NJ B.S. Thread

A salesman renewing a policy has less incentive to find any discounts or optimize for price because change is hard and many folks will just continue to renew.

When you shop around you get multiple quotes and it will be based on current information rather than things that may have been true years ago that are no longer valid.

 

maybe if you’re using an agent or broker. so you’re kinda right and kinda wrong. this is the official advice i give to people:

shopping around is always a good idea and the ideal time is right when you get a renewal offer. however, the first company you should be shopping with is your current company. if you go through an independent agent who doesn’t seem that motivated, find another agent for that company or contact the company direct if they allow it.

insurance companies track your insurance history with other companies. if you aren’t staying in one place very long, that can effect your rate with a new company. and of course jumping ship all the time also means you’re losing out on loyalty benefits etc.

there’s a thing in our industry we call “rewriting” a policy. it’s when we fill out a new application to start a new policy, keeping everything the same. these rewrites will result in a different price. sometimes higher and sometimes lower. if the new price is lower then buy that policy and cancel your old one.

it sounds like @Yota X wasn’t even offered all options to get his premium reduced, which is unfortunate. he never mentioned anyone rewriting a new policy so that also tells me that he never made it to the correct department to help him out.

 

Go NJ Manufacturers for insurance thank me later

 

From my experience the biggest discounts come from bundles and loyalty...

 

Just some jersey shit with @Wheelspinner

 

Second this.

But they are not always the cheapest.

 

insurance in general is just a synonym for scam. They take your money and bitch when you need use it for a legitimate reason. It’s really there for people who can’t afford to save that monthly payment each month “just in case” something happens.

I’d rather pay $200 a month to my savings account and if I get in an accident that’s my fault I’ll use my own money. Thanks but no thanks, highway robbery. That’s the reason I switched to an HSA for health insurance many years ago and now have a nice nest egg to spend instead of giving it to some insurance crook.


Inflation is a bullshit reason for price hike if I’ve never made a claim lol.

 

suspect…Keep selling insurance and I’ll keep bitching about it.

 

I am no expert, but there are ways to self insure yourself. It’s a thing really rich people do. Forego the insurance policy and personally guarantee coverage of losses in the event of an incident. That way the rich can rely on their own lawyers instead of a third party.

Not that this is practical in any manner whatsoever lol

 

$1500 fee to start, $300k plus $10k per vehicle held in bond, $1000 fee annually to maintain it. I'd guess the guy complaining about a $360/year bump isn't prepared for that.

 

Well, when you put it that way…

 

HSA for the win.

 

and your replies are suspect.

and who said i sell insurance?

 

it is practical for a lot of people. i used to self insure. each state has their own policies and qualifications. most states will make you put up a surety bond, most of the time tens of thousands of dollars. but that way those who don’t understand how private insurance works (see above), don’t have to pay anyone. easy solution.

 

yeah because the cost of consumer goods is never effected by inflation.

 

“THE insurance expert - licensed in all 50 states”

Thanks for the input. Learn something new everyday.

 

ah yes i am a licensed agent for all 50 states, but i never said i sold insurance. . in fact i wear many hats including knowing insurance laws and how insurance works from an underwriting/actuary standpoint.

if some of you don’t like being told insurance rates can follow inflation and the economy, your heads would explode if i told you the behind the scenes stuff.

 

the price of those goods can go up but I am not charged higher by something I “might” buy, only once I have purchased it.

 

Ive watched tv and seen the amount of insurance commercials, I know how it works. If companies can pay that much for prime slot tv commercials, they have plenty of money to burn, Jake. They’re making money hand over fist, and the consumers butt is the one being fisted. They take your money and because of the fine print, rarely deliver what the consumer is expecting when they are most in need such as a time of tragedy or financial hardship from a weather type of event or a car accident.

god forbid you make a claim, for fear of a rate hike. Many people work around and don’t report small incidents to avoid that, tell me how that makes sense.

 

Along with policy number please provide bank account & routing #, SS #, mother's maiden name, your high school mascot, and favorite sport as a child.