to go to my url and when he saw the photos he cut me a check on the spot. I got the check in a couple of days.

Edited by - on

aeckhart
Master Marine Consultant

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USA
1709 Posts

Response Posted - 04/16/2010 : 08:08:07

State Farm is a good company. My mom worked in their auto company for 30 years. If I didn't have to insure in Europe and have had such great service with USAA I'd be with them.

Edited by - aeckhart on 04/16/2010 08:08:31

JudOWNED
1st Mate

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USA
98 Posts

Response Posted - 04/16/2010 : 10:44:02

State Farm imploded here in FL. We still have our auto with them, but when I went to get the boat insured they told me that (in addition to no longer covering homes) they no longer are opening new policies on boats! So, I ended up going with Progressive. We'll see how they are. But either way, we're probably going to end up taking our auto ins somewhere else too.

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