Re: Allstate/ Liberty Mutual et al to give refunds of 15%
[Re: formula_s]
#2761251
04/07/20 08:32 PM
04/07/20 08:32 PM
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Joined: Dec 2009
Posts: 20,640 in a cattle trailer down by th...
Guitar Jones
Paddle faster! I hear banjo music!
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Paddle faster! I hear banjo music!
Joined: Dec 2009
Posts: 20,640
in a cattle trailer down by th...
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Wonder if Progressive will follow suit.
"Follow me the wise man said, but he walked behind"
'92 D250 Club Cab CTD, 47RH conversion, pump tweaks, injectors, rear disc and hydroboost conversion. '74 W200 Crew Cab 360, NV4500, D44, D60 and NP205 divorced transfer case. Rear disc and hydroboost conversion. 2019 1500 Long Horn Crew Cab 4WD, 5.7 Hemi.
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Re: Allstate/ Liberty Mutual et al to give refunds of 15%
[Re: 70sixpkrt]
#2761276
04/07/20 09:47 PM
04/07/20 09:47 PM
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Joined: Feb 2003
Posts: 2,810 Sobieski Wi
bee1971
master
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master
Joined: Feb 2003
Posts: 2,810
Sobieski Wi
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American Family $50 Per Car Insured
Looks like me get $200 Big Ones
I asked them to just put it towards my next bill , but they said will send everyone a stimulus check in the mail
By the time I get it we might not have mail
Last edited by bee1971; 04/07/20 09:49 PM.
1971 Dodge Charger Superbee 2011 Ram Sport 1500 Quad Cab Deep Water Blue Loaded Siberian Huskies
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Re: Allstate/ Liberty Mutual et al to give refunds of 15%
[Re: formula_s]
#2761313
04/07/20 11:26 PM
04/07/20 11:26 PM
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Joined: Jun 2006
Posts: 12,066 (Central) PA
Runner2go
I Live Here
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I Live Here
Joined: Jun 2006
Posts: 12,066
(Central) PA
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Glad this was posted... I never even thought about it. I have 5 cars insured... I'm going to call them tomorrow & drop collision & the liability coverage's down to the State min on all but the 1 we are using for trips to the store. I'll put them back when it's all over... Especially now that cops are using window tint as an excuse to pull you over and then give you a Quarantine violation ticket in this area.
1966 383, 4-sp Charger 38yrs 1970 440+6, 4-sp Road Runner 36yrs 1974 360, auto Challenger 25yrs,in Family 41yrs 2003 Ram 2500 QCLB 4x4 Cummins HO 2010 5.7L R/T 6sp Challenger - Mopar10 2018 392 Daytona Charger
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Re: Allstate/ Liberty Mutual et al to give refunds of 15%
[Re: not_a_charger]
#2761388
04/08/20 09:07 AM
04/08/20 09:07 AM
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RWG75
Unregistered
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RWG75
Unregistered
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This makes absolutely no sense at all. I get the bit about stay at home means greatly reduced traffic resulting in a drop in accidents and therefor claims. In my mind that sounds like record profits for the insurance companies and since when do they have a heart? A thing happening else where in the insurance industry that shouldn't surprise: The underwriters in the travel insurance industry are circling the wagons and refusing to pay claims for insured trips that have been impacted by the travel bans, quarantines and general panic. The standard position is that global pandemics are not specifically listed as covered events in the policies. https://www.squaremouth.com/current...s-outbreak-provider-position-statements/I only know this because it's looking like it's gonna cost me $2300 for non refundable payments toward the trip we had planned for next month that I insured against things like hurricanes, volcano, wars, terrorism, bankruptcy, civil uprisings. Ya know, the usual foreseeable unforeseen things.
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Re: Allstate/ Liberty Mutual et al to give refunds of 15%
[Re: ]
#2761390
04/08/20 09:25 AM
04/08/20 09:25 AM
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Joined: Dec 2007
Posts: 19,917 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 19,917
Puttin' on the foil in Charles...
