I got a odd letter in the mail this past week from USAA and some company "Verisk Policy Services" wanting in writing my annual mileage estimate for each vehicle and the current odometer reading. Never been asked about any odometer reading in the past....Print Name, sign and date and return.

Not A... any insight on this and why?

If it matters ive had zero claims in the last 10 years, maybe closer to 15 and it was a comp covered deer strike and one ticket for an exhaust violation.

I always assumed that was what the uninsured and underinsured was for.

It not, it’s only for the medical bills part of the insurance not for damages to or done by the insured.

At least that’s what my agent told me.

That's far and away the most common, yes. Uninsured/underinsured motorist bodily injury coverage protects you if you are injured by someone who is driving without insurance, or who doesn't carry enough insurance to properly pay for your injuries. It does not provide coverage FOR the uninsured motorist. This coverage is nothing new, and it's completely optional. It's not a gimmick, and you don't have to pay for it.

There is also uninsured motorist - property damage. This covers your vehicle (typically up to $7,500) if you are hit by an uninsured/underinsured motorist. UMBI is pretty standard from state to state. UMPD varies quite a bit. For example, in Ohio, you can only carry Collision or UMPD on a vehicle, but not both. In Ohio, UMPD only covers your vehicle damages (again, up to $7,500) if you are hit by a confirmed uninsured motorist. It does not cover you for a hit/skip in which the driver is not identified. It's also dirt cheap because the coverage is so narrow. I think I paid around $8/year for this coverage on my 82 F250, for reference. In Texas (and perhaps other states, but I can only think of Texas), you can carry Collision and UMPD on the same vehicle. In some states, this coverage applies if the other driver has insurance, but not enough to pay for your damages. In other states, it only applies if the other driver is uninsured.

Or maybe the 1% to 3% interest bonds the insurance companies bought in past years now have to be “marked down to market price” creating a “paper loss” for accounting purposes?

Banks have this same problem with old bonds
even if they intend to hold the old bond until it matures
which does not create a actual loss.

The Wall Street Journal has an article today titled
“Declining Index Points to Economic Downturn”
which says the “Leading Economic Index” compiled by the private “Conference Board
is predicting a mild USA recession next year.

The whole idea of an insurance company is to predict how much money is needed to survive the future,
and the future of the next couple years looks darker?

It’s a shame,! insurance companies having to get into their pocketbook! Insurance is GAMBLING, betting you won’t use it while they still collect premiums every year. When they have to PAYOUT a lot, the rates go up to cover, they’ll NEVER take a loss. I don’t feel any sorrow for the whole lot of con artists.

Ain't it the truth. You're betting you are going to have an accident and they are betting you won't and you are paying them to think that way

So in FL, a no fault state, why do I have to carry the same coverage for the other driver, as the uninsured coverage?
Yes, it pays medical and “pain and suffering”
So why can’t I just buy that for myself and not the other driver?

You can self-insure.

And the people losing their jobs at Geico are not the people getting rich off of your premiums. These are the people who make the computer work, who answer the phone when you call, who write the appraisal on your damaged motorcycle.

FL has surpassed MA as the worst state for consumers when it comes to insurance.

Kansas requires $60k in an earmarked account to self-insure but it is possible and I know people that do it.

I wondered if there are any “truly mutual owned” insurance companies left in the USA.
Wikipedia lists quite a few:

https://en.wikipedia.org/wiki/Mutual_insurance

Notice that Ben Franklin founded one for fire insurance.

The original mutual idea was that the policy payers own the company and split any profits ( or make up losses)
but “the devil is in the details.”

State Farm is a mutual company, and the fact that their executives don't really answer to anyone and never have is why they find themselves in their current situation. Most major home/auto carriers are not mutual companies.

Mayor of Detroit says 60% of Detroiters dont have insurance. THATS THE MAYOR SAYING THAT. My son in law, Detroit police officer, said its WAY north of 60%. Said ONLY people with insurance are suburbanites stopped on their way to or from work in Detroit.

Just heard a radio talk show where the insurance agent STRONGLY suggested upping your "uninsured motorist" coverage. Hell, I didn't even know that was a thing. If I was King, if you ILLEGALLY didn't have insurance (or a license, or a registration) you car would be SEIZED and sold. But we have become wayyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy to soft.

Data gathering, potentially to determine if they should track mileage and adjust rates accordingly. I would throw it in the garbage.

Mutual companies, farmer's co-operatives, utility co-operatives etc. were organized for a good reason but over the years many have lost any semblance of having effective management. I have had automobile insurance uninterrupted with SF since 1968 any yes I could be considered old. Just a few minor claims over the years. A few months ago when trying to get a policy written on the most recently completed '79 Dodge Truck full frame off factory correct resto, all I could get them to agree on was about equal to a car lot price with maybe a Maaco next day paint job. Moved that one to essentia (Hagerty) no problem. Got the renewal a few days ago on the 2016 Charger HC (driven 6k miles since new) and they (SF) have increased it to about the amount I paid the first year when it was new. Got it quoted with essentia for about half the SF rate. Hope I am not jumping from the frying pan into the fire...

I could not agree more about USAA. I have been a member since 1982.
They have really slipped
I have my daily driver insurance with them and I am shopping it. It went up $185 a month for one car. No accidents 1 windshield claim in the last 10 years...........

I still have a hard time feeling bad for insurance companies. The premiums I have paid over the last 30-40 yrs FAR outweigh any claims I have made. I have Am Fam for all my stuff and around here they have their name on EVERYTHING!!!

Read my earlier post on Am Fam
Myself i would love to see and HONEST investigation into the money grab

I don't see that happening. They have lobbyists....

Erie has been doing this for years. I have a work vehicle listed and approximate mileage. The rest are occasional use. No complaints yet.
Got clipped pretty hard a couple weeks ago in Akron. Over $7k damage. Hope the woman that hit me has enough coverage.