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Do insurance companies raise premiums just for contacting them?
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My insurance premiums for the last two years have been $1,005. I just got a notice that they’re raising my premium to $1449. The only change has been that I contacted my rep asking if there was a time limit on filing a claim if I need to but gave no other information.
Is it possible that they raised my premium just for asking that question? 45% increase seems like a lot to blame on inflation
Top Comment:
No it’s based on actual claims. Premiums are up that much because of large increases in home prices and home materials along with losses in the residential insurance market.
MSTY Premiums are insane
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Got greedy today and took one of these insane CSP's. been watching you guys for weeks now and finally decided to jump in, but then, looking at the premiums, I got greedy.
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I too got one today. But it factors in the dividend payout that we will miss if we had bought it directly today. So considering the missed dividends the premium is ok in my opinion.
Car insurance lapse and higher premiums
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My car insurance is extremely high considering I’ve only had one ticket about 8 years ago, never made an auto insurance claim, and my car is only worth $2500. I’ve found out that one of the reasons why is because I had my insurance policy lapse, the most recent time being for about a year and ending 2 years ago. This was because my job at the time gave me a company car to use and they carried insurance on it that didn’t list me specifically as a driver but just covered any and all vehicles registered to the company being driven by any company employee. I still had a personal car during that time but never used it, it never even got the registration renewed, but because I didn’t use it I didn’t renew insurance on it (I bought it cash so I wasn’t making payments on it or anything). After I left the company I got insurance on my car, got it inspected, and got the registration renewed asap to begin driving it again, but it basically still looks like I didn’t have insurance for about a year. When I was searching for insurance for it afterwards even though I explained my situation about why I didn’t have insurance specifically in my name or for my personal car I was told there was nothing they could do. Now that it’s been two years of having insurance at all times, I’ve seen pieces of information floating around about you can get that policy lapse off of your CLUE report but I can’t find anything on how to do it. Like all the articles I’m reading just say to call the insurance company to get it reinstated as fast as possible within the grace period (I’m way over that time frame) or to just start shopping around for new insurances (already did that, and it’s still high)
So is removing the lapse even possible? And if so, where would I start to get it removed?
Top Comment:
i'd shop around, i'd consider just liability unless buying another beater is going to be a financial strain on you. If you have an aqueduct amount of savings and discretionary income, consider increasing your deductible.
I'd buy a dash cam as well so people don't get the chance to cash in on your insurance or you don't have to take no fault accident on your policy.
Car insurance premiums just keep going up
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Recently, the spouse and I both have gotten out of theft magnets that initially shot up our insurance. Same exact coverage with the newer vehicles, yet our broker says our current rate is the best available. We took defensive driving courses and somehow applying those discounts still made the rates go up due to the company's new pricing.
I'm just wondering if anyone in their 30s with no tickets in the last 6+ years has had any luck getting affordable insurance for 2 vehicles 2020 or newer lately. I'm at my wit's end and need help getting even close to the rates I used to have pre-Hyundai/Kia theft spree.
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We have Geico, it's $145/mo for both cars (2020 and 2024). Progressive also usually has pretty competitive rates... But it all depends on whatever mythical risk formulas the companies are using
[Any state] How much do malpractice premiums rise when there are more claims against a doctor or practice?
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According to the answers I received on another post in r/insurance, medical malpractice insurance costs do not rise after a settlement or judgment against a doctor, but they do rise when there are more claims filed against a doctor or practice.
Does anyone have any examples or data about medical malpractice premiums going up after more claims were filed against a practice? By how much would the claims rise, on average?
I have found some information about how the average costs of medical malpractice insurance varies by region and by speciality, but so far I have not found any specific examples of how much malpractice insurance costs might rise after more claims are filed against a doctor or practice:
http://www.medscape.com/viewarticle/852216 https://www.quora.com/How-much-is-malpractice-insurance-affecting-US-healthcare-practices
Top Comment:
As I understand it, your question is "how much would premiums rise on average if a specific practice/doctor has settlements and/or judgements against them." Unfortunately, that's a question that's impossible for us to give any sort of accurate answer. The venue, nature of the practice, type of claims, reason for the claims (e.g. is the problem that led to the claims fixable), amount of payments, identity of the insurer and where all claims are in the legal process can have major impact on the answer, among others.
Any answer I could give you would be strictly anecdotal, and you could not apply it across all med mal coverage.
How do prior owner claims affect my premiums?
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I made a largeish claim on my homeowners insurance a year ago for water damage. My rates went up considerably at renewal. When shopping my plan around, carriers keep pricing me way high and citing claims from before I owned the property.
What's going on here?
Top Comment:
Water claims in particular can stick with a property.
Hail is a geographic issue and a prior hail claim that was repaired is not likely to affect a property going forward.
Water losses are likely to repeat. Think about if someone has a pipe break and insurance pays for that loss. That samd piping likely is the same age and type and runs through the entire home, meaning that a repeat loss is likely. So this home looks like a higher risk compared to similar homes due to that.
Do premiums on property insurance increase after claims due to hurricane helene?
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Hey guys. I own a few rental properties that were impacted by hurricane helene. Some more so than others. After talking with my agent, he made it seem like my premiums will increase if I file claims due to the hurricane and I should only do claims on major damage. I’ve heard from others that agents are incentivized to steer you away from filing claims as it impacts how much they get paid.
Can someone shoot me straight? Will my premiums actually go up and I should only file claims for major damage?
Top Comment:
Some states do not allow for catastrophic assigned losses to negatively impact premium (ie surcharges, tiering, loss of discounts, etc.). It’s really difficult to say what the case would be for you.
But, with all of this loss activity going on, plus carriers not turning as big of profits, you’ll likely see increases regardless of filing a claim. A claim may just make it worse.
Federal long term care insurance premiums to increase by as much as 86%, data shows
Main Post: Federal long term care insurance premiums to increase by as much as 86%, data shows
Top Comment:
They no longer offer the unlimited option. This is a big push to get rid of those policies.
Cigna just raised both my parents’ premiums from $85 to $95 for their Medicare supplement plan N. Do they have any options?
Main Post: Cigna just raised both my parents’ premiums from $85 to $95 for their Medicare supplement plan N. Do they have any options?
Top Comment:
That's cheap!