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This makes absolutely no sense at all. It makes total sense. Claim frequency and severity has plummeted. I can't disclose our company's result, but we're the #3 carrier in the US, and I can tell you that claim volume relative to policies in force is historically low. Money is still coming in, but not much is going out. The most valuable customer an insurer has is a current customer. Refunding premiums as a goodwill gesture will absolutely generate goodwill and reduce the chances of an existing customer shopping around. Also, the rates we pay are based on underwriting data that cannot and did not account for the current situation. As a result, everyone is overpaying a bit. One other thing...the carriers who were already very profitable (most notably, my employer) are very likely going to cut rates in the next few months in an attempt to take business away from the competition. State Farm is terrified right now, as they have been bleeding market share for years, and they are terrible at underwriting, but the are going to have to give premium refunds anyway, and they know that even though they are going to do it, Geico and us are going to come after their customers harder than ever, and they can't stop it.
Earning every penny of that moderator paycheck.
DBAP
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Re: Allstate/ Liberty Mutual et al to give refunds of 15%
[Re: mopars4ever]
#2761445
04/08/20 11:44 AM
04/08/20 11:44 AM
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Joined: Feb 2004
Posts: 34,905 S.E. South Dakota !
bigdad
Still Posting A Lot
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Still Posting A Lot
Joined: Feb 2004
Posts: 34,905
S.E. South Dakota !
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state farm just reduced my house insurance by 60 bucks a month
The lips of fools bring them strife, and their mouths invite a beating.Proverbs 18:6
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Re: Allstate/ Liberty Mutual et al to give refunds of 15%
[Re: bigdad]
#2761456
04/08/20 11:54 AM
04/08/20 11:54 AM
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Joined: Dec 2007
Posts: 19,917 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 19,917
Puttin' on the foil in Charles...
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state farm just reduced my house insurance by 60 bucks a month Not because of what's going on right now, though. SF's in decent shape with regard to expenses, so rate cuts are their last ditch effort to fight back against their eroding market share. It won't work long-term, though. They are too set in their ways. They have a culture problem. They're not about to become good at underwriting, and they're not about to become good at earning new business. They suck at both of those things.
Earning every penny of that moderator paycheck.
DBAP
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Re: Allstate/ Liberty Mutual et al to give refunds of 15%
[Re: not_a_charger]
#2761472
04/08/20 12:29 PM
04/08/20 12:29 PM
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Joined: Feb 2004
Posts: 34,905 S.E. South Dakota !
bigdad
Still Posting A Lot
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Still Posting A Lot
Joined: Feb 2004
Posts: 34,905
S.E. South Dakota !
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( knocks on wood ) I have had state farm for many years and up to this point , they have always been very good to me .. priced others and its always within just a few dollars hope I never need them again
The lips of fools bring them strife, and their mouths invite a beating.Proverbs 18:6
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Re: Allstate/ Liberty Mutual et al to give refunds of 15%
[Re: bigdad]
#2761591
04/08/20 05:12 PM
04/08/20 05:12 PM
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Joined: Sep 2003
Posts: 7,831 east side of Ohio
basketcase
master
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master
Joined: Sep 2003
Posts: 7,831
east side of Ohio
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"Liberty Mutual Insurance today announced its Personal Auto Customer Relief Refund, which gives personal auto insurance customers a 15% refund on two months of their annual premium."
woo hoo....$48. I'll take it gladly, but not really that much considering what they charge without any claims.
Dave
1981 Dodge D150 360 auto
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Re: Allstate/ Liberty Mutual et al to give refunds of 15%
[Re: bigdad]
#2761605
04/08/20 05:36 PM
04/08/20 05:36 PM
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Joined: Dec 2009
Posts: 20,640 in a cattle trailer down by th...
