How does the Insurance company quote a 3400.00 premium for one year of home insurance without having any vehicles with them? Then adding a like new 2014 GMC Terrain with 50k miles for 48.00 a month (576.00 per year) drops home premium to 2200 a year. Make no sense
I cant answer that but I'm watching this thread now.
The more items you insure, the lower the cost of the aggregate.
How does two items of risk become cheaper?
My insurance agent explained this to me several years ago but I cant remember well enough now to repeat what he told me. It made perfect sense though, I remember thinking so.
Short answer? They’re trying to incentivize you to insuring more with them. My guess how it is profitable for them? The odds of your house, boat and car all being damaged are are less than an individual item so they can make more and give their customers a discount.
I’ve been in claims for going on 25 years.
Law of large numbers. When you got your quote the insurer was needing more auto exposure in your area (usually by state) and so they are encouraging you to insure your autos with them.
Insurance actuaries are a brutal analytical bunch and few of their decisions will make sense to an individual insured.
Actuaries are void of feelings, they only believe in numbers which is why they will exclude your precious pitbull “that would never hurt anyone”, because the large numbers say that doggie is not profitable to insure.
It’s never personal with insurance and if you can deal with them without emotional attachment you can keep your costs down and coverages up. I’ve never used the same company more than 2 years in a row in 25 years, I ruthlessly shop around every year for the best rates with the best coverages, and so should you.
You get no special treatment for being loyal to them and you don’t build up any credit with them for longevity. Any disappearing deductibles and other stuff you think you are getting, you are being charged a premium for. It’s all marketing.
The policies are governed by the Oklahoma dept of insurance and are mostly all the same. There are some small differences so you should always read the policy BEFORE you buy it.
Law of large numbers. When you got your quote the insurer was needing more auto exposure in your area (usually by state) and so they are encouraging you to insure your autos with them.
Insurance actuaries are a brutal analytical bunch and few of their decisions will make sense to an individual insured.
Actuaries are void of feelings, they only believe in numbers which is why they will exclude your precious pitbull “that would never hurt anyone”, because the large numbers say that doggie is not profitable to insure.
It’s never personal with insurance and if you can deal with them without emotional attachment you can keep your costs down and coverages up. I’ve never used the same company more than 2 years in a row in 25 years, I ruthlessly shop around every year for the best rates with the best coverages, and so should you.
You get no special treatment for being loyal to them and you don’t build up any credit with them for longevity. Any disappearing deductibles and other stuff you think you are getting, you are being charged a premium for. It’s all marketing.
The policies are governed by the Oklahoma dept of insurance and are mostly all the same. There are some small differences so you should always read the policy BEFORE you buy it.
Homeowner policies make zero money and typically are a loss for the insurance company. Auto, life and umbrella is where they typically make a profit.
They want to “punish” you for only having homeowners by the extra premium. I recommend you have all your policies with one company, it is cheaper for you.
They want to “punish” you for only having homeowners by the extra premium. I recommend you have all your policies with one company, it is cheaper for you.
I have been shopping yearly last few years and see the benefit in changing every year or two. But I was helping a relative get a better deal and she doesn't have a car to ad to her policy. So we added a car that is not hers and got the lower home premium. The car is from another person in the household.
If the insurance company makes nothing on home policy why did they lower the premium to 2200 and give a very good rate on the car.
