Liability Insurance

Is there a scam or conspiracy to raise liability insurance rates?


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2011-09-03 01:21:57
2011-09-03 01:21:57

There is no conspiracy. Most insurance companies have needed to raise rates for the last several years. 9/11 gave them the excuse. As you may or may not know there is a cycle on insurance between hard and soft markets. Right now we are in the middle of a hard market meaning that the stock market is not making much money. This means that insurance companies that have leveraged heavily in the stock market must make up the difference that they were supposed to earn by charging more premiums. If you are very concerned about premiums going up then do not deal with large companies that do not care or smaller companies that just do not have the power. A good medium sized company is the best.

Having said that, where is your agent in all of this? He should be out negating with the insurance companies for your business. (Side note, if your agent has been in the business less than 14 years, more than likely he or she does not have the experience of a hard market)

We have not had a hard market since around 1985. For those agents that are reading this and went through those times, they realize the meaning of customer service. I don't mean the captured agents, I mean the Independents that saw a lot of companies disappear.

So in selecting an agent you must look for several things. Do they have multiple companies, are they an employee of an insurance company, if so, when there is a problem, will they be able to go to bat for you without loosing their job, How long has the agency been there? Who owns the Agency, are they local or is it a bank in another state?

When choosing a company, do they give a multi-year rate guarantee? Do they offer industry specific coverages? What class codes are they using for you? Are they charging you for your Sub work?

Just some ideas of what is going on. Hard markets are just that.. HARD. Don't think of it as you are now paying 120,000 a year. Think of it as, for the last X years I saved 80,000 a year. That is reality.

AnswerI must agree with everything that has been given as an answer prior to this but one thing that insureds must consider is the active role they are taking in lowering their insurance costs. If you are not taking pro-active steps to lower your costs you are held captive by whatever your agent is able to procure for you. A number of companies offer discounts for loss control/risk management plans. Perhaps you should consider alternatives to a traditional insurance policy if you are finding these costs prohibitive. Answerthanks for the advice but i also sent a letter to the attorney general of new york and he started to investigate and found alot of double dipping there was so much in infact that one company offered (was not forced)just offered to give up 130 million in doubel dip fees i hope he does not give up and corrects these companys they have put alot of people out of work in n.y.

Related Questions

After an automobile accident the automobile insurance carrier will usually raise the rates of the liability 7-10% depending on the severity of the accident.

Combined liability insurance cover rates can be compared via major insurance comparison sites, such as GoCompare, MoneySupermarket and CompareTheMarket.

A traffic ticket could raise your insurance rates. It won't raise them right away, but may come into play when the insurance is being renewed.

Many insurance companies will provide liability insurance at various rates depending upon the situation. Examples worth looking at would be Cornell and Admiral who provide good low rates for it.

Rates start at $300.00 per month. Prices vary depending on liability limis required.

Nationwide Insurance has decent rates that are affordable and realible but to give you the best rates this will depend on what area you live in and what insurance companies are available in the state you reside.

Obtain third party prices from general product insurers here! Rated auto car group comparison of general liability insurance quotes and instant product liability insurance rates for women. Luxury employers accident liability insurance estimates in ins commerce and public liability insurance for business liability insurance

It can definitely raise your rates.

Frank E. Law has written: 'A method of deducing liability rates' -- subject(s): Insurance, Employers' liability, Rates

Rates vary widely by specialty and state.

State Farm offers great rates on commercial liability insurance. FM Global is highly recommended also.

Filing no claims on your insurance will not raise your rates. Your insurance agent would just as soon never hear from you except when you pay your premium.

If you are looking for cheap liability insurance, you may want to check out State Farm Insurance. They offer competitive rates with the customer's needs in mind. Other companies offering similar rates are All State and Nationwide. Often companies will display rates of other companies so you can ensure that you are receiving the best coverage.

Rates that are for plans that are liability only and for old cheap cars with great driver records.

The best way to compare your interest rates with a competitor company is to go online to a construction liability website and put down your information vs your competitors.

Charles Wilson has written: 'A consumer viewpoint on automobile liability insurance' -- subject(s): Automobile Insurance, Rates

Your driving record is one of many things that can cause your insurance rates to rise. A speeding ticket can only raise your rates and will never lower them.

Depends on what the infraction is and your previous driving record.

In Canada it does not because it is not a moving traffic violation.

One can find the best business liability insurance rate on various websites like Nationwide and MoneySuperMarket. One could also visit a local bank and ask for information about insurance rates in there.

There are a number of companies that offer car insurance. You can compare rates online, directly over the phone, or hire an insurance broker to get you the best deal.

Generally parking violation will not effect your insurance. These are not considered moving violations and thererfore will not increase the premiums.

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