Guitar Jones
Paddle faster! I hear banjo music!
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Paddle faster! I hear banjo music!
Joined: Dec 2009
Posts: 20,640
in a cattle trailer down by th...
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( knocks on wood ) I have had state farm for many years and up to this point , they have always been very good to me .. priced others and its always within just a few dollars hope I never need them again From work that I've done for insurance companies State Farm ranks as one of the slowest and cheapest companies of all. I'm not impressed.
"Follow me the wise man said, but he walked behind"
'92 D250 Club Cab CTD, 47RH conversion, pump tweaks, injectors, rear disc and hydroboost conversion. '74 W200 Crew Cab 360, NV4500, D44, D60 and NP205 divorced transfer case. Rear disc and hydroboost conversion. 2019 1500 Long Horn Crew Cab 4WD, 5.7 Hemi.
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Re: Allstate/ Liberty Mutual et al to give refunds of 15%
[Re: Guitar Jones]
#2761634
04/08/20 06:18 PM
04/08/20 06:18 PM
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Joined: Dec 2007
Posts: 19,917 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 19,917
Puttin' on the foil in Charles...
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( knocks on wood ) I have had state farm for many years and up to this point , they have always been very good to me .. priced others and its always within just a few dollars hope I never need them again From work that I've done for insurance companies State Farm ranks as one of the slowest and cheapest companies of all. I'm not impressed. They move at the speed of molasses. In fact, during the whole COVID-19 thing, they've had to lay people off (with pay, which is admirable) because they lacked the technology, infrastructure, and know-how to create the ability to work virtually on a large scale. Some of their folks who SF did manage to get set up virtually have limited capability, too. Meanwhile, our company went from our usual 6,000 member virtual workforce (including me), to having over 40,000 people working virtually, in the span of 3 weeks. That includes acquiring and configuring the necessary hardware, changing our IT capacity (networks, VPN, etc) to handle the increase, etc. 34,000 additional people in 3 weeks. Just one more example of how they went from 34% of the market to 16%, with no end to the decline in sight.
Earning every penny of that moderator paycheck.
DBAP
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Re: Allstate/ Liberty Mutual et al to give refunds of 15%
[Re: not_a_charger]
#2761735
04/08/20 09:59 PM
04/08/20 09:59 PM
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Joined: Apr 2003
Posts: 1,800 South Lyon MI
sleddinfool
top fuel
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top fuel
Joined: Apr 2003
Posts: 1,800
South Lyon MI
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I have aaa. Have not heard anything yet.. I got my "you must have road service card" bill at $54.00 never used it, I add it into the price of insurance..For some reason it comes in a month before the insurance bill. I'm not paying it until I get the insurance bill this time.. If it goes up again, Time to switch, its been 5 years. Now I have all the time in the world to find my best deal. Kevin
71 gtx.....
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Re: Allstate/ Liberty Mutual et al to give refunds of 15%
[Re: sleddinfool]
#2761788
04/09/20 04:36 AM
04/09/20 04:36 AM
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Joined: Nov 2003
Posts: 10,228 Colleyville
3hundred
I Live Here
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I Live Here
Joined: Nov 2003
Posts: 10,228
Colleyville
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From farmers:
25% REDUCITON IN YOUR APRIL PREMIUM
About $32.00 for me.
'68 Fury Convertible '69 300 Convertible '15 Durango 5.7 Hemi '16 300 S Hemi
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Re: Allstate/ Liberty Mutual et al to give refunds of 15%
[Re: 3hundred]
#2761793
04/09/20 08:07 AM
04/09/20 08:07 AM
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Joined: Jan 2007
Posts: 929 Chicago
rocksmopar
super stock
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super stock
Joined: Jan 2007
Posts: 929
Chicago
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I keep telling my daughter to get in the insurance profession..Such a lucrative business.
How can Allstate give back hundreds of millions and not say the premiums are too high?
What a racket..
