Allstate Insurance rate hike, 40%

[ReservoirDawg10]

Law requires you to have insurance and they're raising it so high people can't afford it. Wars were started over **** like this

Not how it works, but good try.

 

[Boogar Presley]

Not how it works, but good try.

If all the insurance companies raise their rates 40% the law will change and say we don't have to have it because it's too expensive ? Not how it works

 

[lostchild]

Law requires you to have insurance and they're raising it so high people can't afford it. Wars were started over **** like this

Not so, you can self-insure in GA.

 

[ReservoirDawg10]

If all the insurance companies raise their rates 40% the law will change and say we don't have to have it because it's too expensive ? Not how it works

Because there is no collusion. You may find this shocking, but insurance carriers are a business. Their intention is to make money. There is also a ton of competition. If a carrier thinks they can make 2 points at a certain pricing level, they are going to cut rate and undercut the competition to pick up loads more premium. When you see an insurance carrier, typically new to a market, come in and take substantial market share quickly, that's how they do it. They come in guns blazing with cheap rates (i.e. premium) because their actuaries said they could. Usually, this is short lived as premiums are out-stripped by losses. That's why you see carriers exit the market altogether or take substantial rate.

Insurance companies don't make money off of premiums. They make money in the financial market by investing earned premium. When you look at the social inflation, increased ALAE, increased fraud, so on and so forth, there is less money, if any, to invest. Couple that with a tanking financial market, and you have rate increases across the board.

Personal lines is relatively simple to price for losses. Law of large numbers. Carriers have astronomical amounts of data on tap for personal lines. It is simple due to decades of experience. There isn't much that is unique in the personal lines space. Even the high hazard and specialty lines like coastal properties or rare/high dollar vehicles. May be rare to you or me, but for a carriers, they have millions of files to pull data. Insurance typically goes in the opposite direction of the stock market. The better the market, the lower the premiums as they need less capital to realize profits. Carriers can cut their rates to gain market share and then invest that premium at a higher return in the market even though their net loss ratio will be higher. The lower the market, the higher the premiums. Absolutely opposite of the above.

 

[ReservoirDawg10]

If all the insurance companies raise their rates 40% the law will change and say we don't have to have it because it's too expensive ? Not how it works

If you want to have an actual conversation, I'm happy to oblique. But if you want to take the butt-hurt libtard uneducated feelings stance, by all means. Go for it.

 

[C'mon man!]

I saved 50% on my auto insurance by moving to Tennessee, couldn't believe it. Eff that Atlanta traffic and insurance rates!

 

[ReservoirDawg10]

I saved 50% on my auto insurance by moving to Tennessee, couldn't believe it. Eff that Atlanta traffic and insurance rates!

GA is quickly turning into a legal ****hole

 

[The Old Jaybird]

Thank all the PI lawyers for the rate increases. They aren't to blame for all of it, but a good majority. Everytime you see one of their TV ads bragging about all the big settlements they have "won". That money had to come from somebody.

Allstate is NOT a very good insurer.

 

[ReservoirDawg10]

Thank all the PI lawyers for the rate increases. They aren't to blame for all of it, but a good majority. Everytime you see one of their TV ads bragging about all the big settlements they have "won". That money had to come from somebody.

Allstate is NOT a very good insurer.

My "favorite" ad for a PIA was a billboard on 75. Simply read "whocanisue.com." That about sums it up these days.

 

[roundhouse]

Thank all the PI lawyers for the rate increases. They aren't to blame for all of it, but a good majority. Everytime you see one of their TV ads bragging about all the big settlements they have "won". That money had to come from somebody.

Allstate is NOT a very good insurer.

Yeah but when the insurer of the person that rear ended me offered me $500 for the damage that was almost $5000 ,
Bumper , tailgate , skid plate , trailer hitch , gas tank and bent frame , guess what I had to do to get paid?

I had to hire a Personal injury lawyer and sue them .

If they had just offered
Me the actual damages , which I had an estimate for , I would not have had to hire a lawyer .