Can you "haggle" insurance permium rates?

[SunnyD]

Or are the rates quoted generally set in stone for a given coverage level?

 

[Me Llamo Hefe]

They are set in stone for each company. For auto you can "haggle" on the annual mileage which will have a small effect on the premium. Each company weights rating factors differently though so you will pay a different premium with a different premium. Shop around until you find the best company for you.

 

[sactoking]

No haggle room. That's mandated by law. Your insurer has to file rates with the state Division explicitly stating how their rates are calculated. This is to protect you from discrimination. It works in the reverse though, too. It prevents insurers from positively discriminating through negotiation and lower rates since anyone who didn't get the positive discrimination would effectively be negatively discriminated against, which is illegal.

 

[SunnyD]

Originally posted by: sactoking
No haggle room. That's mandated by law. Your insurer has to file rates with the state Division explicitly stating how their rates are calculated. This is to protect you from discrimination. It works in the reverse though, too. It prevents insurers from positively discriminating through negotiation and lower rates since anyone who didn't get the positive discrimination would effectively be negatively discriminated against, which is illegal.

Well, that's good to know! Consumer protections ftw I guess. Thanks!

 

[krylon]

So what about the 25 year old discount? Sounds like positive discrimination to me.

 

[SunnyD]

Originally posted by: krylon
So what about the 25 year old discount? Sounds like positive discrimination to me.

Well, if I understand what sactoking is saying, provided they file the disclosure that ANYONE over 25 gets a discount for that status, and anyone under 25 is calculated with the same formulas not including the discount, it's a level playing field.

 

[BoomerD]

The only "wiggle room" (and it's not really) is to be certain you get all the discounts you're entitled to.

We've battled with our insurer over tiny discounts ever since we signed with them.

Once we prove our eligibility, we get the discount...but sometimes the proof they demand is a bit over-the-top...

 

[sactoking]

Originally posted by: SunnyD

Originally posted by: krylon
So what about the 25 year old discount? Sounds like positive discrimination to me.

Well, if I understand what sactoking is saying, provided they file the disclosure that ANYONE over 25 gets a discount for that status, and anyone under 25 is calculated with the same formulas not including the discount, it's a level playing field.

That is correct. Once a "category" has been filed, anyone who qualifies for that "category" MUST receive the same pricing, barring some other consideration that has also been filed (e.g., accident or citation history).

Also, it's a common misconception that you get a discount when you turn 25. This is not true. Most carriers give you a discount for 9 years of driving history. While that happens to be age 25 for most people, not everyone gets a license at 16.

 

[JS80]

Weird...when I switched auto insurance companies and I called to cancel they tried to retain me by beating GEICO's rate...

 

[HumblePie]

Originally posted by: BoomerD
The only "wiggle room" (and it's not really) is to be certain you get all the discounts you're entitled to.

We've battled with our insurer over tiny discounts ever since we signed with them.

Once we prove our eligibility, we get the discount...but sometimes the proof they demand is a bit over-the-top...

Like a video tape of consummation to prove you are married?

 

[alkemyst]

Originally posted by: sactoking
No haggle room. That's mandated by law. Your insurer has to file rates with the state Division explicitly stating how their rates are calculated. This is to protect you from discrimination. It works in the reverse though, too. It prevents insurers from positively discriminating through negotiation and lower rates since anyone who didn't get the positive discrimination would effectively be negatively discriminated against, which is illegal.

wtf? I am laughing at the top posts in this.

I can buy an insurance company's policy. If I shop by agent it can be a decent difference.

If I shop at the same 'tier' between companies and agents it can be almost polar.

 

[BoomerD]

Originally posted by: HumblePie

Originally posted by: BoomerD
The only "wiggle room" (and it's not really) is to be certain you get all the discounts you're entitled to.

We've battled with our insurer over tiny discounts ever since we signed with them.

Once we prove our eligibility, we get the discount...but sometimes the proof they demand is a bit over-the-top...

Like a video tape of consummation to prove you are married?

Dude...you have to remember, I'm old enough...and we've been married so long, that any proof of that nature would be cave drawings...not videos. 😀

 

[SunnyD]

Originally posted by: alkemyst

Originally posted by: sactoking
No haggle room. That's mandated by law. Your insurer has to file rates with the state Division explicitly stating how their rates are calculated. This is to protect you from discrimination. It works in the reverse though, too. It prevents insurers from positively discriminating through negotiation and lower rates since anyone who didn't get the positive discrimination would effectively be negatively discriminated against, which is illegal.

wtf? I am laughing at the top posts in this.