Looking for affordable 72-74 Cuda parts
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Re: Allstate/ Liberty Mutual et al to give refunds of 15%
[Re: rocksmopar]
#2761795
04/09/20 08:10 AM
04/09/20 08:10 AM
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Joined: Dec 2007
Posts: 19,917 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 19,917
Puttin' on the foil in Charles...
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I keep telling my daughter to get in the insurance profession..Such a lucrative business.
How can Allstate give back hundreds of millions and not say the premiums are too high?
What a racket..
Because they're not paying out much in claims right now. Not many people are driving. Claim volume and claim severity has plummeted in the past month.
Earning every penny of that moderator paycheck.
DBAP
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Re: Allstate/ Liberty Mutual et al to give refunds of 15%
[Re: not_a_charger]
#2761817
04/09/20 09:26 AM
04/09/20 09:26 AM
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Joined: Dec 2007
Posts: 19,917 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 19,917
Puttin' on the foil in Charles...
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Also, effective today, we're doing the following for 1st responders and health care workers:
- deferring payment of deductibles - free pickup of damaged vehicles at whatever location is convenient for the customer, free delivery of repaired vehicles to their preferred location - free rental vehicles for those policyholders who do not have rental coverage
Earning every penny of that moderator paycheck.
DBAP
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Re: Allstate/ Liberty Mutual et al to give refunds of 15%
[Re: not_a_charger]
#2761840
04/09/20 10:59 AM
04/09/20 10:59 AM
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RWG75
Unregistered
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RWG75
Unregistered
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Meanwhile, our company went from our usual 6,000 member virtual workforce (including me), to having over 40,000 people working virtually, in the span of 3 weeks. That includes acquiring and configuring the necessary hardware, changing our IT capacity (networks, VPN, etc) to handle the increase, etc. 34,000 additional people in 3 weeks. The IT guys generally hate remote office technology. Some of it is a legit, if outdated, concern about network security. Some of it is a lack of basic support skills. Easier to go up a couple flights of stairs, sit down at the machine and fix the printer connection that walk a user through it. Too often it's just plain arrogant ego because it wasn't their idea. In the same way that the true function of the HR department is to defend the company against it's employees, the true function of the IT department is to defend the corporate network from the users. Neither of them exist to be helpful to the average employee. I used to work for a call center hardware OEM. As our management tools shifted toward network based solutions I had to work with a lot of IT departments at a lot companies in a lot of industries. My experience with them was pretty consistent but some were worse than others and none of them were user friendly. Another fairly common push back is the productivity argument - making sure the worker bees are in the hive when they're supposed to be AND actually making honey. It's also nothing that can't be addressed by management doing their job. I've been out of it for at least 10 years and when I left the technology to record everything happening in your cubicle existed and I installed some of it and took note of how little of it actually got used. I've busted more slackers getting over while being bored enough to play with the systems for a couple hours when baby sitting new installs than the entire supervisor staff did all day. Telecommuting can be great for the company, the employee, the customers and the environment. I'd like to hope that those lessons can be learned during this plague and that it leads to a new normal. I have serious doubts about it happening.
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Re: Allstate/ Liberty Mutual et al to give refunds of 15%
[Re: ]
#2761846
04/09/20 11:06 AM
04/09/20 11:06 AM
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Joined: Dec 2007
Posts: 19,917 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 19,917
Puttin' on the foil in Charles...
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Another fairly common push back is the productivity argument - making sure the worker bees are in the hive when they're supposed to be AND actually making honey. It's also nothing that can't be addressed by management doing their job. I've been out of it for at least 10 years and when I left the technology to record everything happening in your cubicle existed and I installed some of it and took note of how little of it actually got used. I've busted more slackers getting over while being bored enough to play with the systems for a couple hours when baby sitting new installs than the entire supervisor staff did all day. The dirty little secret? Your average-to-excellent performers tend to work more when they work from home, not less. Employers will never acknowledge that, but it's true. The slackers will do less, which is to be expected. That's why effective leaders root out slackers and performance manage them. They either improve and stay, or they don't and go.
