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by Rafe
Fri Mar 03, 2023 1:00 pm
Forum: Off-Topic
Topic: auto insurance rate hikes
Replies: 20
Views: 4029

Re: auto insurance rate hikes

Grayling813 wrote: ↑Fri Mar 03, 2023 10:48 am If only insurance companies didn't spend hundreds of millions of premium dollars promoting and advertising on sports...perhaps then their customers could afford the rates.

As I said to my wife during the Super Bowl about the State Farm Stadium, "hey look our premium dollars at work."
Good point, and not just sports. I don't know how to get any solid statistical data without paying for it, but my bet would be that two of the largest purchasers of television ad time annually are pharmaceutical companies and insurance companies. I found a few links, but they're all for-fee subscriptions sites. Evidently, for 2021 overall, Liberty Mutual was the biggest TV spot ad buyer, and Geico was number two.

iSpot.tv tracks some of this stuff weekly (https://www.ispot.tv/ad/top-spenders), but they do it by product with what they call "Real-Time Media Measurement." According to them, over the past 7 days Progressive Insurance was the biggest spender (estimated $6.8 million for the week), followed by Domino's Pizza, with positions 3 through 7 all pharmaceutical companies. Positions 8 through 10 were cell-phone related.
by Rafe
Fri Mar 03, 2023 1:13 am
Forum: Off-Topic
Topic: auto insurance rate hikes
Replies: 20
Views: 4029

Re: auto insurance rate hikes

thatguyoverthere wrote: ↑Thu Mar 02, 2023 10:32 pm Funny you should mention that. My home and auto policies were up for renewal on March 1. Both policies with the same company, both renewing at the same time. House premium went up 51%. Auto premium went up 33%. Yes, really! No claims on either in many years, no changes in vehicles, only my wife and I as drivers (both retired), no changes or upgrades to the house. I called to tell them that they were basically out of their mind, and I would not be renewing. They asked if I would like to speak to a "retention specialist." I laughed and said "no, thanks." Apparently, Doug and his big bird think they've hit the Big Time.

I already had the motorcycle insurance with Flo, so I called her about adding the house and cars. She gave me a way better deal than Doug and the big bird, even before they lost their minds!

I agree with what Keith said above. You've got to shop around and be willing to change every few years, or this is what you get.
Wow, and I thought the Mayhem guy was way out of bounds when my homeowner's premium shot up 28% at last renewal. If you really want to drive the country into a recession, raising insurance premiums 50% and 33% at one fell swoop will do it faster than increasing food prices. Not to mention that my property taxes continue to increase every year at close to the maximum rate allowed by law. Real housing values plummeting, insurance skyrocketing, interest rates increasing, and property taxes continuing to go up is not a good formula for a stable middle class.

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