Submitted: Thursday, January 09, 2003
Posted: Friday, January 10, 2003
Heather
cleveland
U.S.A.
Over the past two years Progressive has been forced to raise rates. This however is happening across the industry. Progressive was one of the first to react. Many of the top insurance companies, especially those who also deal with homeowners took large hits these past view years . In case you weren't aware insurance companies make their profit in part through premiums, but a large part comes from investments. Remember September 11 and the resulting stock market crash? Insurance companies were affected by this too. It amazes me sometimes how auto insurance companies are able to turn a profit.
We are operating in a lawsuit happy environment. Some people think that a minor fender bender is like winning the lottery. I have often been privy to stories of claims in which I could have kicked the car and done more damage and the passenger now has an attorney for their "injury".
I myself was recently involved in an accident and shortly after recieved letters from chiropracters trying to convince me that I must be injured. My final comment is this....Shop around-You may find a better rate, but beware don't get into any accidents or submit too many claims because a lot of companies will cancel YOU!
Submitted: Thursday, September 18, 2003
Posted: Thursday, September 18, 2003
Dr
Columbus
U.S.A.
If you are in Louisianna and you have car insurance consider yourself lucky. Progressive is probably raising rates because they are one of the few companies still writing in Louisianna. Many larger national companies do not even write auto or hom policies at all at ANY rate in some states (like LA, NJ, NM) because the regulatory or legal environments are so unfavorable to the insurance companies or downright unfair. In some states the insurance department, commisioner or even much of the state government are downright corrupt.
It's just a matter of supply and demand. If few companies are left writing in LA and Progressive has no one to compete with, who's to stop them from raising rates? Heck they probably need the extra money to cover the extra risks of what the ins. dept. and corrupt government are doing.
So if you don't like your rates, elect people with integrity to state govt! Or if your vote /clout doesn't carry enough weight to change things quickly, just MOVE to another state! One that has its act together.