Earning every penny of that moderator paycheck.
DBAP
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Re: Allstate/ Liberty Mutual et al to give refunds of 15%
[Re: not_a_charger]
#2761915
04/09/20 01:27 PM
04/09/20 01:27 PM
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Joined: Jan 2003
Posts: 3,922 Richmond, Indiana
19swinger70
master
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master
Joined: Jan 2003
Posts: 3,922
Richmond, Indiana
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When we are all permitted to go back to our normal lives, they will claim that there has been a spike in auto accidents, and jack everyone's rates up 50%.
1970 340 swinger. sublime 1967 barracuda fastback BB 55 Plymouth Project
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Re: Allstate/ Liberty Mutual et al to give refunds of 15%
[Re: 19swinger70]
#2761917
04/09/20 01:32 PM
04/09/20 01:32 PM
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Joined: Dec 2007
Posts: 19,917 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 19,917
Puttin' on the foil in Charles...
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We absolutely expect a short term spike in accidents. The roads are going to be jammed with impatient people who have been cooped up for a month or more. It won't be a trend, and any carrier smart enough to recognize this for what it is...a chance to earn new customers...is going to rate accordingly, meaning they aren't going to raise rates because of this. Also, if you're a good customer, the last thing they want to do is jack your rate after something like this and risk losing you. Customer retention is king. Then again, what would I know, right?
Earning every penny of that moderator paycheck.
DBAP
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Re: Allstate/ Liberty Mutual et al to give refunds of 15%
[Re: not_a_charger]
#2761949
04/09/20 03:09 PM
04/09/20 03:09 PM
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Joined: Jan 2003
Posts: 3,427 PA
PLATINUM6BBL
master
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master
Joined: Jan 2003
Posts: 3,427
PA
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The most valuable customer an insurer has is a current customer. Refunding premiums as a goodwill gesture will absolutely generate goodwill and reduce the chances of an existing customer shopping around. Also, the rates we pay are based on underwriting data that cannot and did not account for the current situation. As a result, everyone is overpaying a bit.
One other thing...the carriers who were already very profitable (most notably, my employer) are very likely going to cut rates in the next few months in an attempt to take business away from the competition. State Farm is terrified right now, as they have been bleeding market share for years, and they are terrible at underwriting, but the are going to have to give premium refunds anyway, and they know that even though they are going to do it, Geico and us are going to come after their customers harder than ever, and they can't stop it. I wish we could find an insurer that wasn't so dang expensive. Have 7 vehicles insured and costs are around 1100 a month with State Farm. Unfortunately they were the lowest of all that were checked.
1969-1/2 A12 LOH Road Runner A4 w/ M6S 13.34 at 104 PSMCDR 9/06 in Mopar Action 8/07 12.95 at 105.94 F.A.S.T. 11/06
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Re: Allstate/ Liberty Mutual et al to give refunds of 15%
[Re: tboomer]
#2762002
04/09/20 06:35 PM
04/09/20 06:35 PM
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Joined: Dec 2009
Posts: 20,640 in a cattle trailer down by th...
Guitar Jones
Paddle faster! I hear banjo music!
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Paddle faster! I hear banjo music!
Joined: Dec 2009
Posts: 20,640
in a cattle trailer down by th...
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$50/vehicle would leave me with a $22/month premium. I'm good with that, even if it is just one month.
"Follow me the wise man said, but he walked behind"
'92 D250 Club Cab CTD, 47RH conversion, pump tweaks, injectors, rear disc and hydroboost conversion. '74 W200 Crew Cab 360, NV4500, D44, D60 and NP205 divorced transfer case. Rear disc and hydroboost conversion. 2019 1500 Long Horn Crew Cab 4WD, 5.7 Hemi.
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