deadbq03 said:
perma Brew doomster said:
thanks a bunch for posting this. Since our fiasco with USAA and a national body shop chain (I can't mention), I've been on the look for different auto insurance, but would gladly switch everything over. We settled for $ well over the vehicle's value with the chain body shop. USAA and several other big insurers push this chain non stop (they get big discounts in return).
On the hunt for a new bank too!
I went with Amica when I left USAA. I haven't had a claims experience yet, but they're rated highly there.
Similar to USAA, they're member owned, so you'll get refund/dividend checks back.
Auto rates were slightly higher than USAA, but home rates were vastly lower (why I switched). Anyone who lives in TX or FL and uses USAA for property insurance needs to GTFO. I heard it from the horse's mouth years ago when we moved back to TX. My first home (or rather tiny condo) was in CA, and USAA had great rates there. Moving back to TX, my rate was higher even though the property was like half the value. I asked and the USAA guy reluctantly told me that they can't compete in TX and FL.
I still haven't switched bank because I'm lazy and have way too many autopay/etc tied to it.
What insurance is doing in Texas and Florida is just insane, but when you know why, it makes a little more sense.
Texas specifically got torched on loss ratio in 2021 with the freeze (this is still hitting bottom lines of the carriers now)
Then in 2022, nearly all insurance carriers got torched on their investments.
They are using 2023 to "de-risk" specific geographic areas. Texas being one of them that not many carriers want to put "risk-on" in. So this is called a "hard market," meaning carriers don't want to write insurance. so they:
Increase premiums drastically
non-renew policies
make claims processes absolute nightmares
etc.
The market is showing some infantile signs of starting to soften, but it's just ludicrous what some quote.
Quoted my own house the other day and $2500 was the low end all the way to $7500 (from travelers, lol, why not just say we don't want the business... this is essentially offering about 50% asking price on a piece of property... traveler's is thinking if some idiot is willing to pay THAT, we'll take it)