I can buy an insurance company's policy. If I shop by agent it can be a decent difference.

If I shop at the same 'tier' between companies and agents it can be almost polar.

The key is "between companies". Nothing says one company has to use the same formula that another one does, or even the same base rates.

I'm sure shopping via agent for the same company also includes any given agent's markup. For example, I'm sure you'll be paying that particular agent's overhead versus shopping direct online. But the main point is that if you go to the same agent for the same coverage with the same conditions, you'd receive the same quote every time.

 

[alkemyst]

Originally posted by: SunnyD
But the main point is that if you go to the same agent for the same coverage with the same conditions, you'd receive the same quote every time.

no shit...that makes no sense in this...

You go to the same Shell gas station for gas more than once a day and you can expect it to be the same price...gas across the street may be cheaper or more expensive even if it's another Shell.

You didn't seem to know much about this process in the beginning...

You can go to the same agent that agent could also use the same coverage levels and conditions and offer several different quotes based on what company you'd go with.

 

[SunnyD]

Originally posted by: alkemyst

Originally posted by: SunnyD
But the main point is that if you go to the same agent for the same coverage with the same conditions, you'd receive the same quote every time.

no shit...that makes no sense in this...

You go to the same Shell gas station for gas more than once a day and you can expect it to be the same price...gas across the street may be cheaper or more expensive even if it's another Shell.

You didn't seem to know much about this process in the beginning...

You can go to the same agent that agent could also use the same coverage levels and conditions and offer several different quotes based on what company you'd go with.

I'm sorry, I don't follow. Are you drunk? Or am I just tired?

 

[boomhower]

They are not going to cut the rate but you can get freebies like road side assistance and such..

 

[alkemyst]

Originally posted by: SunnyD

Originally posted by: alkemyst

Originally posted by: SunnyD
But the main point is that if you go to the same agent for the same coverage with the same conditions, you'd receive the same quote every time.

no shit...that makes no sense in this...

You go to the same Shell gas station for gas more than once a day and you can expect it to be the same price...gas across the street may be cheaper or more expensive even if it's another Shell.

You didn't seem to know much about this process in the beginning...

You can go to the same agent that agent could also use the same coverage levels and conditions and offer several different quotes based on what company you'd go with.

I'm sorry, I don't follow. Are you drunk? Or am I just tired?

*buzz* you simply do not understand what you are arguing.

Insurance rates are not set in stone...I don't know where that 'no haggling' thing came from being set by the state. There are limits the state sets, but it's not going to cause price fixing across the board.

 

[krylon]

Originally posted by: sactoking

Originally posted by: SunnyD

Originally posted by: krylon
So what about the 25 year old discount? Sounds like positive discrimination to me.

Well, if I understand what sactoking is saying, provided they file the disclosure that ANYONE over 25 gets a discount for that status, and anyone under 25 is calculated with the same formulas not including the discount, it's a level playing field.

That is correct. Once a "category" has been filed, anyone who qualifies for that "category" MUST receive the same pricing, barring some other consideration that has also been filed (e.g., accident or citation history).

Also, it's a common misconception that you get a discount when you turn 25. This is not true. Most carriers give you a discount for 9 years of driving history. While that happens to be age 25 for most people, not everyone gets a license at 16.

Shrug. My agent called me and said my 25th birthday is coming up so my insurance is going down.

 

[Tiamat]

Mandated by law, no real haggle room. You can control the type of coverage (replacement vs. market value), your add-ons (jewelry, software, etc.), your deductible (100$, 250$, 500$, etc.), and total coverage amount.

The state you live in makes a huge difference (I've seen my rates fall by more than 50% just by moving out of Boston, MA and into VA). The security features of the place you live can make a large difference too (having a front door concierge drops the rates quite a bit esp. if they have security cameras, controlled access, fire alarm system, sprinklers).

 

[SunnyD]

Originally posted by: alkemyst

Originally posted by: SunnyD

Originally posted by: alkemyst

Originally posted by: SunnyD
But the main point is that if you go to the same agent for the same coverage with the same conditions, you'd receive the same quote every time.

no shit...that makes no sense in this...

