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4,128 Posts
not first- I've said all I need on the other thread. Just wanted to stir the pudding...
Posts by acecycleins
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Joined
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4,128 Posts
There are variances. Most (but not all) companies check your mvr and with that they see how long you have had (if at all) your m class. Then they uprate you based on experience. The agents (me) really have NO way to verify this and just go by what information the customer gives to us.
In short, to make things easier for insurers, insureds and insurance commissioners they pair the questions down to the most basic info to get a quote. After it goes through "underwriting" the company decides if it's reasonable to adjust the premium based on the information that is verified.
As far as claims go- we as agents are told to stay out of the process because we are not trained in the claims field and the companies don't want the agent to give information that is in conflict with what the insurance company gives.
If you look at Florida's rates (using GA rates as a guide) you will pay much higher rates on un/under insured motorist coverage because of helmet laws and other variables.
In fact, in FL it's not uncommon for the UM coverage to double the annual premium.
Fact is, I'm suprised that the insurance industry hasn't started a lobby for mandatory training or tiered licensing. They can use EU insurance stats to make the case. I'm sure that if you subtract all comprehensive claims (theft and fire for those that don't know) the bodily injury claims that are made along with property damage claims account for only about half of all claims. In America, the comp claims only account for about 1/4 of all losses. Which leaves 3/4 of all claims in the bodily injury and property damage arena. Not to mention that we are a sue happy nation- making the claims that much more lopsided.
That good enough?
In short, to make things easier for insurers, insureds and insurance commissioners they pair the questions down to the most basic info to get a quote. After it goes through "underwriting" the company decides if it's reasonable to adjust the premium based on the information that is verified.
As far as claims go- we as agents are told to stay out of the process because we are not trained in the claims field and the companies don't want the agent to give information that is in conflict with what the insurance company gives.
If you look at Florida's rates (using GA rates as a guide) you will pay much higher rates on un/under insured motorist coverage because of helmet laws and other variables.
In fact, in FL it's not uncommon for the UM coverage to double the annual premium.
Fact is, I'm suprised that the insurance industry hasn't started a lobby for mandatory training or tiered licensing. They can use EU insurance stats to make the case. I'm sure that if you subtract all comprehensive claims (theft and fire for those that don't know) the bodily injury claims that are made along with property damage claims account for only about half of all claims. In America, the comp claims only account for about 1/4 of all losses. Which leaves 3/4 of all claims in the bodily injury and property damage arena. Not to mention that we are a sue happy nation- making the claims that much more lopsided.
That good enough?
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4,128 Posts
That's what happens when you're a college dropout- you tend to over-simplify things for the common man. Mostly becase the insurance business sucks and it's hard to understand in the first place. I just break it down into good 'ol southern boy talk. Most get it. Some will never.
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4,128 Posts
Just a quick note: AMERICA IS NOT A DEMOCRACY!!! It's a republic- founded in principal on "rule of law" and served by elected officals. But you knew that, didn't you?
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If "we the people" don't make our positions clear then our Imperial Federal Gov't will be glad to make our decisions for us.
Good to see some people actually take a stand on things and are willing to show the feds we care about what happens in our lives.
Good to see some people actually take a stand on things and are willing to show the feds we care about what happens in our lives.
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4,128 Posts
Well said....
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