Markel Insurance raising premiums.
#1
02-14-2019, 07:25 AM
Markel Insurance raising premiums.
Just received my new premium notice and was bumped $18.00 for no reason. No claims , no tickets and bike is another year older. It seems like this is the game insurance companies play. I dropped Progressive after 12 years because they kept bumping my premiums. I then switched to Allstate which started bumping me so I dropped them and went with Markel. I've always felt the insurance companies have a nice little racket. If they pay out more in claims they can recoup there losses by raising everyone's premiums, its a win win situation for them.
#2
02-14-2019, 07:32 AM
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I have Markel and they bumped me $10 over last year, and last year they bumped me $11 over the year before!
Insurance companies are "For Profit Organizations." To get a better idea, look at their buildings or complexes. The more profit the bigger the buildings. Pretty soon they expand and create complexes taking up several city blocks.
I have Markel and they bumped me $10 over last year, and last year they bumped me $11 over the year before!
Insurance companies are "For Profit Organizations." To get a better idea, look at their buildings or complexes. The more profit the bigger the buildings. Pretty soon they expand and create complexes taking up several city blocks.
Last edited by Bonnie Storm; 02-14-2019 at 07:38 AM.
#3
02-14-2019, 08:09 AM
Tourer
Our Progressive policy went down $30 this year.
#4
02-14-2019, 08:12 AM
Seasoned HDF Member
#5
02-14-2019, 08:15 AM
Seasoned HDF Member
#7
02-14-2019, 08:35 AM
Road Master
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#8
02-14-2019, 09:33 AM
I hope you realize every insurance company out there is pretty much going to raise you a little bit annually. 18 bucks is not an increase I would cry about... at least if we're talking annually.
It could be for any number of reasons... "inflation," maybe they have a rate increase across the board for any number of reasons... maybe they think you're getting older and riding skills are diminishing and you're more likely to have an issue... ?
It could be for any number of reasons... "inflation," maybe they have a rate increase across the board for any number of reasons... maybe they think you're getting older and riding skills are diminishing and you're more likely to have an issue... ?
#9
02-14-2019, 09:51 AM
Road Master
There are some insurance companies that are "mutuals", meaning the insured/members are effectively stockholders. AAA, State Farm and Liberty Mutual are examples. They are non-for-profit and plow their earnings back into their memberships. Similar to credit unions.
So there are alternatives to for-profit insurance companies, and their rates should be marginally lower.
#10
02-14-2019, 12:10 PM
I worked in insurance company home offices for a couple decades- you have no idea how incredibly complicated premium rate calculations are.
And claims costs always rise- Medical Care, Parts, Repair Labor, property damage from liability claim payouts all cause claims to be more expensive over time.
As much as people like to pile on them, Insurance companies are certainly aware of the implications of raising premiums- they do have to compete for business with all the other insurance companies.
Not that many business around that haven't raised prices over time.
And claims costs always rise- Medical Care, Parts, Repair Labor, property damage from liability claim payouts all cause claims to be more expensive over time.
As much as people like to pile on them, Insurance companies are certainly aware of the implications of raising premiums- they do have to compete for business with all the other insurance companies.
Not that many business around that haven't raised prices over time.