You go to the same Shell gas station for gas more than once a day and you can expect it to be the same price...gas across the street may be cheaper or more expensive even if it's another Shell.

You didn't seem to know much about this process in the beginning...

You can go to the same agent that agent could also use the same coverage levels and conditions and offer several different quotes based on what company you'd go with.

I'm sorry, I don't follow. Are you drunk? Or am I just tired?

*buzz* you simply do not understand what you are arguing.

Insurance rates are not set in stone...I don't know where that 'no haggling' thing came from being set by the state. There are limits the state sets, but it's not going to cause price fixing across the board.

Take it up with sactoking then. It's not my argument.

Though my question then is, are you an insurance agent or work for an insurance agency? Cause I'd really like to know, as I'm unwilling to pay outlandish prices for something that I might need once in a while.

 

[Special K]

Originally posted by: Me Llamo Hefe
They are set in stone for each company. For auto you can "haggle" on the annual mileage which will have a small effect on the premium. Each company weights rating factors differently though so you will pay a different premium with a different premium. Shop around until you find the best company for you.

Do some insurance companies actually require you to report to them odometer readings throughout the year? I've never heard of that before.

 

[sjwaste]

Originally posted by: SunnyD
Or are the rates quoted generally set in stone for a given coverage level?

Nope, rates are set through underwriting and the actuarial tables.

The people on the phone have very little they can do to change your rate, other than ask the right questions in order to get you every applicable discount.

 

[alkemyst]

Originally posted by: SunnyD

Originally posted by: alkemyst

Originally posted by: SunnyD

Originally posted by: alkemyst

Originally posted by: SunnyD
But the main point is that if you go to the same agent for the same coverage with the same conditions, you'd receive the same quote every time.

no shit...that makes no sense in this...

You go to the same Shell gas station for gas more than once a day and you can expect it to be the same price...gas across the street may be cheaper or more expensive even if it's another Shell.

You didn't seem to know much about this process in the beginning...

You can go to the same agent that agent could also use the same coverage levels and conditions and offer several different quotes based on what company you'd go with.

I'm sorry, I don't follow. Are you drunk? Or am I just tired?

*buzz* you simply do not understand what you are arguing.

Insurance rates are not set in stone...I don't know where that 'no haggling' thing came from being set by the state. There are limits the state sets, but it's not going to cause price fixing across the board.

Take it up with sactoking then. It's not my argument.

Though my question then is, are you an insurance agent or work for an insurance agency? Cause I'd really like to know, as I'm unwilling to pay outlandish prices for something that I might need once in a while.

huh? it was your answer.

Why don't you call Allstate, State Farm, Geico, Progressive, etc and get a fucking quote.

 

[alkemyst]

Originally posted by: Special K

Originally posted by: Me Llamo Hefe
They are set in stone for each company. For auto you can "haggle" on the annual mileage which will have a small effect on the premium. Each company weights rating factors differently though so you will pay a different premium with a different premium. Shop around until you find the best company for you.

Do some insurance companies actually require you to report to them odometer readings throughout the year? I've never heard of that before.

They can ask for an inspection at anytime if you are claiming low mileage use. However; what happens in reality is when you go and try to make a claim and you should have only 10k miles and you end up having much more than that, they can simply deny your coverage....game over.

 

[alkemyst]

Originally posted by: krylon

Originally posted by: sactoking

Originally posted by: SunnyD

Originally posted by: krylon
So what about the 25 year old discount? Sounds like positive discrimination to me.

Well, if I understand what sactoking is saying, provided they file the disclosure that ANYONE over 25 gets a discount for that status, and anyone under 25 is calculated with the same formulas not including the discount, it's a level playing field.

That is correct. Once a "category" has been filed, anyone who qualifies for that "category" MUST receive the same pricing, barring some other consideration that has also been filed (e.g., accident or citation history).

Also, it's a common misconception that you get a discount when you turn 25. This is not true. Most carriers give you a discount for 9 years of driving history. While that happens to be age 25 for most people, not everyone gets a license at 16.

Shrug. My agent called me and said my 25th birthday is coming up so my insurance is going down.

QFT with most insurance companies it's the age that sets discount at 25...