Misleading Car Insurance Ads - Page 3
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  1. #21
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    Thanks for explanation......still Bull as far as I'm concerned.
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  2. #22
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    Quote Originally Posted by NewtoSkeet View Post
    I've had USAA for 40 years and they too have been very fair. The USAA ad is true, more than one company has offered to beat my current rates and when I say I have USAA, they drop their pitch and say they can't beat them.
    In fact. It always irritates me when I go to renew my motorcycle insurance which used to cost more than teh two trucks together. Apparently their actuaries have a dim view of motorcycle riders over 50 regardless of how many decades you've ridden accident free.
    Anyway, after we switched to USAA I checked and they didn't do motorcycles so I was stuck with Progressive since they offered an AMA discount.
    Fast forward to 2 years ago and I heard a rumor that USAA now insured motorcycles. Sho nuff!
    In fact after all their swearing they (Progressive) couldn't go any lower I went through USAA and got teh same dang insurance for literally HALF of what I was paying - it was also using Progressive!
    USAA for teh win - I consider it an undocumented veteran benefit.
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  3. #23
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    Quote Originally Posted by Travlin View Post
    I hope that none of you would even consider Progressive. In case you don't know that is George Soross and we all know*that he is spending millions of his own $$ to take away all our guns.
    Nope - that all started when Peter Lewis, then chaiman of Progressive made a lot of contributions to the ACLU and got matching contributons from Soros.
    Peter is dead and gone and Soros never owned any Progressive.
    lever30 likes this.
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  5. #24
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    Quote Originally Posted by Golphin View Post
    Well Peter Lewis died in 2013.
    lol, shoulda read ahead - you had this
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  6. #25
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    Quote Originally Posted by Mr Fixit View Post
    I have to ask ....What does my credit rating have to do with what and how I drive in determining my rates?
    Ok. I worked for an insurance company (Unum) and I can kinda sorta answer this.
    All insurance companies use actuaries to factor causes and effects and extrapolate how much any given policy coverage will cost them statistically speaking.
    They take the projected loss cost of a policy and apply a profit margin and that's what people pay.
    The issue is with what factors they use. For example credit ratings. Somewhere along the line someone correlated credit ratings with accident rates and they found a tenuous indicator.
    Bear in mind that as far as I know nobody ever questions the correlation - all they care about is it has a match within some specified standard deviation from a perfect match.
    So if for example they had data showing that 25% of men having accidents were wearing a blue shirt - that might be a question on the application and boom - you wear blue shirts you're more likely to have an accident.
    My pet peeve is you move and boom - insurance goes up regardless of how unsafe the region you moved to is. That one factor can negate decades of good driving resulting in a substantial rise in rates.
    No, it's not fair since you have no way to verify or challenge their correlations - because, y'know, math.
    Bear in mind that actuarial tables are part of Linear Algebra and the computing power goes up exponentially with the number of factors. So they weed out the factors that don't cause losses to move very much and keep the ones that have a "Hoo-boy!" factor. Again - doesn't have to have a basis in reality - just make sense mathematically and benefit what they can charge.
    lever30 likes this.
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  7. #26
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    Quote Originally Posted by BubbaJon View Post
    In fact. It always irritates me when I go to renew my motorcycle insurance which used to cost more than teh two trucks together. Apparently their actuaries have a dim view of motorcycle riders over 50 regardless of how many decades you've ridden accident free.
    Anyway, after we switched to USAA I checked and they didn't do motorcycles so I was stuck with Progressive since they offered an AMA discount.
    Fast forward to 2 years ago and I heard a rumor that USAA now insured motorcycles. Sho nuff!
    In fact after all their swearing they (Progressive) couldn't go any lower I went through USAA and got teh same dang insurance for literally HALF of what I was paying - it was also using Progressive!
    USAA for teh win - I consider it an undocumented veteran benefit.
    Something is not right there, Motorcycle insurance is cheap until you add the uninsured motorist coverage and med pay coverage's. It sounds like to me the policy you have now does not have one of those coverage's like the old policy did. If USAA is using Progressive also then the rate might be a few dollars different either way but not half. You need to double check what you had and what you bought.
    lever30 likes this.

  8. #27
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    Quote Originally Posted by Golphin View Post
    Something is not right there, Motorcycle insurance is cheap until you add the uninsured motorist coverage and med pay coverage's. It sounds like to me the policy you have now does not have one of those coverage's like the old policy did. If USAA is using Progressive also then the rate might be a few dollars different either way but not half. You need to double check what you had and what you bought.
    Nope - double checked everything and some coverage are actually better than the old.
    You're making an assumption they were fair before - they were charging me around $700 a year on a 650cc bike. By paying cash up front they "knocked off " $50.
    No, I was being gouged. It all started when I moved here from Tennessee. Went from $250 a year to almost $900 with State Farm. I told them where they could put it. They claimed traffic was worse here as an excuse.
    So I went with Allstate which was $750. Got the new bike and found Progressive gave AMA discount - even so the cost was still around $600/yr.
    Ridiculous! Going through USAA I'm back down to $250 or so.
    lever30 likes this.
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  9. #28
    Gun Wizard
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    The wife’s right, I can’t afford a motorcycle, seeing how she tells me I can get one when we get divorced?
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