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Allstate/ Liberty Mutual et al to give refunds of 15% #2761218
04/07/20 06:43 PM
04/07/20 06:43 PM
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North Pole,New York
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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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in a cattle trailer down by th...
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work Wonder if Progressive will follow suit.


I never learned to count my blessings, I choose instead to live inside my disasters.

The Scamp is sold, now just two old trucks and one new one.
'92 D250 Club Cab CTD, 47RH conversion, pump tweaks, injectors, rear disc and hydroboost conversion.
'74 W200 Crew Cab 360, NP435, D44, D60 and NP205 divorced transfer case. Magnum 5.2 MPI and NV4500 coming soon.
2019 1500 Long Horn Crew Cab 4WD, 5.7 Hemi.
Re: Allstate/ Liberty Mutual et al to give refunds of 15% [Re: Guitar Jones] #2761252
04/07/20 08:36 PM
04/07/20 08:36 PM
Joined: Jan 2003
Posts: 3,408
South San Francisco, Ca
70sixpkRT Offline
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I talked to my State Farm agent today and she said there is something in the works from State Farm. Will know what it is at the end of this week.


[img]http://www.imgur.com/hxlGUJt.gif[/img]
4-speed
3:54 Dana
13.01 @107.93 with street tires (not hooking up)
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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Posts: 2,327
Sobieski Wi
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bee1971 Offline
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Sobieski Wi
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
Re: Allstate/ Liberty Mutual et al to give refunds of 15% [Re: bee1971] #2761296
04/07/20 10:27 PM
04/07/20 10:27 PM
Joined: Mar 2003
Posts: 5,089
NEW JERSEY
AARCONV Offline
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NEW JERSEY
geico has followed too

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
Joined: Jun 2006
Posts: 11,840
(Central) PA
Runner2go Offline
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Glad this was posted... thumbs 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 35yrs
1970 440+6, 4-sp Road Runner 33yrs
1974 360, auto Challenger 22yrs,in Family 38yrs
2003 Ram 2500 QCLB 4x4 Cummins HO
2009 5.7L 300c (The Wife's)
2010 5.7L R/T 6sp Challenger - Mopar10
2018 392 Daytona Charger
Re: Allstate/ Liberty Mutual et al to give refunds of 15% [Re: formula_s] #2761362
04/08/20 06:27 AM
04/08/20 06:27 AM
Joined: Dec 2007
Posts: 15,756
Puttin' on the foil in Charles...
not_a_charger Online mad
Mr. Big Shot Moparts Moderator
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Posts: 15,756
Puttin' on the foil in Charles...
All of the major insurers will very likely do something like this.


Earning every penny of that moderator paycheck.

DBAP
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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Posts: 836
Perkiomenville PA
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RWG75 Offline
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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.


75 Charger SE - 440/4, cop suspension
76 Daytona - survivor
76 Daytona - tweaked
77 PW - macho clone, sno-commander, frankenram
79 RC - this was your fathers 4x4
79 LRE - More fun than it looks
Re: Allstate/ Liberty Mutual et al to give refunds of 15% [Re: RWG75] #2761390
04/08/20 09:25 AM
04/08/20 09:25 AM
Joined: Dec 2007
Posts: 15,756
Puttin' on the foil in Charles...
not_a_charger Online mad
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Puttin' on the foil in Charles...
Quote
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
Re: Allstate/ Liberty Mutual et al to give refunds of 15% [Re: not_a_charger] #2761414
04/08/20 10:31 AM
04/08/20 10:31 AM
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md
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Seems to be part of doing business. When a disaster happens rates go up then why shouldn`t they go down too when claims are less?

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
Joined: Feb 2004
Posts: 31,349
S.E. South Dakota !
bigdad Offline
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S.E. South Dakota !
state farm just reduced my house insurance by 60 bucks a month

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
Joined: Dec 2007
Posts: 15,756
Puttin' on the foil in Charles...
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Puttin' on the foil in Charles...
Originally Posted by bigdad
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
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
Joined: Feb 2004
Posts: 31,349
S.E. South Dakota !
bigdad Offline
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S.E. South Dakota !
( 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 luck

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
Joined: Sep 2003
Posts: 7,376
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


1969 Plymouth road runner post 383 4 speed F8
1981 Dodge D150 360 auto
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
Joined: Dec 2009
Posts: 11,549
in a cattle trailer down by th...
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Originally Posted by bigdad
( 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 luck


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.


I never learned to count my blessings, I choose instead to live inside my disasters.

The Scamp is sold, now just two old trucks and one new one.
'92 D250 Club Cab CTD, 47RH conversion, pump tweaks, injectors, rear disc and hydroboost conversion.
'74 W200 Crew Cab 360, NP435, D44, D60 and NP205 divorced transfer case. Magnum 5.2 MPI and NV4500 coming soon.
2019 1500 Long Horn Crew Cab 4WD, 5.7 Hemi.
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
Joined: Dec 2007
Posts: 15,756
Puttin' on the foil in Charles...
not_a_charger Online mad
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Joined: Dec 2007
Posts: 15,756
Puttin' on the foil in Charles...
Originally Posted by Guitar Jones
Originally Posted by bigdad
( 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 luck


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
Re: Allstate/ Liberty Mutual et al to give refunds of 15% [Re: Guitar Jones] #2761701
04/08/20 08:46 PM
04/08/20 08:46 PM
Joined: Dec 2007
Posts: 15,756
Puttin' on the foil in Charles...
not_a_charger Online mad
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Puttin' on the foil in Charles...
Originally Posted by Guitar Jones
work Wonder if Progressive will follow suit.


20%. wink

https://www.globenewswire.com/news-...Zh7rLtlwJQjBCGpJns1MwM#.Xo5RbXLNfgU.link


Earning every penny of that moderator paycheck.

DBAP
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
Joined: Apr 2003
Posts: 1,795
South Lyon MI
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sleddinfool Offline
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South Lyon MI
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.....
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
Joined: Nov 2003
Posts: 5,175
Fort Worth, Texas
3hundred Offline
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Fort Worth, Texas
From farmers:

25% REDUCITON IN YOUR APRIL PREMIUM

About $32.00 for me.


'68 Fury Convertible
'69 300 Convertible
'93 Ramcharger 5.7 Hemi
'93 Ramcharger 318 sold
'01 3500 4x4 Cummins 6 speed sold
'13 300 S sold
'15 Durango 5.7 Hemi
'16 300 S Hemi
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
Joined: Jan 2007
Posts: 852
Chicago
rocksmopar Offline
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Chicago

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 an affordable E-Body
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