And people wonder why a tow costs so much...

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  #1  
Old 06-16-14, 12:54 PM
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And people wonder why a tow costs so much...

Just got my insurance renewal notice in the mail....25% increase from last year's premium. No that is not a typo, the auto liability portion of my commercial policy went up about $800 which equates to right around 24%! The commercial liability portion of the premium (which includes the on-hook coverage - insurance against damage to the towed vehicle) is actually pretty reasonable; it's the auto liability that jumped. And it's not just me; my best tow buddy's rate jumped about the same month a couple of months back, different insurer.

Can't imagine what the companies with claims on their records do to afford insurance. Our one and only claim was in 1999.
 
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Old 06-16-14, 01:17 PM
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If I raised my prices 25%, I'd be playing an awful lot of solitaire at the computer during normal working hours. Our health insurance for next year is scheduled for a 50% increase over this year. Its zeroing in on my mortgage payment, but not quite there.

Somehow, they get away with it. November still seems far away.......
 
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Old 06-16-14, 01:44 PM
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Same here, but only 10% increase on my liability policy. BUT it has been 10% every year for the past 5 years at least! I'd have to mess up a lot to warrant a million $ payout, but that's what you gotta have to work commercial sites.

I'm like a prison inmate with big X'es on my calendar counting down the days until November 4th. And I am just as anxious.
 
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Old 06-16-14, 01:56 PM
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Whys November 4th special, Larry?
 
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Old 06-16-14, 01:59 PM
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Isn't that the next general election?
 
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Old 06-16-14, 03:16 PM
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Flush the toilet time. Taking back America. Sorry, didn't mean to get political.
 
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Old 06-16-14, 04:27 PM
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Ok, I just didn't see what that had to do with business insurance.
 
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Old 06-16-14, 05:49 PM
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Insurance in general is being impacted by over regulation, especially health insurance. Probably enough off topic.
 
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Old 06-16-14, 06:36 PM
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Are you sure they are not just trying to cover their losses? Oh, wait. How many insurance companies are losing money?
 
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Old 06-16-14, 07:24 PM
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Kind of hard to not get at least a little political when you speak of insurance of any kind and especially health insurance. With my current health insurance I have a $1500 deductible which is a great deal more than I had before but what I had to do as the cost was just going out the roof.

It was $500 a month and now $368 but I hear that this same company that I have had for health insurance for a long time but with the new policy wants to raise their rates yet again. Last time they went up it went up to $25.00 more per month which isn't too bad but not great when your resources are limited. I agree though a good deal of it has to do with government regulation making it more expensive.
 
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Old 06-17-14, 04:25 AM
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Every time I see one of those "good neighbor" or "good hands" or "we're on your side", etc, etc ad nauseum that make it sound like the companies aren't in it primarily for the MONEY, I want to puke.
 
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Old 06-17-14, 06:56 AM
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WOW! Those insurance premium increases are or do seem to be excessive!

Alternate point of view.

Might not be a result of federal regulation. Might be at the state level.

Insurance companies in some states are not required to provide rate increase justifications to state regulators. Nor disclosures for rate increases to customers or accountably to anyone!

Not here. We have government regulations, oversight, disclosure and accountability laws. Not like it use to be. Gouging is history. Property tax, cable TV, insurances, rent controls for long term renters, etc. all controlled mainly by state government regulators, regulations and competition.

Some companies here bailed out while those that have remained still are profitable or they too would leave. The executives shift some burdens to states without oversight so they can continue gouging elsewhere... to maintain their expensive life styles....

More regulations not less, at the state level, works here...
State elected leaders need to be heard by it residents & held accountable by the states voting citizens. Worked well here....

 
  #13  
Old 06-17-14, 12:05 PM
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Not to be too political about it but I have seen in Maryland a mismanagement of the health care system. Some insurers that had been insuring here for years have now left and are probably not coming back. Some new insurers have come here but only have HMO's and if you don't want that you are left with only one decision if you want something affordable.

Now the lieutenant governor who helped to set up the exchange is running for governor. To be fair to him it wasn't all his fault but many people were left high and dry and the exchange for the most part was a failure. Nothing new as it was all over the news.

It had made it more difficult though to get insurance unless you went outside of the exchange which is what I did. On the federal level it wasn't much better but as they say too we learn from our mistakes and some real whoppers were made.

Only thing I really like about the changes to health care insurance is no more pre-existing condition stuff so that made it easier to change my policy. So it wasn't all bad but I do believe some changes still need to be made. The changes need to be both on the state and federal level to be made right.
 
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Old 06-17-14, 03:43 PM
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Hedgeclippers

All valid points you make...

My point is this:
Out this way we have a state insurance commissioner. I suspect all or many of the states do too! Out here there was so much complaining, via letters and phone calls (before emails or on-line) both to that person, all state legislators as well as the governor the conditions got looked into.

It was verified and acted upon in a correct manner. Laws where passed and now there is peace in the valley, as they say. Not perfect as it could be but far better. More still needs to be done. Most all of it happened during the 80's and on ward.

Regardless of whom was in office state wide or country wide. Not a political issue IMO. It's the noisy wheel that gets the grease. Enough complaints usually gets elected leaders attention! Politely mentioning you will not vote for them again if they fail to act on the residents of the states best interests, etc. If the commissioners office is on a ballot. If not it could be an appointed position. Then the Governor gets the same notice. Act or be voted out....

I know. Can be difficult to vote for another person and or party but some times necessary... Hard choices some times must be made for the benefit of all. Out here we have ballot measures too. Let the voters decide during voting. Takes the HEAT off elected leaders whom care not have to make the decisions!!!

No finger prints on an ballet measure means to a elected leader, don't blame me....HA HA You voted for it...LMAO! Does work well however. Let the peoples voices be heard!!!

 
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